AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATED TO INTERSTATE INSURANCE PRODUCT REGULATION.

This Act authorizes the State of Delaware to execute the Interstate Insurance Product Regulation Compact to protect the interest of consumers of individual and group annuity, life insurance, and disability income insurance products; to develop uniform standards for insurance products covered by the Compact; to establish a central clearinghouse to receive and provide prompt review of insurance products covered under the Compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting jurisdictions; to give appropriate uniform standards; to improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of the insurance products covered by the Compact; to create the Interstate Insurance Product Regulation Commission; and to perform these and such other related functions as may be consistent with the state regulation of the business of insurance. A compacting state includes any state which has enacted the legislation and has not withdrawn or been terminated. This Act also designates the Delaware Insurance Commissioner as the State representative to the Commission. Currently, 45 states and Puerto Rico have adopted this Compact and 1 additional state has pending legislation.