The Interstate Compact is an initiative of the National Association of Insurance Commissioners (NAIC) to improve the speed-to-market conditions for life insurance, annuity, disability income and long-term care products.
The Interstate Compact does not impact property/casualty or health insurance products.
The Compact does not address any other area of insurance regulation.
The Interstate Compact Commission has appointed NAIFA and AHIA as the agent representatives to the Interstate Compact Commission's Insurance Industry Advisory Committee.
The Compact's goal is to get life insurance, annuity and related insurance products to market faster by allowing companies to file new products in one place for approval in every state that enacts the Compact law.
The Compact aims to give insurers who offer products in more than one state a more efficient product approval process than the current multistate system and to make new products available for sale to consumers sooner.
Currently the Interstate Compact has been adopted by 33 states and is pending in several others.
Quick Fact
The Compact's goal is to get life insurance, annuity and related insurance products to market faster by allowing companies to file new products in one place for approval in every state that enacts the Compact law.