This afternoon, the NYS Senate overwhelmingly approved – in a 56 to 5 vote – the Interstate Insurance Product Regulation Compact S426 (Seward), which would streamline the New York product approval process and bring our state more in line with other states’ requirements.
This is good news for NAIFA-NYS members and a key element of our affirmative legislative agenda.
The Compact creates a single point of filing for product forms – so once approved by the Compact Commission, a product can be sold in all member states.
S426 now heads to the Assembly Insurance Committee, which historically is less supportive of Compact legislation – but circumstances may be different this year.
New York is an Interstate Compact outlier. 45 states and territories already participate.
Contact NAIFA-NYS at 518-915-1661 or at firstname.lastname@example.org for further details.