HB 2482 resulted in Arizona becoming the 44th jurisdiction to become a member of the Interstate Insurance Product Regulation Compact (Compact). Under the Compact, the Interstate Insurance Product Regulation Commission (IIPRC), develops and implements uniform national standards for the review of certain insurance products, including life insurance, annuity, disability income and long-term care insurance products. The Compact will now serve as a central point of review of electronic filings in Arizona for these products, with the exception of long term care filings. The Compact will not review long-term care insurance filings for Arizona, as Arizona has opted out of review by the Compact of these filings.
HB 2482 will become effective on July 24, 2014. Inclusion of Arizona in filing review by the Compact, will begin on August 7, 2014.