Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states.

Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products. The compact creates a commission to develop uniform standards, review product filings, and approve products. States can opt out of uniform standards, and the commission has powers to promulgate rules, bring legal actions, and establish operating procedures.

Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states.

Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products. The compact creates a commission to develop uniform standards, review product filings, and approve products. States can opt out of uniform standards, and the commission has powers to promulgate rules, bring legal actions, and establish operating procedures.