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Bill

A 1732

Establishes the interstate insurance product regulation compact to regulate certain insurance products among member states

2025 Regular Session Introduced by Sarah Clark and 2 co-sponsors

Creates an interstate compact to regulate certain insurance products across member states, harmonizing oversight for multi-state policies.

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · A 1732

Summary of Assembly Bill A 1732 – Interstate Insurance Product Regulation Compact

Overview

  • Bill: A 1732
  • Title: Establishes the interstate insurance product regulation compact to regulate certain insurance products among member states
  • Status: REFERRED TO INSURANCE
  • Introduced: January 14, 2025
  • Sponsors: David Weprin (primary), Sarah Clark (cosponsor)
  • Related companion and prior-session bills: S 5046 (companion); A 5208, A 4973, A 1180, A 9354, A 6350 (prior-session)

Purpose and Intent

  • The bill aims to create an interstate compact to regulate certain insurance products across member states. This suggests an effort to harmonize or coordinate regulatory oversight for specified insurance products beyond a single state, potentially improving efficiency and consistency for multi-state products and markets.

Key Provisions (Not Specified in Provided Text)

  • The exact statutory language and detailed provisions are not included in the available information.
  • Typical elements in interstate insurance product regulation compacts (not confirmed for this bill) often include:
    • Establishment of a multistate regulatory framework or commission
    • Definitions of which insurance products are subject to the compact
    • Membership rules for states and criteria to join or exit
    • Governance structure (e.g., commissioners, voting or decision-making processes)
    • Regulatory authority, enforcement mechanisms, and preemption provisions
    • Data sharing, reporting requirements, and consumer protections
    • Funding, budgeting, and implementation timelines
    • Transition provisions and conflict-of-law guidance

Note: The above are common features of interstate compacts and are not specified in the provided bill summary.

Who Would Be Affected

  • Participating state insurance regulators and agencies
  • Insurers and entities offering the covered insurance products across member states
  • Consumers and policyholders in member states, who may experience changes in regulatory oversight, disclosures, or protections for those products

Procedural and Timeline Aspects

  • Introduced in the New York State Assembly on January 14, 2025
  • Currently referred to the Assembly Committee on Insurance; no further actions listed
  • No specific implementation date or effective timeline provided in the summary

Additional Context

  • The bill’s companion and related prior-session bills (e.g., S 5046) indicate ongoing legislative interest in interstate regulation of insurance products.
  • With a referral to the Insurance Committee, stakeholders may expect hearings or amendments before any potential floor vote.

If you’d like, I can add a brief comparison to existing interstate insurance compacts (where data is available) or outline a list of specific questions to monitor in committee hearings (e.g., scope of products, governance, preemption, and consumer protections).

Compiled from official sources — confirm details with the bill’s official record.

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