The Bluegrass State is doing its part to show Congress that states can work to harmonize state insurance regulation.
Kentucky Gov. Ernie Fletcher has signed H.B. 112, a bill that makes Kentucky the 22nd state to join the Interstate Insurance Product Regulation Compact.
States are organizing the compact to create a single body that would receive and make regulatory decisions about many product filings relating to life insurance, annuities, disability insurance and long term care insurance.
Organizers need to persuade 26 states to sign on before the compact can take effect.
Proponents of the compact say creating it would reduce the temptation for the federal government to create a national insurance regulatory system or require state insurance regulators to enforce national insurance laws and regulations.