The launch of the National Association of Insurance Commissioners (NAIC) Interstate Insurance Product Regulation Compact is expected to become a reality once Alaska and Ohio become the latest states to sign the legislation.

American states will be given the ability to collectively use their expertise to develop uniform product standards, which will afford a high level of protection to consumers of life insurance, annuities and long-term care insurance products.

The NAIC says member states will represent 39% of premium volume for the products.