To authorize and encourage States to adopt interstate compacts for the regulation of interstate insurance.

Encourages and authorizes the States to study and adopt interstate insurance regulatory compacts to address regulatory issues, including the regulation of alien insurers and reinsurers, insurer solvency, rehabilitation and liquidation, guaranty fund protection, and insurance agent licensing.

Declares that the States which have a majority of property and liability insurance premiums paid in the United States should adopt an interstate compact relating to the certification of alien insurers and reinsurers within two years of this Act's enactment. Requires such compact to establish minimum standards for alien insurers and reinsurers to be certified to do business within such States within three years.

Sets forth reporting requirements.