Consumer Insurance Information and Fairness Act - Declares it to be the policy of the Congress to establish: (1) minimum standards which each State must meet or exceed so as to assure all life insurance policy consumers with full, accurate, and clear disclosure, in understandable form, of all the information necessary to purchase the most suitable coverage for themselves and their beneficiaries at the lowest cost; and (2) means to safeguard such consumers against unfair or deceptive trade practices with respect to such policies. Directs the Federal Trade Commission to promulgate regulations requiring life insurance companies and agents to disclose in writing to a life insurance policy applicant all information, data, terms, and conditions which are likely to assist such applicant in making an informed choice with respect to life insurance. Specifies the type of information required to be disclosed. Makes it unlawful to advertise or sell life insurance without disclosing specified information. Provides that after an insurance agent has served an insurance company which is his primary company for three years or more, it shall be a prohibited act for: (1) such insurance company to maintian in any contract or agreement with such insurance agent any provisions which prohibit such agent from engaging in the business of life insurance on behalf of any other insurance company, or which provide that such company shall have a right of first refusal with respect to any such other life insurance written by such agent; (2) such insurance company to harass, intimidate, or pressure, or attempt to harass,intimidate, or pressure such insurance agent because such agent engages in the business of life insurance on behalf of any other insurance company; and (3) any insurance company to fail to vest and pay upon demand commissions of an insurance agent. Requires an insurance company to report to the State insurance commissioner the reasons for terminating the employment or contract of an insurance agent for that company. Imposes civil and criminal penalties for violations of this Act. Exempts States with substantially similar laws from the provisions of this Act.