A smectic-A (SmA) liquid crystal phase of fluid layers with in-plane polarization P is shown to exhibit effective conductivity in the semiconducting range during electric-field-induced polarization reorientation, but becomes insulating once the polarization is aligned with the field. Such fluid ferroelectrics sandwiched between highly insulating layers enable electro-optic devices with long-term dc electrostatic control of polarization and optic axis orientation.