Pursuant to terms and conditions of this article, the State of West Virginia seeks to join with other states and establish the interstate insurance product regulation compact and thus become a member of the interstate insurance product regulation commission. The Insurance Commissioner is hereby designated to serve as the representative of this state to the commission.
The purposes of this compact are, through means of joint and cooperative action among the compacting states:
(1) To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products;