24-A §2471. Short title — Article 1

§2471. Short title — Article 1 This chapter may be known and cited as “the Interstate Insurance Product Regulation Compact.”   [PL 2003, c. 680, §1 (NEW).] SECTION HISTORY PL 2003, c. 680, §1 (NEW).

24-A §2472. Interstate Insurance Product Regulation Compact established; purposes

§2472. Interstate Insurance Product Regulation Compact established; purposes 1.  Compact established.  Pursuant to terms and conditions of this chapter, the State seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, referred to in this chapter as “the compact,” and thus become a member of the Interstate Insurance Product Regulation Commission. […]

24-A §2473. Definitions — Article 2

§2473. Definitions — Article 2 As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2003, c. 680, §1 (NEW).] 1.  Advertisement.  “Advertisement” means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, […]

24-A §2474. Establishment of commission; venue — Article 3

§2474. Establishment of commission; venue — Article 3 1.  Commission created.  The compacting states hereby create and establish a joint public agency known as the Interstate Insurance Product Regulation Commission. The commission has the power to develop uniform standards for product lines, receive and provide prompt review of products filed and give approval to those […]

24-A §2475. Powers of the commission — Article 4

§2475. Powers of the commission — Article 4 The commission has the power:   [PL 2003, c. 680, §1 (NEW).] 1.  Promulgate rules.  To promulgate rules, pursuant to section 2478, that have the force of law and are binding in the compacting states to the extent and in the manner provided in the compact;   […]

24-A §2476. Organization of the commission — Article 5

§2476. Organization of the commission — Article 5 1.  Membership.  Each compacting state has one member. Each member must be qualified to serve in that capacity pursuant to applicable law of the compacting state. A member may be removed or suspended from office as provided by the law of the state from which the member […]

24-A §2477. Meetings; acts of commission — Article 6

§2477. Meetings; acts of commission — Article 6 1.  Meetings.  The commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws.   [PL 2003, c. 680, §1 (NEW).] 2.  Participate at meetings.  Each member of the commission has the right and power to cast the vote […]

24-A §2478. Rules and operating procedures, rule-making functions of the commission and opting out of uniform standards — Article 7

§2478. Rules and operating procedures, rule-making functions of the commission and opting out of uniform standards — Article 7 1.  Rule-making authority.  The commission shall promulgate reasonable rules, including uniform standards and operating procedures, in order to effectively and efficiently achieve the purposes of this compact. Notwithstanding this subsection, in the event the commission exercises […]

24-A §2479. Commission records and enforcement — Article 8

§2479. Commission records and enforcement — Article 8 1.  Public inspection and copying of information and records.  The commission shall promulgate rules establishing conditions and procedures for public inspection and copying of its information and official records, except information and records involving the privacy of individuals and insurers’ trade secrets. The commission may promulgate additional […]

24-A §2480. Dispute resolution — Article 9

§2480. Dispute resolution — Article 9 The commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and that may arise between 2 or more compacting states, or between compacting states and noncompacting states, and the commission shall promulgate an operating procedure providing […]

24-A §2481. Product filing and approval — Article 10

§2481. Product filing and approval — Article 10 1.  Filing of product with commission.  Insurers and 3rd-party filers seeking to have a product approved by the commission shall file the product with, and pay applicable filing fees to, the commission. Nothing in this chapter may be construed to restrict or otherwise prevent an insurer from […]

24-A §2482. Review of commission decisions regarding filings — Article 11

§2482. Review of commission decisions regarding filings — Article 11 1.  Appeal to review panel appointed by commission.  Not later than 30 days after the commission has given notice of a disapproved product or advertisement filed with the commission, the insurer or 3rd-party filer whose filing was disapproved may appeal the determination to a review […]

24-A §2483. Finance — Article 12

§2483. Finance — Article 12 1.  Commission shall fund its establishment and organization.  The commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operations, the commission may accept contributions and other forms of funding from the National Association of Insurance […]

24-A §2484. Compacting states, effective date and amendment — Article 13

§2484. Compacting states, effective date and amendment — Article 13 1.  Any state eligible to become compacting state.  Any state is eligible to become a compacting state.   [PL 2003, c. 680, §1 (NEW).] 2.  Effective dates for compact and commission.  The compact becomes effective and binding upon legislative enactment by 2 compacting states. The […]

24-A §2485. Withdrawal, default and termination — Article 14

§2485. Withdrawal, default and termination — Article 14 1.  Withdrawal.  The following provisions govern withdrawal from the compact.   A. Once effective, the compact continues in force and remains binding upon each compacting state. A compacting state may withdraw from the compact by enacting a statute specifically repealing the statute that enacted the compact.   […]

24-A §2486. Construction — Article 15

§2486. Construction — Article 15 The provisions of this compact must be liberally construed to effectuate its purposes.   [PL 2003, c. 680, §1 (NEW).] SECTION HISTORY PL 2003, c. 680, §1 (NEW).

24-A §2487. Binding effect of compact and other laws — Article 16

§2487. Binding effect of compact and other laws — Article 16 1.  Laws of compacting state.  Nothing in this chapter prevents the enforcement of any laws of a compacting state other than this compact, except as provided in subsection 2.   [PL 2003, c. 680, §1 (NEW).] 2.  Exclusive provisions.  For any product approved by […]