§ 8500. Definitions As used in this chapter: (1) “Advertisement” means any material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy as more specifically defined in the rules and operating procedures of the Commission. (2) “Bylaws” means those […]
§ 8501. Establishment of the Commission and venue (a) The compacting states hereby create and establish a joint public agency known as the “Interstate Insurance Product Regulation Commission.” Pursuant to section 8502 of this chapter, the Commission will have the power to develop uniform standards for product lines, receive and provide prompt review of products […]
§ 8502. Powers of the Commission The Commission shall have the following powers: (1) To adopt rules, pursuant to section 8505 of this chapter, which shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided in this compact. (2) To exercise […]
§ 8503. Organization of the Commission (a) Membership. Each compacting state shall have and be limited to one member. Each member shall be qualified to serve in that capacity pursuant to applicable law of the compacting state. Any member may be removed or suspended from office as provided by the law of the state from […]
§ 8504. Meetings and acts of the Commission (a) The Commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws. (b) Each member of the Commission shall have the right and power to cast a vote to which that compacting state is entitled and to participate […]
§ 8505. Rules and operating procedures; rulemaking functions of the Commission and opting out of uniform standards (a) Rulemaking authority. The Commission shall adopt reasonable rules, including uniform standards, and operating procedures in order to effectively and efficiently achieve the purposes of this compact. Notwithstanding the foregoing, in the event the Commission exercises its rulemaking […]
§ 8506. Commission records and enforcement (a) The Commission shall adopt rules establishing conditions and procedures for public inspection and copying of its information and official records, except such information and records involving the privacy of individuals and insurers’ trade secrets. The Commission may adopt additional rules under which it may make available to federal […]
§ 8507. Dispute resolution The Commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and which may arise between two or more compacting states, or between compacting states and noncompacting states, and the Commission shall adopt an operating procedure providing for resolution […]
§ 8508. Product filing and approval (a) Insurers and third-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 shall be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department […]
§ 8509. Review of Commission decisions regarding filings (a) Not later than 30 days after the Commission has given notice of a disapproved product or advertisement filed with the Commission, the insurer or third-party filer whose filing was disapproved may appeal the determination to a review panel appointed by the Commission. The Commission shall adopt […]
§ 8510. Finance (a) 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 Commissioners, compacting states, and other sources. Contributions and other […]
§ 8511. Compacting states; effective date and amendment (a) Any state is eligible to become a compacting state. (b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided, the Commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval […]
§ 8512. Withdrawal (a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the compact (“withdrawing state”) by enacting a statute specifically repealing the statute which enacted the compact into law. (b) The effective date of withdrawal is the […]
§ 8513. Default (a) If the Commission determines that any compacting state has at any time defaulted (“defaulting state”) in the performance of any of its obligations or responsibilities under this compact, the bylaws or duly adopted rules or operating procedures, after notice and hearing as set forth in the bylaws, all rights, privileges, and […]
§ 8514. Dissolution of compact (a) The compact dissolves effective upon the date of the withdrawal or default of the compacting state which reduces membership in the compact to one compacting state. (b) Upon the dissolution of this compact, the compact becomes null and void and shall be of no further force or effect, and […]
§ 8515. Severability and construction (a) The provisions of this compact shall be severable; and if any phrase, clause, sentence, or provision is deemed unenforceable, the remaining provisions of the compact shall be enforceable. (b) The provisions of this compact shall be liberally construed to effectuate its purposes. (Added 2005, No. 70, § 2.)
§ 8516. Other laws (a) Nothing in this chapter prevents the enforcement of any other law of a compacting state, except as provided in subsection (b) of this section. (b) For any product approved or certified to the Commission, the rules, uniform standards, and any other requirements of the Commission shall constitute the exclusive provisions […]
§ 8517. Binding effect of this compact (a) All lawful actions of the Commission, including all rules and operating procedures adopted by the Commission, are binding upon the compacting states. (b) All agreements between the Commission and the compacting states are binding in accordance with their terms. (c) Upon the request of a party to […]
