58-91-1. Preamble. The Interstate Insurance Product Regulation Compact Act is intended to help states join together to establish an interstate compact to regulate designated insurance products. Pursuant to terms and conditions of this Article, this State seeks to join with other states and establish the Interstate Insurance Product Regulation Compact and thus become a member […]
58-91-10. Definitions. For purposes of this Article and the Compact: (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" […]
58-91-15. 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 G.S. 58-91-20, the Commission shall have the power to develop uniform standards for product lines, receive, and provide prompt review of products filed with the Commission, […]
58-91-20. Powers of the Commission. The Commission shall have the following powers: (1) To promulgate rules, pursuant to G.S. 58-91-35, 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 its rule-making authority and […]
58-91-25. Organization of the Commission. (a) Membership, Voting, and Bylaws. – 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 […]
58-91-30. Meetings; 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 in the […]
58-91-35. Rules and operating procedures: rule-making functions of the Commission and opting out of uniform standards. (a) 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 the foregoing, in the event the Commission exercises its rule-making […]
58-91-40. Commission records and enforcement. (a) 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 rules under which it may make available to federal and state […]
58-91-45. 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 promulgate an operating procedure providing for resolution of […]
58-91-5. Purposes. 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. (2) To develop uniform standards for insurance products covered under the Compact. (3) […]
58-91-50. 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 Article shall be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department in […]
58-91-55. 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 promulgate rules […]
58-91-60. 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 forms […]
58-91-65. Compacting states; effective date; 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 except that the Commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or […]
58-91-70. Withdrawal; default; termination. (a) Withdrawal. – Once effective, the Compact shall continue in force and remain binding upon each and every compacting state though a compacting state may withdraw from the Compact ("withdrawing state") by enacting a statute specifically repealing the statute which enacted the Compact into law. The effective date of withdrawal is […]
58-91-75. Severability; 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. (2005-183, s. 1; 2009-382, s. 35.)
58-91-80. Binding effect of Compact; other laws. (a) Other Laws. – Nothing herein prevents the enforcement of any other law of a compacting state, except as provided in subsection (b) of this section. For any product approved or certified to the Commission, the rules, uniform standards, and any other requirements of the Commission shall constitute […]
