T41CH57

Title 41 > T41CH57

Sections (2)

41-5701

TITLE 41 INSURANCE CHAPTER 57 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT 41-5701. Preamble. Pursuant to terms and conditions of this chapter, the state of Idaho 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 director of the department of insurance is hereby designated to serve as the representative of this state to the interstate insurance product regulation commission. History: [41-5701, added 2005, ch. 79, sec. 1, p. 275.]

41-5702

TITLE 41 INSURANCE CHAPTER 57 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT 41-5702. Interstate insurance product regulation compact. The Interstate Insurance Product Regulation Compact is hereby enacted into law and entered into by this state with any other states legally joining therein in the form substantially as follows: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT ARTICLE I 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) To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one (1) or more compacting states; (4) To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard; (5) To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact; (6) To create the Interstate Insurance Product Regulation Commission ; and (7) To perform these and such other related functions as may be consistent with the state regulation of the business of insurance. ARTICLE II DEFINITIONS For purposes of this 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 means those bylaws established by the commission for its governance, or for directing or controlling the commission’s actions or conduct. (3) Compacting state means any state which has enacted this compact legislation and which has not withdrawn pursuant to article XIV, section (1) of this compact, or been terminated pursuant to article XIV, section (2) of this compact. (4) Commission means the Interstate Insurance Product Regulation Commission established by this compact. (5) Commissioner means the chief insurance regulatory official of a state including, but not limited to, commissioner, superintendent, director or administrator. (6) Domiciliary state means the state in which an insurer is incorporated or organized; or, in the case of an alien insurer, its state of entry. (7) Insurer means any entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by this act. (8) Member means the person chosen by a compacting state as its representative to the commission, or his or her designee. (9) Noncompacting state means any state which is n