LD 1698
pg. 2
Page 1 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 3 of 22
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LR 2485
Item 1

 
F.__To create the Interstate Insurance Product Regulation
Commission; and

 
G.__To perform these and such other related functions as may
be consistent with the state regulation of the business of
insurance.

 
§2473.__Definitions -- Article 2

 
As used in this chapter, unless the context otherwise
indicates, the following terms have the following meanings.

 
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, replace or retain a policy, as more specifically
defined in the rules and operating procedures of the commission.

 
2.__Bylaws.__"Bylaws" means the bylaws established by the
commission for its governance or for directing or controlling the
commission's actions or conduct.

 
3.__Compacting state.__"Compacting state" means a state that
has enacted the compact and that has not withdrawn pursuant to
section 2485, subsection 1 or been terminated pursuant to section
2485, subsection 2.

 
4.__Commission.__"Commission" means the Interstate Insurance
Product Regulation Commission established by the compact.

 
5.__Commissioner.__"Commissioner" means the chief insurance
regulatory official of a compacting state, including, but not
limited to, commissioner, superintendent, director or
administrator.

 
6.__Domiciliary state.__"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.__"Insurer" means an entity licensed by a state to
issue contracts of insurance for any of the lines of insurance
covered by the compact.

 
8.__Management committee.__"Management committee" means the
management committee established under section 2476, subsection
5.

 
9.__Member.__"Member" means the person chosen by a compacting
state as its representative to the commission, or the member's
designee.


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