LD 1698
pg. 2
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LR 2485
Item 1

 
A.__To promote and protect the interest of consumers of
individual and group annuity, life, disability income and
long-term care insurance products;

 
B.__To develop uniform standards for insurance products
covered under the compact;

 
C.__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 or more compacting states;

 
D.__To give appropriate regulatory approval to those product
filings and advertisements satisfying the applicable uniform
standard;

 
E.__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;

 
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has enacted the compact and that has not withdrawn pursuant to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.


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