Sec. 1. 24-A MRSA c. 28 is enacted to read:

CHAPTER 28

INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

§2471.__Short title -- Article 1

This chapter may be known and cited as "the Interstate Insurance Product Regulation Compact."

§2472.__Interstate Insurance Product Regulation Compact

established; purposes

1.__Compact established.__Pursuant to terms and conditions of this chapter, the State seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, referred to in this chapter as "the compact," and thus become a member of the Interstate Insurance Product Regulation Commission.__ The superintendent is designated to serve as the representative of this State to the commission.

2.__Purposes.__The purposes of this compact are, through means of joint and cooperative action among the compacting states:

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 clearing house 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;