(1)__One member from each of the 6 compacting states with the largest premium volume for individual and group annuities and life, disability income and long- term care insurance products, determined from the records of the National Association of Insurance Commissioners for the prior year;

(2)__Four members from those compacting states with at least 2% of the market based on the premium volume described in subparagraph (1) other than the 6 compacting states with the largest premium volume, selected on a rotating basis as provided in the bylaws; and

(3)__Four members from those compacting states with less than 2% of the market based on the premium volume described in subparagraph (1) with one selected from each of the 4 zone regions of the National Association of Insurance Commissioners as provided in the bylaws.

B.__The management committee has such authority and duties as may be set forth in the bylaws, including, but not limited to:

(1)__Managing the affairs of the commission in a manner consistent with the bylaws and purposes of the commission;

(2)__Establishing and overseeing an organizational structure within and appropriate procedures for the commission to provide for the creation of uniform standards and other rules, receipt and review of product filings, administrative and technical support functions, review of decisions regarding the disapproval of a product filing and review of elections made by a compacting state to opt out of a uniform standard.__A uniform standard may not be submitted to the compacting states for adoption unless approved by 2/3 of the members of the management committee;

(3)__Overseeing the offices of the commission; and

(4)__Planning, implementing and coordinating communications and activities with other state, federal and local government organizations in order to advance the goals of the commission.