(a) A management committee comprising no more than fourteen members shall be established as follows:
Terms Used In Hawaii Revised Statutes 431:30-107
Bylaws: means those bylaws established by the commission for its governance, or for directing or controlling the commission's actions or conduct. See Hawaii Revised Statutes 431:30-102
Commission: means the interstate insurance product regulation commission established by this compact. See Hawaii Revised Statutes 431:30-102
Member: means the commissioner of a compacting state, as its representative to the commission, or the commissioner's designee. See Hawaii Revised Statutes 431:30-102
Product: means the form of a policy or contract, including any application, endorsement, or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income, or long-term care insurance product that an insurer is authorized to issue. See Hawaii Revised Statutes 431:30-102
Uniform standard: means a standard adopted by the commission for a product line, pursuant to section 431:30-112 of this compact, and shall include all of the product requirements in aggregate; provided that each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product and the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the commission. See Hawaii Revised Statutes 431:30-102
(1) One member from each of the six compacting states with the largest premium volume for individual and group annuities, 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 compacting states with at least two per cent of the market based on the premium volume described above, other than the six 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 two per cent of the market, based on the premium volume described above, with one selected from each of the four zone regions of the National Association of Insurance Commissioners as provided in the bylaws.(b) The management committee shall have the authority and duties 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 the review of elections made by a compacting state to opt out of a uniform standard; provided that a uniform standard shall not be submitted to the compacting states for adoption unless approved by two-thirds 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 to advance the goals of the commission.(c) The commission shall annually elect officers from the management committee with each having such authority and duties as may be specified in the bylaws.(d) The management committee, subject to the approval of the commission, may appoint or retain an executive director for such period, upon such terms and conditions and for such compensation as the commission may deem appropriate. The executive director shall serve as secretary to the commission, but shall not be a member of the commission. The executive director shall hire and supervise such other staff as may be authorized by the commission.
