(a) The compacting states hereby create and establish a joint public entity known as the interstate insurance product regulation commission. Pursuant to section operating procedures; rulemaking functions of the commission and rejection of uniform standards” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>431:30-112, the commission may develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards; provided it is not intended that the commission be the exclusive entity for receipt and review of insurance product filings. Nothing herein shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance, and any such filing shall be subject to the laws of the state where filed.

Terms Used In Hawaii Revised Statutes 431:30-103

  • Commission: means the interstate insurance product regulation commission established by this compact. See Hawaii Revised Statutes 431:30-102
  • Insurer: means any entity licensed by a state to issue contracts of insurance for those lines of insurance covered by this article. See Hawaii Revised Statutes 431:30-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Operating procedures: means procedures adopted by the commission implementing a rule, uniform standard, or a provision of this compact. 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
  • State: means any state, district, or territory of the United States of America. See Hawaii Revised Statutes 431:30-102
  • Venue: The geographical location in which a case is tried.
(b) The commission is a body corporate and politic and an instrumentality of the compacting states.
(c) The commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.
(d) Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.

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