(a) Insurers and third-party filers seeking to have a product approved by the commission shall file such product with, and pay applicable filing fees to, the commission. Nothing in this article shall be construed to restrict or otherwise prevent an insurer from filing its product in any state wherein such insurer is licensed to conduct the business of insurance, and such filing shall be subject to the laws of the state where filed.

Terms Used In Hawaii Revised Statutes 431:30-115

  • 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
  • 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
(b) The commission shall establish appropriate filing and review processes and procedures pursuant to commission rules and operating procedures. Notwithstanding any provision herein to the contrary, the commission shall adopt rules to establish conditions and procedures under which the commission will provide public access to product filing information. In establishing such rules, the commission shall consider the interests of the public in having access to such information, as well as protection of personal medical and financial information and trade secrets that may be contained in a product filing or supporting information.
(c) Any product approved by the commission may be sold or otherwise issued in compacting states for which the insurer is legally authorized to do business.

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