(a) Any state is eligible to become a compacting state.

Terms Used In Hawaii Revised Statutes 431:30-118

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Commission: means the interstate insurance product regulation commission established by this compact. See Hawaii Revised Statutes 431:30-102
  • Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to § 431:30-119, or been terminated pursuant to § 431:30-120. 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 compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided the commission shall become effective for purposes of adopting uniform standards for reviewing and giving approval or disapproval of products filed with the commission that satisfy the applicable uniform standards only after twenty-six states are compacting states or, alternatively, the compact is enacted by states representing greater than forty per cent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products, based on records of the National Association of Insurance Commissioners for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.
(c) Amendments to the compact may be proposed by the commission for enactment by the compacting states. No amendment shall become effective and binding upon the commission and the compacting states unless and until all compacting states enact such amendment into law.

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