(a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided that a compacting state may withdraw from the compact (“withdrawing state”) by enacting a statute specifically repealing the statute that enacted the compact into law.
Terms Used In Hawaii Revised Statutes 431:30-119
Advertisement: means any material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy, as more specifically defined in the rules and operating procedures of the commission. 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
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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
(b) The effective date of withdrawal is the effective date of the repealing statute. However, the withdrawal shall not apply to any product filings approved or self-certified, or any advertisement of such products, on the date the repealing statute becomes effective, except by mutual agreement of the commission and the withdrawing state, unless the approval is rescinded by the withdrawing state as provided in subsection (e).(c) The commissioner of the withdrawing state shall immediately notify the management committee in writing upon the introduction of legislation repealing this compact in the withdrawing state.(d) The commission shall notify the other compacting states of the introduction of legislation repealing the compact within ten days of its receipt of notice thereof.(e) The withdrawing state shall be responsible for its share of obligations, duties, and liabilities incurred through the effective date of withdrawal, including any obligations, the performance of which extend beyond the effective date of withdrawal, except to the extent those obligations may have been released or relinquished by mutual agreement of the commission and the withdrawing state. The commission’s approval of products and advertisement prior to the effective date of withdrawal shall continue to be effective and be given full force and effect in the withdrawing state unless formally rescinded by the withdrawing state in the same manner as provided by the laws of the withdrawing state for the prospective disapproval of products or advertisement previously approved under state law.(f) Reinstatement following withdrawal of any compacting state shall occur upon the effective date of the withdrawing state’s reenactment of the compact.
