Terms Used In Hawaii Revised Statutes 431:30-123

• 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
• Commissioner: means the chief insurance regulatory official of a state. 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• Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to § 431:30-119, or been terminated pursuant to § 431:30-120.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
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Rule: means a statement of general or particular applicability and future effect adopted by the commission, including a uniform standard developed pursuant to section 431:30-112 of this compact, designed to implement, interpret, or prescribe law or policy or describing the organization, procedure, or practice requirements of the commission, which shall have the force and effect of law in the compacting states. 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
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• 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