Maine Revised Statutes Title 24-A Sec. 2472 – Interstate Insurance Product Regulation Compact established; purposes
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1. Compact established. Pursuant to terms and conditions of this chapter, the State seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, referred to in this chapter as “the compact,” and thus become a member of the Interstate Insurance Product Regulation Commission. The superintendent is designated to serve as the representative of this State to the commission.
[PL 2003, c. 680, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2472
- 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 the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Member: means the person chosen by a compacting state as its representative to the commission, or the member's designee. See Maine Revised Statutes Title 24-A Sec. 2473
- Product: means the form of a policy or contract, including an 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 Maine Revised Statutes Title 24-A Sec. 2473
- State: means any state, district or territory of the United States of America. See Maine Revised Statutes Title 24-A Sec. 2473
- Uniform standard: means a standard adopted by the commission for a product line, pursuant to section 2478, and includes all of the product requirements in aggregate. See Maine Revised Statutes Title 24-A Sec. 2473
2. Purposes. The purposes of this compact are, through means of joint and cooperative action among the compacting states:
A. To promote and protect the interest of consumers of individual and group annuity, life, disability income and long-term care insurance products; [PL 2003, c. 680, §1 (NEW).]
B. To develop uniform standards for insurance products covered under the compact; [PL 2003, c. 680, §1 (NEW).]
C. To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states; [PL 2003, c. 680, §1 (NEW).]
D. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard; [PL 2003, c. 680, §1 (NEW).]
E. To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact; [PL 2003, c. 680, §1 (NEW).]
F. To create the Interstate Insurance Product Regulation Commission; and [PL 2003, c. 680, §1 (NEW).]
G. To perform these and such other related functions as may be consistent with the state regulation of the business of insurance. [PL 2003, c. 680, §1 (NEW).]
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).