Maine Revised Statutes Title 24-A Sec. 2474 – Establishment of commission; venue — Article 3
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1. Commission created. The compacting states hereby create and establish a joint public agency known as the Interstate Insurance Product Regulation Commission. The commission has the power to develop uniform standards for product lines, receive and provide prompt review of products filed and give approval to those product filings satisfying applicable uniform standards. It is not intended that the commission be the exclusive entity for receipt and review of insurance product filings in the State. This subsection does not prohibit an insurer from filing its product in a state where the insurer is licensed to conduct the business of insurance, and any such filing is subject to the laws of the state where filed.
[PL 2003, c. 680, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2474
- Commission: means the Interstate Insurance Product Regulation Commission established by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Insurer: means an entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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 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
- Venue: The geographical location in which a case is tried.
2. Body corporate. The commission is a body corporate and politic and an instrumentality of the compacting states.
[PL 2003, c. 680, §1 (NEW).]
3. Responsible for liabilities. The commission is solely responsible for its liabilities except as otherwise specifically provided in the compact.
[PL 2003, c. 680, §1 (NEW).]
4. Venue. Proper and judicial proceedings by or against the commission must be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).