1. Laws of compacting state. Nothing in this chapter prevents the enforcement of any laws of a compacting state other than this compact, except as provided in subsection 2.

[PL 2003, c. 680, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 2487

  • 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 Maine Revised Statutes Title 24-A Sec. 2473
  • Commission: means the Interstate Insurance Product Regulation Commission established by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
  • Commissioner: means the chief insurance regulatory official of a compacting state, including, but not limited to, commissioner, superintendent, director or administrator. See Maine Revised Statutes Title 24-A Sec. 2473
  • Compacting state: means a state that has enacted the compact and that has not withdrawn pursuant to section 2485, subsection 1 or been terminated pursuant to section 2485, subsection 2. See Maine Revised Statutes Title 24-A Sec. 2473
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Operating procedures: means procedures adopted by the commission implementing a rule, uniform standard or provision of the compact. 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
  • Rule: means a statement of general or particular applicability and future effect adopted by the commission, including a uniform standard developed pursuant to section 2478, designed to implement, interpret or prescribe law or policy or describing the organization, procedure or practice requirements of the commission, that has the force and effect of law in the compacting states. 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
  • 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 2478, and includes all of the product requirements in aggregate. See Maine Revised Statutes Title 24-A Sec. 2473
2. Exclusive provisions. For any product approved by or certified to the commission, the rules, uniform standards and any other requirements of the commission constitute the exclusive provisions applicable to the content, approval and certification of that product. For an advertisement that is subject to the commission’s authority, any rule, uniform standard or other requirement of the commission that governs the content of the advertisement constitutes the exclusive provision that a commissioner may apply to the content of the advertisement. Notwithstanding this subsection, an action taken by the commission may not abrogate or restrict:
A. The access of any person to state courts; [PL 2003, c. 680, §1 (NEW).]
B. Remedies available under state law related to breach of contract, tort or other laws not specifically directed to the content of the product; [PL 2003, c. 680, §1 (NEW).]
C. State law relating to the construction of insurance contracts; or [PL 2003, c. 680, §1 (NEW).]
D. The authority of the attorney general of the state, including, but not limited to, maintaining any actions or proceedings, as authorized by law. [PL 2003, c. 680, §1 (NEW).]

[PL 2003, c. 680, §1 (NEW).]

3. Insurance products subject to laws. All insurance products filed with individual states are subject to the laws of those states.

[PL 2003, c. 680, §1 (NEW).]

4. Binding effect of compact. The compact is binding as follows.
A. All lawful actions of the commission, including all rules and operating procedures promulgated by the commission, are binding upon the compacting states. [PL 2003, c. 680, §1 (NEW).]
B. All agreements between the commission and the compacting states are binding in accordance with their terms. [PL 2003, c. 680, §1 (NEW).]
C. Upon the request of a party to a conflict over the meaning or interpretation of commission actions, and upon a majority vote of the compacting states, the commission may issue advisory opinions regarding the meaning or interpretation in dispute. [PL 2003, c. 680, §1 (NEW).]
D. In the event any provision of this compact exceeds the constitutional limits imposed on the legislature of a compacting state, the obligation, duty, power or jurisdiction sought to be conferred by that provision upon the commission is ineffective as to that compacting state, and that obligation, duty, power or jurisdiction remains in the compacting state and must be exercised by the agency thereof to which that obligation, duty, power or jurisdiction is delegated by law in effect at the time this compact becomes effective. [PL 2003, c. 680, §1 (NEW).]

[PL 2003, c. 680, §1 (NEW).]

SECTION HISTORY

PL 2003, c. 680, §1 (NEW).
  Previous section
Next section  
 Chapter 28 Contents