New Hampshire Revised Statutes 408-C:1 – Purposes
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The purposes of this compact are, through means of joint and cooperative action among the compacting states:
I. To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.
II. To develop uniform standards for insurance products covered under the compact.
III. 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.
IV. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard.
V. 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.
VI. To create the Interstate Insurance Product Regulation Commission.
VII. To perform these and such other related functions as may be consistent with the state regulation of the business of insurance.
I. To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.
Terms Used In New Hampshire Revised Statutes 408-C:1
- 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.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. To develop uniform standards for insurance products covered under the compact.
III. 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.
IV. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard.
V. 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.
VI. To create the Interstate Insurance Product Regulation Commission.
VII. To perform these and such other related functions as may be consistent with the state regulation of the business of insurance.