New Hampshire Revised Statutes 408-C:3 – Commission Established and Venue
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I. The compacting states hereby create and establish a joint public agency known as the “Interstate Insurance Product Regulation Commission.” Pursuant to N.H. Rev. Stat. § 408-C:4, the commission shall have the power to develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards; provided, it is not intended for the commission to be the exclusive entity for receipt and review of insurance product filings. Nothing in this chapter shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance; and any such filing shall be subject to the laws of the state where filed.
II. The commission is a body corporate and politic, and an instrumentality of the compacting states.
III. The commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.
IV. Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.
II. The commission is a body corporate and politic, and an instrumentality of the compacting states.
Terms Used In New Hampshire Revised Statutes 408-C:3
- 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.
- 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
- Venue: The geographical location in which a case is tried.
III. The commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.
IV. Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.