§431:30-101 - Scope. - Hawaii Statutes

[ARTICLE 30]

INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

 

     [§431:30-101]  Scope.  (a)  The interstate insurance product regulation compact is intended to help states join together to establish an interstate compact to regulate designated insurance products.  Pursuant to the terms and conditions of this article, the State seeks to join with other states by enacting the interstate insurance product regulation compact, and thus become a member of the interstate insurance product regulation commission.

     (b)  The purposes of this compact are, through means of joint and cooperative action among the compacting states:

     (1)  To promote and protect the interest of consumers of individual and group annuity, life insurance, long-term care, and disability income products;

     (2)  To develop uniform standards for insurance products covered under the compact;

     (3)  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;

     (4)  To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard;

     (5)  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;

     (6)  To create the interstate insurance product regulation commission; and

     (7)  To perform these and such other related functions as may be consistent with the state regulation of the business of insurance. [L 2004, c 104, pt of §2]