§431:30-118 - Compacting states; effective date; amendment. - Hawaii Statutes

     [§431:30-118]  Compacting states; effective date; amendment.  (a)  Any state is eligible to become a compacting state.

     (b)  The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided the commission shall become effective for purposes of adopting uniform standards for reviewing and giving approval or disapproval of products filed with the commission that satisfy the applicable uniform standards only after twenty-six states are compacting states or, alternatively, the compact is enacted by states representing greater than forty per cent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products, based on records of the National Association of Insurance Commissioners for the prior year.  Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.

     (c)  Amendments to the compact may be proposed by the commission for enactment by the compacting states.  No amendment shall become effective and binding upon the commission and the compacting states unless and until all compacting states enact such amendment into law. [L 2004, c 104, pt of §2]