§ 58-91-15. Establishment of the Commission and venue. - North Carolina Statutes

§ 58‑91‑15. Establishment of the Commission and venue.

(a)        The compactingstates hereby create and establish a joint public agency known as the"Interstate Insurance Product Regulation Commission." Pursuant toG.S. 58‑91‑20, the Commission shall have the power to developuniform standards for product lines, receive, and provide prompt review ofproducts filed with the Commission, and give approval to those product filingssatisfying applicable uniform standards. It is not intended for the Commissionto be the exclusive entity for receipt and review of insurance product filings.Nothing herein shall prohibit any insurer from filing its product in any statewherein the insurer is licensed to conduct the business of insurance; and thatfiling shall be subject to the laws of the state where filed.

(b)        The Commission is abody corporate and politic and an instrumentality of the compacting states.

(c)        The Commission issolely responsible for its liabilities except as otherwise specificallyprovided in this Compact.

(d)        Venue is proper andjudicial proceedings by or against the Commission shall be brought solely andexclusively in a court of competent jurisdiction where the principal office ofthe Commission is located. (2005‑183, s. 1; 2009-382, s. 35.)