LD 1698
pg. 15
Page 14 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 16 of 22
Download Bill Text
LR 2485
Item 1

 
its noncompliance within the time specified in the notice of
noncompliance, the compacting state is in default as set forth in
section 2485.

 
4.__Commissioner's authority to oversee market regulation.__
The commissioner of any state in which an insurer is authorized
to do business or is conducting the business of insurance shall
continue to exercise the commissioner's authority to oversee the
market regulation of the activities of the insurer in accordance
with the provisions of the state's law. The commissioner's
enforcement of compliance with the compact is governed by the
following provisions.

 
A.__With respect to the commissioner's market regulation of
a product or advertisement that is approved by or certified
to the commission, the content of the product or
advertisement does not constitute a violation of the
provisions, standards or requirements of the compact except
upon a final order of the commission issued at the request
of a commissioner after prior notice to the insurer and an
opportunity for hearing before the commission.

 
B.__Before a commissioner may bring an action for violation
of any provision, standard or requirement of the compact
relating to the content of an advertisement not approved by
or certified to the commission, the commission, or an
authorized commission officer or employee, must authorize
the action.__However, authorization pursuant to this
paragraph does not require notice to the insurer,
opportunity for hearing or disclosure of requests for
authorization or records of the commission's action on such
requests.

 
§2480.__Dispute resolution -- Article 9

 
The commission shall attempt, upon the request of a member, to
resolve any disputes or other issues that are subject to this
compact and that may arise between 2 or more compacting states,
or between compacting states and noncompacting states, and the
commission shall promulgate an operating procedure providing for
resolution of such disputes.

 
§2481.__Product filing and approval -- Article 10

 
1.__Filing of product with commission.__Insurers and 3rd-party
filers seeking to have a product approved by the commission shall
file the product with, and pay applicable filing fees to, the
commission.__Nothing in this chapter may be construed to restrict
or otherwise prevent an insurer from filing its product with the
insurance department in any state where the


Page 14 of 22 Top of Page Page 16 of 22