Title 18 — Insurance Code

§ 3001. Interstate Insurance Product Regulation Compact. The State hereby enters into the Interstate Insurance Product Regulation Compact (“Compact”) as set forth in this chapter. The text of the Compact is as set forth in this chapter.83 Del. Laws, c. 103, § 1;

§ 3002. Purpose and intent. The purposes of this Compact are, through means of joint and cooperative action among the compacting states, all of the following: (1) To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, …

§ 3003. Definitions. For purposes of this Compact, the following terms shall have these meanings: (1) “Advertisement” means any material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, …

§ 3004. Establishment of the Commission and venue. (a) The compacting states hereby create and establish a joint public agency known as the “Interstate Insurance Product Regulation Commission.” Pursuant to § 3005 of this title, the Commission will have the power to develop unifor…

§ 3005. Powers of the Commission. The Commission shall have all of the following powers: (1) To promulgate rules, pursuant to § 3008 of this title, which shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided …

§ 3006. Organization of the Commission. (a) Membership, voting and bylaws. — (1) Each compacting state shall have and be limited to 1 member. Each member shall be qualified to serve in that capacity pursuant to applicable law of the compacting state. Any member may be removed or …

§ 3007. Meetings and acts of the Commission. (a) The Commission shall meet and take such actions as are consistent with the provision of this Compact and the bylaws. (b) Each member of the Commission shall have the right and power to cast a vote to which that compacting state is …

§ 3008. Rules and operating procedures: rulemaking functions of the Commission and opting out of uniform standards. (a) Rulemaking authority. — The Commission shall promulgate reasonable rules, including uniform standards, and operating procedures in order to effectively and effi…

§ 3009. Commission records and enforcement. (a) The Commission shall promulgate rules establishing conditions and procedures for public inspection and copying of its information and official records, except such information and records involving the privacy of individuals’ and in…

§ 3010. Dispute resolution. The Commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this Compact and which may arise between 2 or more compacting states, or between compacting states and non-compacting states, and th…

§ 3011. Product filing and approval. (a) Insurers and third-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 shall be construed to restrict or otherwise preven…

§ 3012. Review of Commission decisions regarding filings. (a) Not later than 30 days after the Commission has given notice of a disapproved product or advertisement filed with the Commission, the insurer or third-party filer whose filing was disapproved may appeal the determinati…

§ 3013. Finance. (a) The Commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operations, the Commission may accept contributions and other forms of funding from the NAIC, compacting stat…

§ 3014. Compacting states, effective date and 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 2 compacting states; provided, the Commission shall become eff…

§ 3015. Withdrawal, default and termination. (a) Withdrawal. — (1) Once effective, the Compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the Compact by enacting a statute specifically repea…

§ 3016. Severability and construction. (a) The provisions of this Compact shall be severable, and if any phrase, clause, sentence, or provision is deemed unenforceable, the remaining provisions of the Compact shall be enforceable. (b) The provisions of this Compact shall be liber…

§ 3017. Binding effect of Compact and other laws. (a) Other laws. — (1) Nothing herein prevents the enforcement of any other law of a compacting state, except as provided in paragraph (a)(2) of this section. (2) For any product approved or certified to the Commission, the rules, …

§ 3018. Appointment of state representative. The Insurance Commissioner of the State of Delaware is hereby designated to serve as the representative of this State to the Commission.83 Del. Laws, c. 103, § 1;