Chapter 175K

Section 1. For purposes of this compact, the following words shall have the following meanings:— ''Advertisement'', material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a p…

Section 10. (1) 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 determination to a review panel appointed by the commissi…

Section 11. (1) 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 National Association of In…

Section 12. (1) A state is eligible to become a compacting state. (2) The compact shall become effective and binding upon legislative enactment of the compact into law by 2 compacting states; but, the commission shall become effective for purposes of adopting uniform standards fo…

Section 13. (1)(a) 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 hereinafter referred to as withdrawing state by enacting a statute specifically repealin…

Section 14. (1) The provisions of this compact shall be severable; and if any phrase, clause, sentence or provision is considered unenforceable, the remaining provisions of the compact shall be enforceable. (2) The provisions of this compact shall be liberally construed to effect…

Section 15. (1)(a) Nothing herein prevents the enforcement of any other law of a compacting state, except as provided in paragraph (b). (b) For any product approved or certified to the commission, the rules, uniform standards and any other requirements of the commission shall con…

Section 16. The commissioner of insurance for the commonwealth of Massachusetts shall serve as the representative of the commonwealth to the commission.

Section 2. (a) The compacting states hereby create and establish a joint public agency known as the interstate insurance product regulation commission. Pursuant to section 3, the commission shall have the power to develop uniform standards for product lines, receive and provide p…

Section 3. The commission shall have the following powers: (1) to promulgate rules, pursuant to section 6, 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 in this compact; (2) to exercise its rule…

Section 4. (1)(a) 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. A member may be removed or suspended from office as provided by the law of the state from wh…

Section 5. (1) The commission shall meet and take actions consistent with this compact and the by-laws. (2) Each member of the commission shall have the right and power to cast a vote to which that compacting state is entitled and to participate in the business and affairs of the…

Section 6. (1) The commission shall promulgate reasonable rules, including uniform standards, and operating procedures in order to effectively and efficiently achieve the purposes of this compact. Notwithstanding the foregoing, in the event the commission exercises its rulemaking…

Section 7. (1) The commission shall promulgate rules establishing conditions and procedures for public inspection and copying of its information and official records, except information and records involving the privacy of individuals and insurers' trade secrets. The commission m…

Section 8. 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 the commission shal…

Section 9. (1) 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 prevent an insurer from filing i…