§ 27-8-31-1 — Purpose

Indiana § 27-8-31-1

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 31: Interstate Insurance Product Regulation Compact

Text

The purposes of this compact are, through
means of joint and cooperative action among the compacting states, to:
(1) promote and protect the interest of consumers of individual
and group annuity, life insurance, disability income, and long
term care insurance products;
(2) develop uniform standards for insurance products covered
under the compact;
(3) establish a central clearinghouse to receive and provide
prompt review of insurance products covered under the compact
and, in certain cases, advertisements related thereto, submitted by
insurers authorized to do business in one (1) or more compacting
states;
(4) give appropriate regulatory approval to product filings and
advertisements satisfying the applicable uniform standard;
(5) improve coordination of regulatory resources and expertise
between state insurance departments regarding the setting of
uniform standards and review of insurance products covered
under the compact;
(6) create the interstate insurance product regulation commission;
and
(7) perform these and any other related functions as may be
consistent with the state regulation of the business of insurance.

Legislative History

As added by P.L.138-2005, SEC.3.