§ 27-8-31-14 — Effectiveness of compact; amendments

Indiana § 27-8-31-14

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

Text

(a) Any state is eligible to become a
compacting state. The compact becomes effective and binding upon
legislative enactment of the compact into law by two (2) compacting
states. However, the commission shall become effective for purposes
of adopting uniform standards for, reviewing, and giving approval or
disapproval of products filed with the commission that satisfy
applicable uniform standards only after twenty-six (26) states are
compacting states or, alternatively, by states representing greater than
forty percent (40%) of the premium volume for life insurance, annuity,
disability income, and long term care insurance products, based on
records of the NAIC for the prior year. Thereafter, it becomes effective
and binding as to any other compacting state upon enactment of the
compact into law by that state.
(b) Amendments to the compact may be proposed by the
commission for enactment by the compacting states. An amendment
does not become effective and binding upon the commission and the
compacting states unless and until all compacting states enact the
amendment into law.

Legislative History

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