§ 27-8-31-15 — Withdrawal of compacting state; reinstatement

Indiana § 27-8-31-15

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

Text

(a) Once effective, the compact continues in
force and remains binding upon each compacting state. However, a
compacting state may withdraw from the compact by enacting a statute
specifically repealing the statute that enacted the compact into law.
(b) The effective date of withdrawal is the effective date of the
repealing statute. However, the withdrawal does not apply to any
product filings approved or self-certified, or any advertisement of
products, on the date the repealing statute becomes effective, except by
mutual agreement of the commission and the withdrawing state, unless
the approval is rescinded by the withdrawing state as provided in
subsection (e).
(c) The commissioner of the withdrawing state shall immediately
notify the management committee in writing upon the introduction of
legislation repealing this compact in the withdrawing state.
(d) The commission shall notify the other compacting states of the
introduction of the legislation within ten (10) days after the
commission's receipt of notice of the introduction of the legislation.
(e) The withdrawing state is responsible for all obligations, duties,
and liabilities incurred through the effective date of withdrawal,
including any obligations, the performance of which extend beyond the
effective date of withdrawal, except to the extent those obligations may
have been released or relinquished by mutual agreement of the
commission and the withdrawing state. The commission's approval of
products and advertisement before the effective date of withdrawal
shall continue to be effective and be given full force and effect in the
withdrawing state, unless formally rescinded by the withdrawing state
in the same manner as provided by the laws of the withdrawing state
for the prospective disapproval of products or advertisement previously
approved under state law.
(f) Reinstatement following withdrawal of any compacting state
occurs on the effective date of the withdrawing state reenacting the
compact.

Legislative History

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