§ 27-8-31-3 — Interstate insurance product regulation commission

Indiana § 27-8-31-3

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

Text

(a) The compacting states hereby establish a
joint public agency known as the interstate insurance product
regulation commission. Under section 4 of this chapter, the commission
may:
(1) develop uniform standards for product lines;
(2) receive and provide prompt review of products filed with the
commission; and
(3) give approval to product filings satisfying applicable uniform
standards.
However, it is not intended for the commission to be the exclusive
entity for receipt and review of insurance product filings. This chapter
does not prohibit an insurer from filing the insurer's product in a state
where the insurer is licensed to conduct the business of insurance and
any such filing is subject to the laws of the state where filed.
(b) The commission is a body corporate and politic, and an
instrumentality of the compacting states.
(c) The commission is solely responsible for the commission's
liabilities except as otherwise specifically provided in this compact.
(d) Venue is proper, and judicial proceedings by or against the
commission shall be brought solely and exclusively, in a court with
jurisdiction where the principal office of the commission is located.

Legislative History

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