West Virginia § 33-47-13 Compacting states, effective date and amendment

West Virginia Statutes

§ 33-47-13 — Compacting states, effective date and amendment

West Virginia·Ch. 33 Â INSURANCE·Art. 47 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

(a)Any state is eligible to become a compacting state.

(b)The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states: Provided, That 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 states are compacting states or, alternatively, by states representing greater than forty percent of the premium volume for life insurance, annuity, disability income and long-term care insurance products, based on records of the national association of Insurance Commissioners for the prior year. Thereafter, it shall become effective and binding as to any other co

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(a) Any state is eligible to become a compacting state.

(b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states: Provided, That 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 states are compacting states or, alternatively, by states representing greater than forty percent of the premium volume for life insurance, annuity, disability income and long-term care insurance products, based on records of the national association of Insurance Commissioners for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.

(c) Amendments to the compact may be proposed by the commission for enactment by the compacting states. No amendment shall become effective and binding upon the commission and the compacting states unless and until all compacting states enact the amendment into law.

West Virginia § 33-47-13 (Compacting states, effective date and amendment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.