LD 1698
pg. 19
Page 18 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 20 of 22
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LR 2485
Item 1

 
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 such legislation within 10 days after
it receives notice under paragraph C.

 
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 advertisements prior to the
effective date of withdrawal continues to be effective and
must 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unless formally rescinded by the withdrawing state in the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
advertisements previously approved under state law.

 
F.__Reinstatement following withdrawal of any compacting
state occurs upon the effective date of the withdrawing
state's reenacting the compact.

 
2.__Default.__The following provisions govern default.

 
A.__If the commission determines that a compacting state has
defaulted in the performance of any of its obligations or
responsibilities under this compact, the bylaws or duly
promulgated rules or operating procedures, then, after notice and
hearing as set forth in the bylaws, all rights, privileges and
benefits conferred by this compact on the defaulting state are
suspended from the effective date of default as fixed by the
commission.__The grounds for default include, but are not limited
to, failure of a compacting state to perform its obligations or
responsibilities, and any other grounds designated in commission
rules.__The commission shall immediately notify the defaulting
state in writing of the defaulting state's suspension pending a
cure of the default.__The commission shall stipulate the
conditions and the time period within which the defaulting state
must cure its default.__If the defaulting state fails to cure the
default within the time period specified by the commission, the
defaulting state must be terminated from the compact and all
rights, privileges and benefits conferred by


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