LD 1698
pg. 20
Page 19 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 21 of 22
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LR 2485
Item 1

 
this compact are terminated from the effective date of
termination.

 
B.__Product approvals by the commission or product self-
certifications, or any advertisement in connection with such
a product, that are in force on the effective date of
termination remain in force in the defaulting state in the
same manner as if the defaulting state had withdrawn
voluntarily pursuant to subsection 1.

 
C.__Reinstatement following termination of a compacting
state requires a reenactment of the compact.

 
3.__Dissolution of compact. The following provisions govern
the dissolution of the compact.

 
A.__The compact dissolves upon the date of the withdrawal or
default of the compacting state that reduces membership in
the compact to one compacting state.

 
B.__Upon the dissolution of this compact, the compact
becomes void and is of no further effect, and the business
and affairs of the commission must be wound up and any
surplus funds must be distributed in accordance with the
bylaws.

 
§2486.__Construction -- Article 15

 
The provisions of this compact must be liberally construed to
effectuate its purposes.

 
§2487.__Binding effect of compact and other laws -- Article 16

 
1.__Laws of compacting state.__Nothing in this chapter
prevents the enforcement of any laws of a compacting state other
than this compact, except as provided in subsection 2.

 
2.__Exclusive provisions.__For any product approved by or
certified to the commission, the rules, uniform standards and any
other requirements of the commission constitute the exclusive
provisions applicable to the content, approval and certification
of that product.__For an advertisement that is subject to the
commission's authority, any rule, uniform standard or other
requirement of the commission that governs the content of the
advertisement constitutes the exclusive provision that a
commissioner may apply to the content of the advertisement.__
Notwithstanding this subsection, an action taken by the
commission may not abrogate or restrict:

 
A.__The access of any person to state courts;


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