LD 1698
pg. 5
Page 4 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 6 of 22
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LR 2485
Item 1

 
3.__Products; receive and review.__To receive and review in an
expeditious manner products filed with the commission and rate
filings for disability income and long-term care insurance
products and to give approval of those products and rate filings
that satisfy the applicable uniform standard.__Approval by the
commission has the force of law and is binding on the compacting
states to the extent and in the manner provided in the compact;

 
4.__Advertisements.__To receive and review in an expeditious
manner advertisements relating to long-term care insurance
products for which uniform standards have been adopted by the
commission and give approval to all advertisements that satisfy
the applicable uniform standard.__For any product covered under
the compact, other than long-term care insurance products, the
commission has the authority to require an insurer to submit all
or any part of its advertisement with respect to that product for
review or approval prior to use, if the commission determines
that the nature of the product is such that an advertisement of
the product could mislead the public.__The actions of commission
as provided in this section have the force of law and are binding
in the compacting states to the extent and in the manner provided
in the compact;

 
5.__Self-certification process.__To exercise its rule-making
authority and designate products and advertisements that may be
subject to a self-certification process without the need for
prior approval by the commission;

 
6.__Operating procedures.__To promulgate operating procedures
pursuant to section 2478 that are binding in the compacting
states to the extent and in the manner provided in the compact;

 
7.__Legal proceedings.__To bring and prosecute legal
proceedings or actions in its name as the commission.__The
standing of a state insurance department to sue or be sued under
applicable law is not affected by this subsection;

 
8.__Subpoenas.__To issue subpoenas requiring the attendance
and testimony of witnesses and the production of evidence;

 
9.__Establish and maintain offices.__To establish and maintain
offices;

 
10.__Insurance; bonds.__To purchase and maintain insurance and
bonds;

 
11.__Personnel services.__To borrow, accept or contract for
services of personnel, including, but not limited to, employees
of a compacting state;


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