LD 1698
pg. 7
Page 6 of 22 An Act To Join the Interstate Insurance Product Regulation Compact Page 8 of 22
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LR 2485
Item 1

 
23.__Appoint committees.__To appoint committees, including
advisory committees of members, state insurance regulators, state
legislators or their representatives, insurance industry and
consumer representatives and any other interested persons as may
be designated in the bylaws;

 
24.__Cooperation with law enforcement agencies.__To provide
information to and receive information from, and to cooperate
with, law enforcement agencies;

 
25.__Corporate seal.__To adopt and use a corporate seal; and

 
26.__Perform other functions.__To perform functions other than
those set out explicitly in this section as necessary or
appropriate to achieve the purposes of the compact consistent
with the state regulation of the business of insurance.

 
§2476.__Organization of the commission -- Article 5

 
1.__Membership. Each compacting state has one member.__Each
member must be qualified to serve in that capacity pursuant to
applicable law of the compacting state. A member may be removed
or suspended from office as provided by the law of the state from
which the member is appointed. A vacancy occurring in the
commission must be filled in accordance with the laws of the
compacting state where the vacancy exists.__This subsection may
not be construed to affect the manner in which a compacting state
determines the election or appointment and qualification of its
own commissioner.

 
2.__One vote.__Each member is entitled to one vote and has an
opportunity to participate in the governance of the commission in
accordance with the bylaws.__Notwithstanding any provision of the
compact to the contrary, action of the commission with respect to
the promulgation of a uniform standard does not take effect
unless 2/3 of the members vote in favor of the uniform standard.

 
3.__Bylaws.__The commission shall, by a majority of the
members, adopt bylaws to govern its conduct as may be necessary
or appropriate to carry out the purposes and exercise the powers
of the compact, including, but not limited to:

 
A.__Establishing the fiscal year of the commission;

 
B.__Providing reasonable procedures for appointing and
electing members, as well as holding meetings, of the
management committee established under subsection 5;

 
C.__Providing reasonable standards and procedures:


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