PUBLIC Law Chapter 680

	6.__Commission to keep complete and accurate accounts.__The
commission shall keep complete and accurate accounts of all its
internal receipts, including grants and donations, and
disbursements of all funds under its control.__The internal
financial accounts of the commission are subject to the
accounting procedures established under its bylaws.__The
financial accounts and reports, including the system of internal
controls and procedures of the commission, must be audited
annually by an independent certified public accountant.__Upon the
determination of the commission, but no less frequently than
every 3 years, the review of the independent auditor must include
a management and performance audit of the commission.__The
commission shall make an annual report to the governor and
legislature of each compacting state, which must include a report
of the independent audit.__The commission's internal accounts are
not confidential and such materials may be shared with the
commissioner of any compacting state upon request, except that
any work papers related to any internal or independent audit and
any information regarding the privacy of individuals and
insurers' proprietary information, including trade secrets, must
remain confidential.

7.__Compacting states do not have ownership of commission
property.__A compacting state does not have any claim to or
ownership of any property held by or vested in the commission or
to any commission funds held pursuant to the provisions of this
compact.

§2484.__Compacting states, effective date and amendment --

Article 13

1.__Any state eligible to become compacting state.__Any state
is eligible to become a compacting state.

2.__Effective dates for compact and commission.__The compact
becomes effective and binding upon legislative enactment by 2
compacting states.__The commission becomes effective for purposes
of adopting uniform standards for, reviewing and giving approval
or disapproval of products filed with the commission only after
26 states are compacting states or, alternatively, after states
representing more than 40% 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, are compacting
states.__Thereafter, it becomes effective and binding as to any
other compacting state upon enactment of the compact into law by
that state.

3.__Amendments to the compact.__Amendments to the compact may
be proposed by the commission for enactment by the compacting

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