LD 1698
pg. 3
Page 2 of 22 PUBLIC Law Chapter 680 Page 4 of 22
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LR 2485
Item 1

 
4.__Commission.__"Commission" means the Interstate Insurance
Product Regulation Commission established by the compact.

 
5.__Commissioner.__"Commissioner" means the chief insurance
regulatory official of a compacting state, including, but not
limited to, commissioner, superintendent, director or
administrator.

 
6.__Domiciliary state.__"Domiciliary state" means the state in
which an insurer is incorporated or organized or, in the case of
an alien insurer, its state of entry.

 
7.__Insurer.__"Insurer" means an entity licensed by a state to
issue contracts of insurance for any of the lines of insurance
covered by the compact.

 
8.__Management committee.__"Management committee" means the
management committee established under section 2476, subsection
5.

 
9.__Member.__"Member" means the person chosen by a compacting
state as its representative to the commission, or the member's
designee.

 
10.__Noncompacting state.__"Noncompacting state" means a state
that is not a compacting state.

 
11.__Operating procedures.__"Operating procedures" means
procedures adopted by the commission implementing a rule, uniform
standard or provision of the compact.

 
12.__Product.__"Product" means the form of a policy or
contract, including an application, endorsement or related form
that is attached to and made a part of the policy or contract,
and any evidence of coverage or certificate, for an individual or
group annuity, life insurance, disability income or long-term
care insurance product that an insurer is authorized to issue.

 
13.__Rule.__"Rule" means a statement of general or particular
applicability and future effect adopted by the commission,
including a uniform standard developed pursuant to section 2478,
designed to implement, interpret or prescribe law or policy or
describing the organization, procedure or practice requirements
of the commission, that has the force and effect of law in the
compacting states.

 
14.__State.__"State" means any state, district or territory of
the United States of America.


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