The following Compact is intended to help States join together to establish an interstate Compact to regulate designated insurance products. Pursuant to terms and conditions of this Act, the State of Colorado seeks to join with other States and establish the Interstate Insurance Product Regulation Compact, and thus become a member of the Interstate Insurance Product Regulation Commission. The insurance commissioner is hereby designated to serve as the representative of this State to the Commission.
PURPOSES
The purposes of this Compact are, through means of joint and cooperative action among the Compacting States:
DEFINITIONS
For purposes of this Compact:
ESTABLISHMENT OF THE COMMISSION AND VENUE
POWERS OF THE COMMISSION
The Commission shall have the following powers:
ORGANIZATION OF THE COMMISSION
i. establishing the fiscal year of the Commission;
ii. providing reasonable procedures for appointing and electing members, as well as holding meetings, of the Management Committee;
iii. providing reasonable standards and procedures: (i) for the establishment and meetings of other committees, and (ii) governing any general or specific delegation of any authority or function of the Commission;
iv. providing reasonable procedures for calling and conducting meetings of the Commission that consists of a majority of Commission members, ensuring reasonable advance notice of each such meeting, and providing for the right of citizens to attend each such meeting with enumerated exceptions designed to protect the public's interest, the privacy of individuals, and insurers' proprietary information, including trade secrets. The Commission may meet in camera only after a majority of the entire membership votes to close a meeting en toto or in part. As soon as practicable, the Commission must make public (i) a copy of the vote to close the meeting revealing the vote of each Member with no proxy votes allowed, and (ii) votes taken during such meeting;
v. establishing the titles, duties and authority and reasonable procedures for the election of the officers of the Commission;
vi. providing reasonable standards and procedures for the establishment of the personnel policies and programs of the Commission. Notwithstanding any civil service or other similar laws of any Compacting State, the Bylaws shall exclusively govern the personnel policies and programs of the Commission;
vii. promulgating a code of ethics to address permissible and prohibited activities of commission members and employees; and
viii. providing a mechanism for winding up the operations of the Commission and the equitable disposition of any surplus funds that may exist after the termination of the Compact after the payment and/or reserving of all of its debts and obligations.
i. managing the affairs of the Commission in a manner consistent with the Bylaws and purposes of the Commission;
ii. establishing and overseeing an organizational structure within, and appropriate procedures for, the Commission to provide for the creation of Uniform Standards and other Rules, receipt and review of product filings, administrative and technical support functions, review of decisions regarding the disapproval of a product filing, and the review of elections made by a Compacting State to opt out of a Uniform Standard; provided that a Uniform Standard shall not be submitted to the Compacting States for adoption unless approved by two-thirds (2/3) of the members of the Management Committee;
iii. overseeing the offices of the Commission; and
iv. planning, implementing, and coordinating communications and activities with other state, federal and local government organizations in order to advance the goals of the Commission.
The Commission shall maintain its corporate books and records in accordance with the Bylaws.
MEETINGS AND ACTS OF THE COMMISSION
RULES & OPERATING PROCEDURES: RULEMAKING FUNCTIONS OF THE COMMISSION AND OPTING OUT OF UNIFORM STANDARDS
Notwithstanding the foregoing, a Compacting State may, at the time of its enactment of this Compact, prospectively opt out of all Uniform Standards involving long-term care insurance products by expressly providing for such opt out in the enacted Compact, and such an opt out shall not be treated as a material variance in the offer or acceptance of any State to participate in this Compact. Such an opt out shall be effective at the time of enactment of this Compact by the Compacting State and shall apply to all existing Uniform Standards involving long-term care insurance products and those subsequently promulgated.
Once the opt out of a Uniform Standard by a Compacting State becomes effective as provided under the laws of that State, the Uniform Standard shall have no further force and effect in that State unless and until the legislation or regulation implementing the opt-out is repealed or otherwise becomes ineffective under the laws of the State. If a Compacting State opts out of a Uniform Standard after the Uniform Standard has been made effective in that State, the opt-out shall have the same prospective effect as provided under Article XIV for withdrawals.
COMMISSION RECORDS AND ENFORCEMENT
DISPUTE RESOLUTION
The Commission shall attempt, upon the request of a Member, to resolve any disputes or other issues that are subject to this Compact and which may arise between two or more Compacting States, or between Compacting States and Non-compacting States, and the Commission shall promulgate an Operating Procedure providing for resolution of such disputes.
PRODUCT FILING AND APPROVAL
REVIEW OF COMMISSION DECISIONS REGARDING FILINGS
FINANCE
COMPACTING STATES, EFFECTIVE DATE AND AMENDMENT
WITHDRAWAL, DEFAULT AND TERMINATION
SEVERABILITY AND CONSTRUCTION
BINDING EFFECT OF COMPACT AND OTHER LAWS
Source: L. 2004: Entire part added, p. 91, § 1, effective August 4. L. 2005: Article XI section 1 amended, p. 770, § 44, effective June 1.