The purposes of this Compact are, through means of joint and cooperative action among the compacting states, all of the following:
(1) To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products.
(2) To develop uniform standards for insurance products covered under the Compact.
(3) To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the Compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in 1 or more compacting states.
(4) To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard.
(5) To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the Compact.
(6) To create the Interstate Insurance Product Regulation Commission.
(7) To perform these and such other related functions as may be consistent with the state regulation of the business of insurance.
Structure Delaware Code
Chapter 30. Interstate Insurance Product Regulation Compact
§ 3001. Interstate Insurance Product Regulation Compact.
§ 3004. Establishment of the Commission and venue.
§ 3005. Powers of the Commission.
§ 3006. Organization of the Commission.
§ 3007. Meetings and acts of the Commission.
§ 3009. Commission records and enforcement.
§ 3011. Product filing and approval.
§ 3012. Review of Commission decisions regarding filings.
§ 3014. Compacting states, effective date and amendment.
§ 3015. Withdrawal, default and termination.
§ 3016. Severability and construction.