(a) Any state is eligible to become a compacting state.
(b) The Compact shall become effective and binding upon legislative enactment of the Compact into law by 2 compacting states; provided, the Commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or disapproval of, products filed with the Commission that satisfy applicable uniform standards only after 26 states are compacting states or, alternatively, by states representing greater than 40% of the premium volume for life insurance, annuity, disability income and long-term care insurance products, based on records of the NAIC for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the Compact into law by that state.
(c) Amendments to the Compact may be proposed by the Commission for enactment by the compacting states. No amendment shall become effective and binding upon the Commission and the compacting states unless and until all compacting states enact the amendment into law.
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.