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Ch. 508 2005 LAWS OF MARYLAND
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provisions of the Compact are severable; providing for the construction of the
Compact; appointing the Maryland Insurance Commissioner as the State's
representative to the Commission; defining certain terms; establishing a Task
Force on the Interstate Insurance Product Regulation Compact; establishing the
duties of the Task Force; requiring the Task Force to issue a certain report on or
before a certain date; providing for the termination of certain provisions of this
Act; providing for the effective dates of this Act; and generally relating to the
Interstate Insurance Product Regulation Compact.
BY adding to
Article - Insurance
Section 29-101 and 29-102 to be under the new title "Title 29. Interstate
Insurance Product Regulation Compact"
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
TITLE 29. INTERSTATE INSURANCE PRODUCT REGULATION COMPACT.
29-101.
THE STATE OF MARYLAND HEREBY ENTERS THE INTERSTATE INSURANCE
PRODUCT REGULATION COMPACT AS SET FORTH IN THIS SECTION. THE COMPACT
SHALL TAKE EFFECT IN ACCORDANCE WITH ARTICLE XIII OF THE COMPACT. THE
TEXT OF THE COMPACT IS AS FOLLOWS:
ARTICLE I. PURPOSES.
THE PURPOSES OF THIS COMPACT ARE, THROUGH MEANS OF JOINT AND
COOPERATIVE ACTION AMONG THE COMPACTING STATES:
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 TO THE INSURANCE PRODUCTS,
SUBMITTED BY INSURERS AUTHORIZED TO DO BUSINESS IN ONE OR MORE
COMPACTING STATES;
4. TO GIVE APPROPRIATE REGULATORY APPROVAL TO THOSE PRODUCT
FILINGS AND ADVERTISEMENTS SATISFYING THE APPLICABLE UNIFORM STANDARD;
- 2966 -
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