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Ch. 508
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2005 LAWS OF MARYLAND
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10. "OPERATING PROCEDURES" MEANS PROCEDURES PROMULGATED BY THE
COMMISSION IMPLEMENTING A RULE, UNIFORM STANDARD, OR A PROVISION OF
THIS COMPACT.
11. "PRODUCT" MEANS THE FORM OF A POLICY OR CONTRACT, INCLUDING
ANY APPLICATION, ENDORSEMENT, OR RELATED FORM WHICH 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.
12. "RULE" MEANS A STATEMENT OF GENERAL OR PARTICULAR
APPLICABILITY AND FUTURE EFFECT PROMULGATED BY THE COMMISSION,
INCLUDING A UNIFORM STANDARD DEVELOPED PURSUANT TO ARTICLE VII OF THIS
COMPACT, DESIGNED TO IMPLEMENT, INTERPRET, OR PRESCRIBE LAW OR POLICY OR
DESCRIBING THE ORGANIZATION, PROCEDURE, OR PRACTICE REQUIREMENTS OF
THE COMMISSION, WHICH SHALL HAVE THE FORCE AND EFFECT OF LAW IN THE
COMPACTING STATES.
13. "STATE" MEANS ANY STATE, DISTRICT, OR TERRITORY OF THE UNITED
STATES OF AMERICA.
14. "THIRD-PARTY FILER" MEANS AN ENTITY THAT SUBMITS A PRODUCT
FILING TO THE COMMISSION ON BEHALF OF AN INSURER.
15. "UNIFORM STANDARD" MEANS A STANDARD ADOPTED BY THE
COMMISSION FOR A PRODUCT LINE, PURSUANT TO ARTICLE VII OF THIS COMPACT,
AND SHALL INCLUDE ALL OF THE PRODUCT REQUIREMENTS IN THE AGGREGATE;
PROVIDED, THAT EACH UNIFORM STANDARD SHALL BE CONSTRUED, WHETHER
EXPRESS OR IMPLIED, TO PROHIBIT THE USE OF ANY INCONSISTENT, MISLEADING,
OR AMBIGUOUS PROVISIONS IN A PRODUCT, AND THE FORM OF THE PRODUCT MADE
AVAILABLE TO THE PUBLIC SHALL NOT BE UNFAIR, INEQUITABLE, OR AGAINST
PUBLIC POLICY AS DETERMINED BY THE COMMISSION.
ARTICLE III. ESTABLISHMENT OF THE COMMISSION AND VENUE.
1. THE COMPACTING STATES HEREBY CREATE AND ESTABLISH A JOINT
PUBLIC AGENCY KNOWN AS THE "INTERSTATE INSURANCE PRODUCT REGULATION
COMMISSION." PURSUANT TO ARTICLE IV, THE COMMISSION WILL HAVE THE POWER
TO DEVELOP UNIFORM STANDARDS FOR PRODUCT LINES, RECEIVE AND PROVIDE
PROMPT REVIEW OF PRODUCTS FILED THEREWITH, AND GIVE APPROVAL TO THOSE
PRODUCT FILINGS SATISFYING APPLICABLE UNIFORM STANDARDS; PROVIDED THAT
IT IS NOT INTENDED FOR THE COMMISSION TO BE THE EXCLUSIVE ENTITY FOR
RECEIPT AND REVIEW OF INSURANCE PRODUCT FILINGS. NOTHING HEREIN SHALL
PROHIBIT ANY INSURER FROM FILING ITS PRODUCT IN ANY STATE IN WHICH THE
INSURER IS LICENSED TO CONDUCT THE BUSINESS OF INSURANCE; AND ANY SUCH
FILING SHALL BE SUBJECT TO THE LAWS OF THE STATE WHERE FILED.
2. THE COMMISSION IS A BODY CORPORATE AND POLITIC AND AN
INSTRUMENTALITY OF THE COMPACTING STATES.
- 2968 -
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