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ROBERT L. EHRLICH, JR., Governor Ch. 508
FORM AND FILE A COPY OF THE BYLAWS, AND A COPY OF ANY AMENDMENT TO THE
BYLAWS, WITH THE APPROPRIATE AGENCY OR OFFICER IN EACH OF THE
COMPACTING STATES.
2. MANAGEMENT COMMITTEE, OFFICERS, AND PERSONNEL.
A. A MANAGEMENT COMMITTEE COMPRISED OF NO MORE THAN 14
MEMBERS SHALL BE ESTABLISHED AS FOLLOWS:
I. ONE MEMBER FROM EACH OF THE SIX COMPACTING STATES
WITH THE LARGEST PREMIUM VOLUME FOR INDIVIDUAL AND GROUP ANNUITIES,
LIFE, DISABILITY INCOME, AND LONG-TERM CARE INSURANCE PRODUCTS,
DETERMINED FROM THE RECORDS OF THE NAIC FOR THE PRIOR YEAR;
II. FOUR MEMBERS FROM THOSE COMPACTING STATES WITH AT
LEAST 2% OF THE MARKET, BASED ON THE PREMIUM-VOLUME DESCRIBED ABOVE,
OTHER THAN THE SIX COMPACTING STATES WITH THE LARGEST PREMIUM VOLUME,
SELECTED ON A ROTATING BASIS AS PROVIDED IN THE BYLAWS; AND
III. FOUR MEMBERS FROM THOSE COMPACTING STATES WITH
LESS THAN 2% OF THE MARKET, BASED ON THE PREMIUM VOLUME DESCRIBED
ABOVE, WITH ONE SELECTED FROM EACH OF THE FOUR ZONE REGIONS OF THE NAIC
AS PROVIDED IN THE BYLAWS.
B. THE MANAGEMENT COMMITTEE SHALL HAVE SUCH AUTHORITY AND
DUTIES AS MAY BE SET FORTH IN THE BYLAWS, INCLUDING:
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 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.
C. THE COMMISSION SHALL ELECT ANNUALLY OFFICERS FROM THE
MANAGEMENT COMMITTEE, WITH EACH HAVING SUCH AUTHORITY AND DUTIES AS
MAY BE SPECIFIED IN THE BYLAWS.
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