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Ch. 508
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2005 LAWS OF MARYLAND
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OF INSURANCE CONTRACTS; OR (IV) THE AUTHORITY OF THE ATTORNEY GENERAL
OF THE STATE, INCLUDING MAINTAINING ANY ACTIONS OR PROCEEDINGS, AS
AUTHORIZED BY LAW.
C. ALL INSURANCE PRODUCTS FILED WITH INDIVIDUAL STATES SHALL
BE SUBJECT TO THE LAWS OF THOSE STATES.
2. BINDING EFFECT OF COMPACT.
A. ALL LAWFUL ACTIONS OF THE COMMISSION, INCLUDING ALL RULES
AND OPERATING PROCEDURES PROMULGATED BY THE COMMISSION, ARE BINDING
ON THE COMPACTING STATES.
B. ALL AGREEMENTS BETWEEN THE COMMISSION AND THE
COMPACTING STATES ARE BINDING IN ACCORDANCE WITH THEIR TERMS.
C. ON THE REQUEST OF A PARTY TO A CONFLICT OVER THE MEANING
OR INTERPRETATION OR COMMISSION ACTIONS, AND ON A MAJORITY VOTE OF THE
COMPACTING STATES, THE COMMISSION MAY ISSUE ADVISORY OPINIONS
REGARDING THE MEANING OR INTERPRETATION IN DISPUTE.
D. IN THE EVENT ANY PROVISION OF THIS COMPACT EXCEEDS THE
CONSTITUTIONAL LIMITS IMPOSED ON THE LEGISLATURE OF ANY COMPACTING
STATE, THE OBLIGATIONS, DUTIES, POWERS, OR JURISDICTION SOUGHT TO BE
CONFERRED BY THAT PROVISION ON THE COMMISSION SHALL BE INEFFECTIVE AS
TO THAT COMPACTING STATE, AND THOSE OBLIGATIONS, DUTIES, POWERS, OR
JURISDICTION SHALL REMAIN IN THE COMPACTING STATE AND SHALL BE
EXERCISED BY THE AGENCY THEREOF TO WHICH THOSE OBLIGATIONS, DUTIES,
POWERS, OR JURISDICTION ARE DELEGATED BY LAW IN EFFECT AT THE TIME THIS
COMPACT BECOMES EFFECTIVE.
29-102.
THE INSURANCE COMMISSIONER OF THE MARYLAND INSURANCE
ADMINISTRATION IS HEREBY APPOINTED AS THE STATE OF MARYLAND'S
REPRESENTATIVE TO THE INTERSTATE INSURANCE PRODUCT REGULATION
COMMISSION.
SECTION 2. AND BE IT FURTHER ENACTED, That:
(a) There is a Task Force on the Interstate Insurance Product Regulation
Compact.
(b) The Task Force consists of the following members:
(1) two members of the Senate of Maryland, appointed by the President of
the Senate;
(2) two members of the House of Delegates, appointed by the Speaker of
the House;
(3) the Maryland Insurance Commissioner, or the Commissioner's
designee;
- 2984 -
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