The commission is empowered to:
(1) adopt rules, pursuant to Section 38-95-70, which have the force and effect of law and are binding in the compacting states to the extent and in the manner provided by this chapter;
(2) exercise its rule-making authority and establish reasonable uniform standards for products pursuant to the provisions of this chapter, and advertisement related to them, which have the force and effect of law and are binding in the compacting states, but only for those products filed with the commission, except that a compacting state has the right to opt out of a uniform standard pursuant to Section 38-95-70 to the extent and in the manner provided by this chapter, and, except that any uniform standard established by the commission for long-term care insurance products may provide the same or greater protections for consumers as, but may not provide less than, those protections set forth in the National Association of Insurance Commissioners' Long-Term Care Insurance Model Act and Long-Term Care Insurance Model Regulation, respectively, adopted as of 2001. The commission shall consider whether subsequent amendments to the NAIC Long-Term Care Insurance Model Act or Long-Term Care Insurance Model Regulation adopted by the NAIC require amending of the uniform standards established by the commission for long-term care insurance products;
(3) receive and review in an expeditious manner products filed with the commission and rate filings for disability income and long-term care insurance products, and give approval of those products and rate filings that satisfy the applicable uniform standard, which approval has the force and effect of law and is binding on the compacting states to the extent and in the manner provided by this chapter;
(4) receive and review in an expeditious manner advertisement relating to long-term care insurance products for which uniform standards have been adopted by the commission, and give approval to all advertisement that satisfies the applicable uniform standard. For a product covered under this compact, other than long-term care insurance products, the commission may require an insurer to submit all or a part of its advertisement with respect to that product for review or approval before use, if the commission determines that the nature of the product is such that an advertisement of the product has the capacity or tendency to mislead the public. The actions of the commission as provided in this section have the force and effect of law and are binding in the compacting states to the extent and in the manner provided by this chapter;
(5) exercise its rule-making authority and designate products and advertisement that may be subject to a self-certification process without the need for prior approval by the commission;
(6) adopt operating procedures, pursuant to Section 38-95-70, which are binding in the compacting states to the extent and in the manner provided by this chapter;
(7) bring and prosecute legal proceedings or actions in its name as the commission, except that the standing of a state insurance department to sue or be sued under applicable law is not affected;
(8) issue subpoenas requiring the attendance and testimony of witnesses and the production of evidence;
(9) establish and maintain offices;
(10) purchase and maintain insurance and bonds;
(11) borrow, accept, or contract for services of personnel including, but not limited to, employees of a compacting state;
(12) hire employees, professionals, or specialists, and elect or appoint officers, and to fix their compensation, define their duties, and give them appropriate authority to carry out the purposes of the compact, and determine their qualifications; and to establish the commission's personnel policies and programs relating to, among other things, conflicts of interest, rates of compensation, and qualifications of personnel;
(13) accept appropriate donations and grants of money, equipment, supplies, materials, and services, and to receive, utilize, and dispose of the same; except that the commission shall strive to avoid the appearance of impropriety;
(14) lease, purchase, accept appropriate gifts or donations of, or otherwise to own, hold, improve, or use, any property, real, personal, or mixed; except that the commission shall strive to avoid the appearance of impropriety;
(15) sell, convey, mortgage, pledge, lease, exchange, abandon, or otherwise dispose of property, real, personal, or mixed;
(16) remit filing fees to compacting states as may be set forth in the bylaws, rules, or operating procedures;
(17) enforce compliance by compacting states with rules, uniform standards, operating procedures, and bylaws;
(18) provide for dispute resolution among compacting states;
(19) advise compacting states on issues relating to insurers domiciled or doing business in noncompacting jurisdictions, consistent with the purposes of this chapter;
(20) provide advice and training to those personnel in state insurance departments responsible for product review, and to be a resource for state insurance departments;
(21) establish a budget and make expenditures;
(22) borrow money;
(23) appoint committees, including advisory committees composed of members, state insurance regulators, state legislators or their representatives, insurance industry, and consumer representatives, and other interested persons designated in the bylaws;
(24) provide and receive information from, and to cooperate with, law enforcement agencies;
(25) adopt and use a corporate seal; and
(26) perform other functions necessary or appropriate to achieve the purposes of this chapter consistent with the state regulation of the business of insurance.
HISTORY: 2008 Act No. 339, Section 2, eff January 1, 2009; Reenacted by 2016 Act No. 161 (H.4662), Section 1, eff June 1, 2014.
Editor's Note
2016 Act No. 161, Section 1, provides as follows:
"SECTION 1. The Interstate Insurance Product Regulation Compact, as established by Section 2, Act 339 of 2008, and contained in Chapter 95, Title 38, and related provisions contained in Sections 1, 3, and 5, Act 339 of 2008, all are reenacted as provided in Act 339 of 2008, retroactive to June 1, 2014, when the act expired. The reporting requirements of Section 4, and the expiration provision of Section 6, Act 339 of 2008, are not reenacted."