Interstate Insurance Compact Standards. The interstate insurance compact (compact) is an important modernization initiative that benefits state insurance regulators, consumers, and the insurance industry. And (7) to perform these and such other related functions as may be consistent with the state regulation of the business of insurance.
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$15,000 per person and $30,000 per accident. And (7) to perform these and such other related functions as may be consistent with the state regulation of the business of insurance. To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states;
The commission is composed of one commissioner from each of its 46 member jurisdictions and is organized into several member and advisory committees. And (7) to perform these and such other related functions as may be consistent with the state regulation of the business of insurance. Develop uniform standards for these insurance products;
1258 This Bill, The Interstate Insurance Product Regulation Compact Is Designed To:
This provision ensures a minimum threshold for consumer The interstate insurance product regulation compact (insurance compact) is an. The interstate insurance compact (compact) is an important modernization initiative that benefits state insurance regulators, consumers, and the insurance industry.
Frequently Asked Questions On The Interstate Insurance Compact 4.
2614 passed assembly 2/5/09 s.b. The interstate insurance p roduct regulation commission has adopted uniform standards (product) and operating procedures. To develop uniform standards for insurance products covered under the compact;
Departments Regarding The Setting Of Uniform Standards And Review Of Insurance Products Covered Under The Compact;
$15,000 per person and $30,000 per accident. As the two are so closely related, for purposes of this article the compact will be used to refer to both the interstate insurance compact and the iiprc. • no uniform standards rule or operating procedure
Background On Interstate Compacts • Create The Framework For Cooperative Solutions To.
By leveraging the insurance regulatory expertise of the states, the compact is able to employ one set of standards with the highest level of consumer protection on a national level through the compact’s collective framework. Since meeting its operational threshold in may 2006, the interstate insurance product regulation compact (iiprc) now has 45 member jurisdictions. And whereas, the states have regulatory authority for the regulation of insurance as provided.
