17B:37-1 Short title, findings, declarations.
191 words·~1 min read·
/nj/title-17b/chapter-37/17b-37-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. a. This act shall be known and may be cited as the "Interstate Insurance Product Regulation Compact."
b. The Legislature finds and declares that the purposes of this act, through means of joint and cooperative action among the compacting states, are to:
(1)promote and protect the interests of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products;
(2)develop uniform standards for insurance products covered under this act;
(3)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;
(4)give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard;
(5)improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and the review of insurance products covered under the compact;
(6)create the Interstate Insurance Product Regulation Commission; and
(7)perform these and any other related functions as may be consistent with the State's regulation of the business of insurance.
L.2010, c.120, s.1.