§ 58-91-5. Purposes.
§ 58‑91‑5. Purposes.
The purposes of this Compactare, through means of joint and cooperative action among the compacting states:
(1) To promote andprotect the interest of consumers of individual and group annuity, lifeinsurance, disability income, and long‑term care insurance products.
(2) To develop uniformstandards for insurance products covered under the Compact.
(3) To establish acentral clearinghouse to receive and provide prompt review of insuranceproducts covered under the Compact and, in certain cases, advertisementsrelated thereto, submitted by insurers authorized to do business in one or morecompacting states.
(4) To give appropriateregulatory approval to those product filings and advertisements satisfying theapplicable uniform standard.
(5) To improvecoordination of regulatory resources and expertise between state insurancedepartments regarding the setting of uniform standards and review of insuranceproducts covered under the Compact.
(6) To create theInterstate Insurance Product Regulation Commission.
(7) To perform these andany other related function as may be consistent with the state regulation ofthe business of insurance. (2005‑183, s. 1; 2009‑382, s. 35.)