§ 58-91-50. Product filing and approval.
§ 58‑91‑50. Product filing and approval.
(a) Insurers and third‑partyfilers seeking to have a product approved by the Commission shall file theproduct with, and pay applicable filing fees to, the Commission. Nothing inthis Article shall be construed to restrict or otherwise prevent an insurerfrom filing its product with the insurance department in any state wherein theinsurer is licensed to conduct the business of insurance, and the filing shallbe subject to the laws of the states where filed.
(b) The Commissionshall establish appropriate filing and review processes and procedures pursuantto Commission rules and operating procedures. Notwithstanding any provision inthis Article to the contrary, the Commission shall promulgate rules toestablish conditions and procedures under which the Commission will providepublic access to product filing information. In establishing rules, theCommission shall consider the interests of the public in having access to theinformation, as well as protection of personal medical and financialinformation and trade secrets, that may be contained in a product filing orsupporting information.
(c) Any productapproved by the Commission may be sold or otherwise issued in those compactingstates for which the insurer is legally authorized to do business. (2005‑183, s. 1;2009-382, s. 35.)