§ 58-91-65. Compacting states; effective date; amendment.
§ 58‑91‑65. Compacting states; effective date; amendment.
(a) Any State iseligible to become a compacting state.
(b) The Compact shallbecome effective and binding upon legislative enactment of the Compact into lawby two compacting states except that the Commission shall become effective forpurposes of adopting uniform standards for, reviewing, and giving approval ordisapproval of, products filed with the Commission that satisfy applicableuniform standards only after 26 states are compacting states or, alternatively,by states representing greater than forty percent (40%) of the premium volumefor life insurance, annuity, disability income, and long‑term careinsurance products, based on records of the NAIC for the prior year.Thereafter, it shall become effective and binding as to any other compactingstate upon enactment of the Compact into law by that state.
(c) Amendments to theCompact may be proposed by the Commission for enactment by the compactingstates. No amendment shall become effective and binding upon the Commission andthe compacting states unless and until all compacting states enact theamendment into law. (2005‑183, s. 1; 2009-382, s. 35.)