§ 8502. Powers of the Commission
The Commission shall have the following powers:
(1) To adopt rules, pursuant to section 8505 of this chapter, which shall have the force
and effect of law and shall be binding in the compacting states to the extent and
in the manner provided in this compact.
(2) To exercise its rulemaking authority and establish reasonable uniform standards for
products covered under the compact, and advertisement related to the compact, which
shall have the force and effect of law and shall be binding in the compacting states,
but only for those products filed with the Commission, provided that a compacting
state shall have the right to opt out of such uniform standard pursuant to section
8505 of this chapter, to the extent and in the manner provided in this compact, and,
provided further, that any uniform standard established by the Commission for long-term
care insurance products may provide the same or greater protections for consumers
as, but shall not provide less than, those protections set forth in the National Association
of Insurance Commissioners’ Long-Term Care Insurance Model Act and Long-Term Care
Insurance Model Regulation, respectively, adopted as of 2001. The Commission shall
consider whether any subsequent amendments to the NAIC Long-Term Care Insurance Model
Act or Long-Term Care Insurance Model Regulation adopted by the NAIC require amending
of the uniform standards established by the Commission for long-term care insurance
products.
(3) To receive and review in an expeditious manner products filed with the Commission,
and rate filings for disability income and long-term care insurance products, and
give approval of those products and rate filings that satisfy the applicable uniform
standard, where such approval shall have the force and effect of law and be binding
on the compacting states to the extent and in the manner provided in the compact.
(4) To receive and review in an expeditious manner advertisement relating to long-term
care insurance products for which uniform standards have been adopted by the Commission,
and give approval to all advertisement that satisfies the applicable uniform standard.
For any product covered under this compact, other than long-term care insurance products,
the Commission shall have the authority to require an insurer to submit all or any
part of its advertisement with respect to that product for review or approval prior
to use if the Commission determines that the nature of the product is such that an
advertisement of the product could have the capacity or tendency to mislead the public.
The actions of Commission as provided in this section shall have the force and effect
of law and shall be binding in the compacting states to the extent and in the manner
provided in the compact.
(5) To exercise its rulemaking authority and designate products and advertisement that
may be subject to a self-certification process without the need for prior approval
by the Commission.
(6) To adopt operating procedures, pursuant to section 8505 of this chapter, which shall
be binding in the compacting states to the extent and in the manner provided in this
compact.
(7) To bring and prosecute legal proceedings or actions in its name as the Commission,
provided that the standing of any state insurance department to sue or be sued under
applicable law shall not be affected.
(8) To issue subpoenas requiring the attendance and testimony of witnesses and the production
of evidence.
(9) To establish and maintain offices.
(10) To purchase and maintain insurance and bonds.
(11) To borrow, accept, or contract for services of personnel, including employees of a
compacting state.
(12) To hire employees, professionals, or specialists, and elect or appoint officers, and
to fix their compensation, define their duties, and give them appropriate authority
to carry out the purposes of the compact, and determine their qualifications; and
to establish the Commission’s personnel policies and programs relating to, among other
things, conflicts of interest, rates of compensation, and qualifications of personnel.
(13) To accept any and all appropriate donations and grants of money, equipment, supplies,
materials, and services, and to receive, utilize, and dispose of the same, provided
that at all times the Commission shall strive to avoid any appearance of impropriety.
(14) To lease, purchase, accept appropriate gifts or donations of, or otherwise to own,
hold, improve, or use, any property, real, personal, or mixed, provided that at all
times the Commission shall strive to avoid any appearance of impropriety.
(15) To sell, convey, mortgage, pledge, lease, exchange, abandon, or otherwise dispose
of any property, real, personal, or mixed.
(16) To collect and remit filing fees to compacting states as may be set forth in the bylaws,
rules, or operating procedures.
(17) To enforce compliance by compacting states with rules, uniform standards, operating
procedures, and bylaws.
(18) To provide for dispute resolution among compacting states.
(19) To advise compacting states on issues relating to insurers domiciled or doing business
in noncompacting jurisdictions, consistent with the purposes of this compact.
(20) To provide advice and training to those personnel in state insurance departments responsible
for product review and to be a resource for state insurance departments.
(21) To establish a budget and make expenditures.
(22) To borrow money.
(23) To appoint committees, including advisory committees comprising members, state insurance
regulators, state legislators or their representatives, insurance industry and consumer
representatives, and such other interested persons as may be designated in the bylaws.
(24) To provide and receive information from and to cooperate with law enforcement agencies.
(25) To adopt and use a corporate seal.
(26) To perform such other functions as may be necessary or appropriate to achieve the
purposes of this compact consistent with the state regulation of the business of insurance. (Added 2005, No. 70, § 2; amended 2021, No. 105 (Adj. Sess.), § 273, eff. July 1, 2022.)