§ 48.130.120. Compact, commission, compact amendments -- When effective
(1) Any state is eligible to become a compacting state.
(2) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states. However, the commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or disapproval of products filed with the commission that satisfy applicable uniform standards only after twenty-six states are compacting states or, alternatively, by states representing greater than forty percent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products, based on records of the national association of insurance commissioners for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.
(3) Amendments to the compact may be proposed by the commission for enactment by the compacting states. An amendment does not become effective and binding upon the commission and the compacting states unless and until all compacting states enact the amendment into law.
[2005 c 92 § 13.]
Sections: Previous 48.130.020 48.130.030 48.130.040 48.130.050 48.130.060 48.130.070 48.130.080 48.130.090 48.130.100 48.130.110 48.130.120 48.130.130 48.130.140 48.130.900 48.130.901 NextLast modified: April 7, 2009