Maine Revised Statutes Title 24-A Sec. 2475 – Powers of the commission — Article 4
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The commission has the power: [PL 2003, c. 680, §1 (NEW).]
1. Promulgate rules. To promulgate rules, pursuant to section 2478, that have the force of law and are binding in the compacting states to the extent and in the manner provided in the compact;
[PL 2003, c. 680, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2475
- Advertisement: means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a policy, as more specifically defined in the rules and operating procedures of the commission. See Maine Revised Statutes Title 24-A Sec. 2473
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bylaws: means the bylaws established by the commission for its governance or for directing or controlling the commission's actions or conduct. See Maine Revised Statutes Title 24-A Sec. 2473
- Commission: means the Interstate Insurance Product Regulation Commission established by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Compacting state: means a state that has enacted the compact and that has not withdrawn pursuant to section 2485, subsection 1 or been terminated pursuant to section 2485, subsection 2. See Maine Revised Statutes Title 24-A Sec. 2473
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Insurer: means an entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15
- Operating procedures: means procedures adopted by the commission implementing a rule, uniform standard or provision of the compact. See Maine Revised Statutes Title 24-A Sec. 2473
- Product: means the form of a policy or contract, including an application, endorsement or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income or long-term care insurance product that an insurer is authorized to issue. See Maine Revised Statutes Title 24-A Sec. 2473
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- State: means any state, district or territory of the United States of America. See Maine Revised Statutes Title 24-A Sec. 2473
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Uniform standard: means a standard adopted by the commission for a product line, pursuant to section 2478, and includes all of the product requirements in aggregate. See Maine Revised Statutes Title 24-A Sec. 2473
2. Uniform standards. To exercise its rule-making authority and establish reasonable uniform standards for products and advertisements, which have the force of law and are binding in the compacting states, but only for those products filed with the commission. A compacting state has the right to opt out of the uniform standard pursuant to section 2478 to the extent and in the manner provided in the compact. A uniform standard established by the commission for long-term care insurance products may provide either the same or greater protections for consumers as, but may 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, adopted by the National Association of Insurance Commissioners as of 2001. The commission shall consider whether any subsequent amendments to the National Association of Insurance Commissioners’ Long-term Care Insurance Model Act or Long-term Care Insurance Model Regulation adopted as of 2001 by the National Association of Insurance Commissioners require the amendment of the uniform standards established by the commission for long-term care insurance products;
[PL 2003, c. 680, §1 (NEW).]
3. Products; receive and review. 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 to give approval of those products and rate filings that satisfy the applicable uniform standard. Approval by the commission has the force of law and is binding on the compacting states to the extent and in the manner provided in the compact;
[PL 2003, c. 680, §1 (NEW).]
4. Advertisements. To receive and review in an expeditious manner advertisements relating to long-term care insurance products for which uniform standards have been adopted by the commission and give approval to all advertisements that satisfy the applicable uniform standard. For any product covered under the compact, other than long-term care insurance products, the commission has 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 mislead the public. The actions of commission as provided in this section have the force of law and are binding in the compacting states to the extent and in the manner provided in the compact;
[PL 2003, c. 680, §1 (NEW).]
5. Self-certification process. To exercise its rule-making authority and designate products and advertisements that may be subject to a self-certification process without the need for prior approval by the commission;
[PL 2003, c. 680, §1 (NEW).]
6. Operating procedures. To promulgate operating procedures pursuant to section 2478 that are binding in the compacting states to the extent and in the manner provided in the compact;
[PL 2003, c. 680, §1 (NEW).]
7. Legal proceedings. To bring and prosecute legal proceedings or actions in its name as the commission. The standing of a state insurance department to sue or be sued under applicable law is not affected by this subsection;
[PL 2003, c. 680, §1 (NEW).]
8. Subpoenas. To issue subpoenas requiring the attendance and testimony of witnesses and the production of evidence;
[PL 2003, c. 680, §1 (NEW).]
9. Establish and maintain offices. To establish and maintain offices;
[PL 2003, c. 680, §1 (NEW).]
10. Insurance; bonds. To purchase and maintain insurance and bonds;
[PL 2003, c. 680, §1 (NEW).]
11. Personnel services. To borrow, accept or contract for services of personnel, including, but not limited to, employees of a compacting state;
[PL 2003, c. 680, §1 (NEW).]
12. Employees; professionals; specialists. 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. To establish the commission’s personnel policies and programs relating to, but not limited to conflicts of interest, rates of compensation and qualifications of personnel;
[PL 2003, c. 680, §1 (NEW).]
13. Accept donations. 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, striving to avoid any appearance of impropriety;
[PL 2003, c. 680, §1 (NEW).]
14. Hold property. To lease, purchase, accept appropriate gifts or donations of or otherwise to own, hold, improve or use any property, real, personal or mixed, striving at all times to avoid any appearance of impropriety;
[PL 2003, c. 680, §1 (NEW).]
15. Sell property. To sell, convey, mortgage, pledge, lease, exchange, abandon or otherwise dispose of any property, real, personal or mixed;
[PL 2003, c. 680, §1 (NEW).]
16. Filing fees. To remit filing fees to compacting states as may be set forth in the bylaws, rules or operating procedures;
[PL 2003, c. 680, §1 (NEW).]
17. Enforce compliance. To enforce compliance of compacting states with rules, uniform standards, operating procedures and bylaws;
[PL 2003, c. 680, §1 (NEW).]
18. Provide for dispute resolution. To provide for dispute resolution among compacting states;
[PL 2003, c. 680, §1 (NEW).]
19. Advice relating to business in noncompacting jurisdictions. To advise compacting states on issues relating to insurers domiciled or doing business in noncompacting jurisdictions, consistent with the purposes of the compact;
[PL 2003, c. 680, §1 (NEW).]
20. Advice and training. 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;
[PL 2003, c. 680, §1 (NEW).]
21. Establish budget. To establish a budget and make expenditures;
[PL 2003, c. 680, §1 (NEW).]
22. Borrow money. To borrow money;
[PL 2003, c. 680, §1 (NEW).]
23. Appoint committees. To appoint committees, including advisory committees of members, state insurance regulators, state legislators or their representatives, insurance industry and consumer representatives and any other interested persons as may be designated in the bylaws;
[PL 2003, c. 680, §1 (NEW).]
24. Cooperation with law enforcement agencies. To provide information to and receive information from, and to cooperate with, law enforcement agencies;
[PL 2003, c. 680, §1 (NEW).]
25. Corporate seal. To adopt and use a corporate seal; and
[PL 2003, c. 680, §1 (NEW).]
26. Perform other functions. To perform functions other than those set out explicitly in this section as necessary or appropriate to achieve the purposes of the compact consistent with the state regulation of the business of insurance.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).