1. (a) The compacting states hereby establish a joint public agency known as the interstate insurance product regulation commission. Under section 4 of this chapter, the commission may:

   1. (1) develop uniform standards for product lines;
   2. (2) receive and provide prompt review of products filed with the commission; and

   3. (3) give approval to product filings satisfying applicable uniform standards.

      However, it is not intended for the commission to be the exclusive entity for receipt and review of insurance product filings. This chapter does not prohibit an insurer from filing the insurer's product in a state where the insurer is licensed to conduct the business of insurance and any such filing is subject to the laws of the state where filed.

2. (b) The commission is a body corporate and politic, and an instrumentality of the compacting states.
3. (c) The commission is solely responsible for the commission's liabilities except as otherwise specifically provided in this compact.
4. (d) Venue is proper, and judicial proceedings by or against the commission shall be brought solely and exclusively, in a court with jurisdiction where the principal office of the commission is located.

As added by P.L.138-2005, SEC.3.