P.R. Laws tit. 26, § 8081
It is the interest of the Commonwealth of Puerto Rico to accept and adopt the clauses and conditions established in the “Compact for the Interstate Regulation of Insurance Products”, which reads as follows:
The purpose of the present Compact is to promote and protect, through the joint action of and the cooperation between the subscribing states, the interest of the consumers of insurance products, such as annuities, life insurance, and disability and both individual and group long-term care insurance payments. The adoption of this Compact seeks to develop uniform standards among the various states for insurance products covered by the Compact.
The Interstate Insurance Products Regulatory Commission is hereby created as a body charged with developing and implementing uniform standards for the various insurance lines. To achieve the preceding, a central office is established to receive and expeditiously review the insurance products covered by the Compact as well as the advertising related to those products that are introduced by the insurers authorized to operate in one or more of the subscribing states. Another purpose of the former is to expedite the approval of the corresponding products and advertisements introduced that meet the applicable uniform standards.
The adoption of this Compact also seeks to foster the coordination of the regulatory resources and the expertise of the various state insurance departments regarding the establishment of uniform standards and to review the insurance products covered by said provision. To achieve this purpose all those functions consonant with the state regulations pertinent to the insurance business are carried out.
History —Dec. 22, 2005, No. 161, art. 1.1.