2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 52 - Insurance Products (§§ 8081 — 8096) › § 8082 - Definitions

For the purpose of this Compact, the following terms and phrases shall have the meaning expressed below:
(a) Advertisement.— Means any material designed to create public interest in a product or to induce the public to purchase, increase, modify, reinstate, deliver, replace or retain a policy or to take money on loan on account of the same, as defined in the Regulations and Operating Procedures of the Commission.
(b) Statutes.— Means the provisions established by the Commission to govern, direct or control the actions or conduct of the Commission.
(c) Subscribing state.— Means every state that has promulgated legislation pursuant to the present Compact and has not withdrawn pursuant to § 8094(a) of this title or been separated pursuant to § 8094(b) of this title.
(d) Commission.— Means the “Interstate Insurance Products Regulatory Commission”, established through the present Compact.
(e) Commissioner.— Means the main state official insurance regulator, including but not limited to the commissioner, the superintendent, the director or the administrator.
(f) Domiciliary state.— Means the state under which the insurer is incorporated or organized or in the case of a foreign insurer the state in which it is incorporated or organized.
(g) Insurer.— Means any entity authorized to by the state to execute insurance contracts in the insurance lines covered by this chapter.
(h) Member.— Means the person designated by the subscribing state as its representative before the Commission or the person designated by him/her.
(i) Non-subscribing state.— Means any state which by the date of approval of this act is not a subscribing state.
(j) Operating procedures.— Means the procedures promulgated by the Commission to implement a rule, a uniform standard or the provisions of the present Compact.
(k) Product.— Means the policy or insurance contract document including any application, endorsement or related form attached to said policy or contract and which becomes part of the same, as well as any evidence of coverage or certificate regarding an individual or group insurance product, be it annuity, life insurance, disability or long-term care payments which the insurer is authorized to issue.
(l) Regulation.— Means a statement promulgated by the Commission, of general or specific application, effective as of a specific date, including the uniform standards developed pursuant to § 8087 of this title for the purpose of implementing, interpreting or establishing the rights or the policies or describe the requirements regarding the organization, the procedures or the business practices established by the Commission which shall have the force of law in the subscribing states.
(m) State.— Means a state or territory of the United States of America, the District of Columbia and the Commonwealth of Puerto Rico.
(n) Third party intermediary.— Means an entity that introduces an insurance product with the Commission on behalf of an insurer.
(o) Uniform standard.— Means a standard adopted by the Commission for a line of insurance products pursuant with § 8087 of this title which shall include all the requirements for the products as a whole; Provided, That every uniform standard shall be understood to prohibit provisions that may be explicit or implicit, incongruent, deceitful or ambiguous in the products and that the manner in which the product is presented to the public shall not be unfair, onerous or contrary to the public policy as determined by the Commission.
History —Dec. 22, 2005, No. 161, art. 1.2.