§33-47-3. Establishment of the commission and venue.
(a) The compacting states hereby create and establish a joint
public agency known as the "Interstate Insurance Product Regulation
Commission." Pursuant to section four of this article, the
commission will have the power to develop uniform standards for
product lines, receive and provide prompt review of products filed
therewith and give approval to those product filings satisfying
applicable uniform standards: Provided, That it is not intended
for the commission to be the exclusive entity for receipt and
review of insurance product filings. Nothing herein shall prohibit
any insurer from filing its product in any state wherein the
insurer is licensed to conduct the business of insurance; and any
such filing shall be subject to the laws of the state where filed.
(b) The commission is a body corporate and politic and an
instrumentality of the compacting states.
(c) The commission is solely responsible for its liabilities
except as otherwise specifically provided in this article.
(d) Venue is proper and judicial proceedings by or against the
commission shall be brought solely and exclusively in a court of
competent jurisdiction where the principal office of the commission