P.R. Laws tit. 26, § 8083
The subscribing states hereby create and establish an entity known as the “Interstate Insurance Products Regulatory Commission”. Pursuant to § 8084 of this title, the Commission shall have the power to develop uniform standards for the product lines, to receive and make an expeditious review of the products introduced to said Commission and approve the products introduced that meet the applicable uniform standards; Provided, That the Commission shall not be the only entity in charge of receiving and reviewing the insurance products introduced. No provision of this section shall constitute a hindrance to the introduction of a product by an insurer in any state in which the former is authorized to engage in the insurance business. Said introduction shall be subject to the laws of the state in which the introduction is made.
The Commission is a corporate non profit entity independent and distinguishable from each of the subscribing states. The Commission shall have exclusive liability over its obligations, except as otherwise provided in the present Compact.
The proper forum for initiating judicial actions against the Commission or initiated by the latter, shall be the court of the jurisdiction corresponding to the seat of the Commission.
History —Dec. 22, 2005, No. 161, art. 1.3.