Operating Procedure for Submission of Requests by the Consumer Advisory Committee for Financial Assistance and Consideration and Approval of Requests by the Commission
Table of Contents
Pursuant to Article IX, Section 3 of the Bylaws of the Interstate Insurance Product Regulation Commission (“Commission”), the following establishes procedures through which the consumer advisory committee may submit and the Commission may consider requests for financial assistance to members of the consumer advisory committee in order to enable effective participation by that committee in the Commission’s affairs, as may be appropriate. This Operating Procedure shall not apply to the reimbursement of expenses subject to Article VIII, Section 3 of the Bylaws of the Commission.
(a) The provision of financial assistance to members of the consumer advisory committee is subject to the availability of budgeted funds and shall only be made upon approval by the Commission of a request for financial assistance that is submitted by a member of the consumer advisory committee in compliance with the procedures and requirements set forth herein.
(b) Requests for financial assistance shall be submitted to the Executive Director of the Commission, who shall review the request to ensure that it complies with the requirements set forth herein. If the request complies with the requirements set forth herein, the Executive Director shall forward the request to the Management Committee of the Commission. The Management Committee will consider the request for financial assistance at its next scheduled meeting, provided that the request is received in sufficient time to be included on the agenda. Following consideration of the request, the Management Committee shall, by majority vote of its members, recommend that the request be approved or denied, in whole or in part, by the Commission. The Management Committee shall then forward the request for financial assistance, together with its recommendation, to the Commission for consideration. The Commission shall place consideration of the request on the agenda of its next regularly scheduled meeting.
(c) Requests for financial assistance that do not comply with the requirements set forth herein shall not be considered and shall be returned by the Executive Director to the submitting party as incomplete or otherwise non-compliant. A specific explanation of why the request is incomplete or non-compliant shall be included with any request for financial assistance that is returned in accordance with this subsection.
§ 103. Standards for Consideration of Requests for Financial Assistance.
In considering requests for financial assistance the Management Committee and Commission shall consider: the purpose and functions of the consumer advisory committee; the activities or items for which financial assistance is being requested; the extent to which such activities or items are necessary to enable effective participation by the consumer advisory committee in the business of the Commission; the reasonableness of the expenses for which financial assistance is being requested; and the availability of budgeted funds. The Commission shall determine, in its discretion, what qualifies as effective participation in the context of a request for financial assistance.
§ 104. Form and Content of Requests for Financial Assistance.
Requests for financial assistance shall be in writing and shall contain the following information:
(a) An itemized breakdown of any and all expenses, incurred or anticipated, for which financial assistance is being requested;
(b) An explanation of how such expenses are necessary to enable effective participation by the consumer advisory committee in the Commission’s affairs giving due consideration of the functions and purpose of that committee; and
(c) An explanation of the period of time for which the requested financial assistance is anticipated to enable effective participation by the consumer advisory committee in the Commission’s affairs.
§ 105. Conditions of Financial Assistance.
Financial assistance granted pursuant to this Operating Procedure shall be subject to the following:
(a) the financial assistance shall be used solely for the purposes stated and for the activities described in the request;
(b) at the request of the Executive Director: (i) the recipient shall provide a written accounting for the use of the financial assistance, and (ii) the recipient shall submit to an audit of the recipient's records relevant to the financial assistance, which audit shall be at the Commission's expense; and
(c) any other terms or conditions included in the approval of the financial assistance.
§ 106. Adoption and Effective Date.
This Rule was adopted by the Commission on June 1, 2007, pursuant to the procedures set forth in the Rule for Adoption, Amendment and Repeal of Rules for the Interstate Insurance Product Regulation Commission. This Rule is effective on July 16, 2007.
Effective on 07/16/2007
The Operating Procedure for Submission of Requests by the Consumer Advisory Committee for Financial Assistance and Consideration and Approval of Requests by the Commission establishes procedures through which the consumer advisory committee may submit and the Commission may consider requests for financial assistance to members of the consumer advisory committee in order to enable effective participation by that committee in the Commission’s affairs, as may be appropriate.
Effective 7/16/2007
Active
The Operating Procedure for Submission of Requests by the Consumer Advisory Committee for Financial Assistance and Consideration and Approval of Requests by the Commission establishes procedures through which the consumer advisory committee may submit and the Commission may consider requests for financial assistance to members of the consumer advisory committee in order to enable effective participation by that committee in the Commission’s affairs, as may be appropriate.