(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 neot 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 rstate 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 intstrumentality of the compacting states. (c) The commission is solely responsible for its liabilities except as otherwise specifically provided in this article. l (d) Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competient jurisdiction where the principal office of the commission is located. g
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