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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 165 : INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

(Cite as: 8 V.S.A. § 8517)
  • § 8517. Binding effect of this compact

    (a) All lawful actions of the Commission, including all rules and operating procedures adopted by the Commission, are binding upon the compacting states.

    (b) All agreements between the Commission and the compacting states are binding in accordance with their terms.

    (c) Upon the request of a party to a conflict over the meaning or interpretation of Commission actions, and upon a majority vote of the compacting states, the Commission may issue advisory opinions regarding the meaning or interpretation in dispute.

    (d) In the event any provision of this compact exceeds the constitutional limits imposed on the legislature of any compacting state, the obligations, duties, powers, or jurisdiction sought to be conferred by that provision upon the Commission shall be ineffective as to that compacting state, and those obligations, duties, powers, or jurisdiction shall remain in the compacting state and shall be exercised by the agency thereof to which those obligations, duties, powers, or jurisdiction is delegated by law in effect at the time this compact becomes effective. (Added 2005, No. 70, § 2.)