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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
138A
:
SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT
§
5054. Establishment of the Commission; venue
(a) The
compacting states hereby create and establish a joint public agency known as
the Surplus Lines Insurance Multi-State Compliance Compact Commission.
(b) Pursuant to
section 5055 of this chapter, the Commission shall have the power to adopt
mandatory rules which establish exclusive home state authority regarding
non-admitted insurance of multi-state risks, allocation formulas, clearinghouse
transaction data, a clearinghouse for receipt and distribution of allocated
premium tax and clearinghouse transaction data, and uniform rulemaking
procedures and rules for the purpose of financing, administering, operating,
and enforcing compliance with the provisions of this Compact, its bylaws, and
rules.
(c) Pursuant to
section 5055 of this chapter, the Commission shall have the power to adopt
mandatory rules establishing foreign insurer eligibility requirements and a
concise and objective policyholder notice regarding the nature of a surplus
lines placement.
(d) The
Commission is a body corporate and politic, and an instrumentality of the
compacting states.
(e) The
Commission is solely responsible for its liabilities except as otherwise
specifically provided in this Compact.
(f) 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 is located. The Commission may waive venue and
jurisdictional defenses to the extent it adopts or consents to participate in
alternative dispute resolution proceedings. (Added 2011, No. 49, § 1, eff. May
26, 2011.)