§5054. Establishment of the Commission; venue

Link to law: http://legislature.vermont.gov/statutes/section/08/138A/05054
Published: 2015

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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.)
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