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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

138A

:
SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT











 

§

5062. Review of Commission decisions

(a) Except as

necessary for adopting rules to fulfill the purposes of this Compact, the

Commission shall not have authority to otherwise regulate insurance in the

compacting states.

(b) Not later

than 30 days after the Commission has given notice of any rule or allocation

formula, any third party filer or compacting state may appeal the determination

to a review panel appointed by the Commission. The Commission shall adopt rules

to establish procedures for appointing such review panels and provide for

notice and hearing. An allegation that the Commission, in making compliance or

tax determinations acted arbitrarily, capriciously, or in a manner that is an

abuse of discretion or otherwise not in accordance with the law, is subject to

judicial review in accordance with subsection 5054(f) of this chapter.

(c) The

Commission shall have authority to monitor, review, and reconsider Commission

decisions upon a finding that the determinations or allocations do not meet the

relevant rule. Where appropriate, the Commission may withdraw or modify its

determination or allocation after proper notice and hearing, subject to the

appeal process in subsection (b) of this section. (Added 2011, No. 49, § 1,

eff. May 26, 2011.)