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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
138A
:
SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT
§
5064. Compacting states, effective date, and amendment
(a) Any state is
eligible to become a compacting state.
(b) The compact
shall become effective and binding upon legislative enactment of the compact
into law by two compacting states, provided the Commission shall become
effective for purposes of adopting rules, and creating the clearinghouse when
there are a total of 10 compacting states and contracting states or,
alternatively, when there are compacting states and contracting states
representing greater than 40 percent of the surplus lines insurance premium
volume based on records of the percentage of surplus lines insurance premium
set forth in section 5069 of this chapter. Thereafter, it shall become
effective and binding as to any other compacting state upon enactment of the
Compact into law by that state. Notwithstanding the foregoing, the
clearinghouse operations and the duty to report clearinghouse transaction data
shall begin on the first January 1 or July 1 following the first anniversary of
the Commission effective date. For states which join the Compact subsequent to
the effective date, a start date for reporting clearinghouse transaction data
shall be set by the Commission provided surplus lines licensees and all other
interested parties receive not less than 90 days' advance notice.
(c) Amendments
to the Compact may be proposed by the Commission for enactment by the
compacting states. No amendment shall become effective and binding upon the
Commission and the compacting states unless and until all compacting states
enact the amendment into law. (Added 2011, No. 49, § 1, eff. May 26, 2011.)