§8508. Product filing and approval

Link to law: http://legislature.vermont.gov/statutes/section/08/165/08508
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

165

:
INTERSTATE INSURANCE PRODUCT REGULATION COMPACT











 

§

8508. Product filing and approval

(a) Insurers and

third-party filers seeking to have a product approved by the Commission shall

file the product with, and pay applicable filing fees to, the Commission.

Nothing in this chapter shall be construed to restrict or otherwise prevent an

insurer from filing its product with the insurance department in any state

wherein the insurer is licensed to conduct the business of insurance, and such

filing shall be subject to the laws of the states where filed.

(b) The

Commission shall establish appropriate filing and review processes and

procedures pursuant to Commission rules and operating procedures.

Notwithstanding any provision herein to the contrary, the Commission shall

adopt rules to establish conditions and procedures under which the Commission

will provide public access to product filing information. In establishing such

rules, the Commission shall consider the interests of the public in having

access to such information, as well as protection of personal medical and

financial information and trade secrets, that may be contained in a product

filing or supporting information.

(c) Any product

approved by the Commission may be sold or otherwise issued in those compacting

states for which the insurer is legally authorized to do business. (Added 2005,

No. 70, § 2.)
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