The Vermont Statutes Online
Banking and Insurance
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.
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.)