The Vermont Statutes Online
Banking and Insurance
SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT
Commission shall pay or provide for the payment of the reasonable expenses of
its establishment and organization. To fund the cost of its initial operations
the Commission may accept contributions, grants, and other forms of funding
from the state stamping offices, compacting states, and other sources.
Commission shall collect a fee payable by the insured directly or through a
surplus lines licensee on each transaction processed through the Compact
clearinghouse, to cover the cost of the operations and activities of the
Commission and its staff in a total amount sufficient to cover the Commission's
Commission's budget for a fiscal year shall not be approved until it has been
subject to notice and comment as set forth in section 5059 of this chapter.
Commission shall be regarded as performing essential governmental functions in
exercising such powers and functions and in carrying out the provisions of this
Compact and of any law relating thereto, and shall not be required to pay any
taxes or assessments of any character, levied by any state or political
subdivision thereof, upon any of the property used by it for such purposes, or
any income or revenue therefrom, including any profit from a sale or exchange.
Commission shall keep complete and accurate accounts of all its internal
receipts, including grants and donations, and disbursements for all funds under
its control. The internal financial accounts of the Commission shall be subject
to the accounting procedures established under its bylaws. The financial
accounts and reports including the system of internal controls and procedures
of the Commission shall be audited annually by an independent certified public
accountant. Upon the determination of the Commission, but not less frequently
than every three years, the review of the independent auditor shall include a
management and performance audit of the Commission. The Commission shall make
an annual report to the Governor and Legislature of the compacting states,
which shall include a report of the independent audit. The Commission's
internal accounts shall not be confidential and such materials may be shared
with the Commissioner, the controller, or the stamping office of any compacting
state upon request provided, however, that any work papers related to any
internal or independent audit and any information regarding the privacy of
individuals, and licensees' and insurers' proprietary information, including
trade secrets, shall remain confidential.
compacting state shall have any claim to or ownership of any property held by
or vested in the Commission or to any Commission funds held pursuant to the
provisions of this Compact.
Commission shall not make any political contributions to candidates for elected
office, elected officials, political parties, nor political action committees.
The Commission shall not engage in lobbying except with respect to changes to
this Compact. (Added 2011, No. 49, § 1, eff. May 26, 2011.)