§8517. Binding effect of this compact

Link to law: http://legislature.vermont.gov/statutes/section/08/165/08517
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

165

:
INTERSTATE INSURANCE PRODUCT REGULATION COMPACT











 

§

8517. Binding effect of this compact

(a) All lawful

actions of the Commission, including all rules and operating procedures adopted

by the Commission, are binding upon the compacting states.

(b) All

agreements between the Commission and the compacting states are binding in

accordance with their terms.

(c) Upon the

request of a party to a conflict over the meaning or interpretation of

Commission actions, and upon a majority vote of the compacting states, the

Commission may issue advisory opinions regarding the meaning or interpretation

in dispute.

(d) In the event

any provision of this compact exceeds the constitutional limits imposed on the

legislature of any compacting state, the obligations, duties, powers, or

jurisdiction sought to be conferred by that provision upon the Commission shall

be ineffective as to that compacting state, and those obligations, duties,

powers, or jurisdiction shall remain in the compacting state and shall be

exercised by the agency thereof to which those obligations, duties, powers, or

jurisdiction is delegated by law in effect at the time this compact becomes

effective. (Added 2005, No. 70, § 2.)
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