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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.)