Vermont Statutes

§ 8512 — Withdrawal

Vermont·Title 8 Title 8: Banking and Insurance·Ch. 165 Chapter 165: Interstate Insurance Product Regulation Compact
(a)Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the compact (“withdrawing state”) by enacting a statute specifically repealing the statute that enacted the compact into law.
(b)The effective date of withdrawal is the effective date of the repealing statute. However, the withdrawal shall not apply to any product filings approved or self-certified, or any advertisement of such products, on the date the repealing statute becomes effective, except by mutual agreement of the Commission and the withdrawing state, unless the approval is rescinded by the withdrawing state as provided in subsection (e) of this section.
(c)The Commissioner of the withdrawing state shall immediately

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Legislative History

(Added 2005, No. 70, § 2.)

Nearby Sections

15
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