Vermont Statutes
§ 8517 — Binding effect of this compact
Vermont·Title 8 Title 8: Banking and Insurance·Ch. 165 Chapter 165: Interstate Insurance Product Regulation 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 compactin
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Legislative History
(Added 2005, No. 70, § 2.)
Nearby Sections
15
§ 8500
Definitions§ 8502
Powers of the Commission§ 8507
Dispute resolution§ 8510
Finance§ 8512
Withdrawal§ 8513
Default§ 8514
Dissolution of compact