Vermont Statutes Title 8 Sec. 8517
Terms Used In Vermont Statutes Title 8 Sec. 8517
- Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
- Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Operating procedures: means procedures adopted by the Commission implementing a rule, uniform standard, or a provision of this compact. See
- State: means any state, district, or territory of the United States of America. See
§ 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.)