Vermont Statutes Title 8 Sec. 8501
Terms Used In Vermont Statutes Title 8 Sec. 8501
- Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
- Insurer: means any entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Product: means the form of a policy or contract, including any application, endorsement, or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income, or long-term care insurance product that an insurer is authorized to issue. See
- State: means any state, district, or territory of the United States of America. See
- Venue: The geographical location in which a case is tried.
§ 8501. Establishment of the Commission and venue
(a) The compacting states hereby create and establish a joint public agency known as the “Interstate Insurance Product Regulation Commission.” Pursuant to section 8502 of this chapter, the Commission will have the power to develop uniform standards for product lines, receive and provide prompt review of products filed with the Commission, and give approval to those product filings satisfying applicable uniform standards, provided it is not intended for the Commission to be the exclusive entity for receipt and review of insurance product filings. Nothing in this chapter shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance, and any such filing shall be subject to the laws of the state where filed.
(b) The Commission is a body corporate and politic and an instrumentality of the compacting states.
(c) The Commission is a nonprofit entity, separate and distinct from the individual compacting states.
(d) The Commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.
(e) Venue is proper and judicial proceedings by or against the Commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the Commission is located. (Added 2005, No. 70, § 2; amended 2021, No. 105 (Adj. Sess.), § 272, eff. July 1, 2022.)