Vermont Statutes Title 8 Sec. 8506
Terms Used In Vermont Statutes Title 8 Sec. 8506
- Advertisement: means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy as more specifically defined in the rules and operating procedures of the Commission. See
- Bylaws: means those bylaws established by the Commission for its governance or for directing or controlling the Commission's actions or conduct. See
- Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
- Commissioner: means the chief insurance regulatory official of a state, including commissioner, superintendent, director, or administrator. 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- Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter.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
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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
- Operating procedures: means procedures adopted by the Commission implementing a rule, uniform standard, or a provision of this compact. See
- 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
§ 8506. Commission records and enforcement
(a) The Commission shall adopt rules establishing conditions and procedures for public inspection and copying of its information and official records, except such information and records involving the privacy of individuals and insurers’ trade secrets. The Commission may adopt additional rules under which it may make available to federal and state agencies, including law enforcement agencies, records and information otherwise exempt from disclosure, and may enter into agreements with such agencies to receive or exchange information or records subject to nondisclosure and confidentiality provisions.
(b) Except as to privileged records, data, and information, the laws of any compacting state pertaining to confidentiality or nondisclosure shall not relieve any compacting state commissioner of the duty to disclose any relevant records, data, or information to the Commission, provided that disclosure to the Commission shall not be deemed to waive or otherwise affect any confidentiality requirement; and further provided that, except as otherwise expressly provided in this chapter, the Commission shall not be subject to the compacting state’s laws pertaining to confidentiality and nondisclosure with respect to records, data, and information in its possession. Confidential information of the Commission shall remain confidential after such information is provided to any commissioner.
(c) The Commission shall monitor compacting states for compliance with duly adopted bylaws, rules, including uniform standards, and operating procedures. The Commission shall notify any noncomplying compacting state in writing of its noncompliance with Commission bylaws, rules, or operating procedures. If a noncomplying compacting state fails to remedy its noncompliance within the time specified in the notice of noncompliance, the compacting state shall be deemed to be in default as set forth in section 8513 of this chapter.
(d) The commissioner of any state in which an insurer is authorized to do business, or is conducting the business of insurance, shall continue to exercise his or her authority to oversee the market regulation of the activities of the insurer in accordance with the provisions of the state’s law. The commissioner’s enforcement of compliance with the compact is governed by the following provisions:
(1) With respect to the commissioner’s market regulation of a product or advertisement that is approved or certified to the Commission, the content of the product or advertisement shall not constitute a violation of the provisions, standards, or requirements of the compact except upon a final order of the Commission, issued at the request of a commissioner after prior notice to the insurer and an opportunity for hearing before the Commission.
(2) Before a commissioner may bring an action for violation of any provision, standard, or requirement of the compact relating to the content of an advertisement not approved or certified to the Commission, the Commission, or an authorized Commission officer or employee, must authorize the action. However, authorization pursuant to this subdivision does not require notice to the insurer, opportunity for hearing or disclosure of requests for authorization, or records of the Commission’s action on such requests. (Added 2005, No. 70, § 2.)