Vermont Statutes Title 8 Sec. 8508
Terms Used In Vermont Statutes Title 8 Sec. 8508
- Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. 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
§ 8508. Product filing and approval
(a) Insurers and third-party filers seeking to have a product approved by the Commission shall file the product with, and pay applicable filing fees to, the Commission. Nothing in this chapter shall be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department in any state where the insurer is licensed to conduct the business of insurance, and such filing shall be subject to the laws of the states where filed.
(b) The Commission shall establish appropriate filing and review processes and procedures pursuant to Commission rules and operating procedures. Notwithstanding any provision of this chapter to the contrary, the Commission shall adopt rules to establish conditions and procedures under which the Commission will provide public access to product filing information. In establishing such rules, the Commission shall consider the interests of the public in having access to such information, as well as protection of personal medical and financial information and trade secrets, that may be contained in a product filing or supporting information.
(c) Any product approved by the Commission may be sold or otherwise issued in those compacting states for which the insurer is legally authorized to do business. (Added 2005, No. 70, § 2; amended 2021, No. 105 (Adj. Sess.), § 276, eff. July 1, 2022.)