Vermont Statutes Title 8 Sec. 8510
Terms Used In Vermont Statutes Title 8 Sec. 8510
- 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- Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter.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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- 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
- Third-party filer: means an entity that submits a product filing to the Commission on behalf of an insurer. See
§ 8510. Finance
(a) The Commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operations, the Commission may accept contributions and other forms of funding from the National Association of Insurance Commissioners, compacting states, and other sources. Contributions and other forms of funding from other sources shall be of such a nature that the independence of the Commission concerning the performance of its duties shall not be compromised.
(b) The Commission shall collect a filing fee from each insurer and third-party filer filing a product with the Commission to cover the cost of the operations and activities of the Commission and its staff in a total amount sufficient to cover the Commission’s annual budget.
(c) The Commission’s budget for a fiscal year shall not be approved until it has been subject to notice and comment as set forth in section 8505 of this chapter.
(d) The Commission shall be exempt from all taxation in and by the compacting states.
(e) The Commission shall not pledge the credit of any compacting state, except by and with the appropriate legal authority of that compacting state.
(f) The Commission shall keep complete and accurate accounts of all its internal receipts, including grants and donations, and disbursements of all funds under its control. The internal financial accounts of the Commission shall be subject to the accounting procedures established under its bylaws. The financial accounts and reports including the system of internal controls and procedures of the Commission shall be audited annually by an independent certified public accountant. Upon the determination of the Commission, but no less frequently than every three years, the review of the independent auditor shall include a management and performance audit of the Commission. The Commission shall make an annual report to the governors and legislatures of the compacting states, which shall include a report of the independent audit. The Commission’s internal accounts shall not be confidential and such materials may be shared with the Commissioner of any compacting state upon request; provided, however, that any work papers related to any internal or independent audit, and any information regarding the privacy of individuals and insurers’ proprietary information, including trade secrets, shall remain confidential.
(g) No compacting state shall have any claim to or ownership of any property held by or vested in the Commission or to any Commission funds held pursuant to the provisions of this compact. (Added 2005, No. 70, § 2.)