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2012 Vermont Statutes
Title 08 Banking and Insurance
Chapter 138A SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT
§ 5061 Dispute resolution


8 V.S.A. § 5061. What's This?

§ 5061. Dispute resolution

(a) Before a member may bring an action in a court of competent jurisdiction for violation of any provision, standard, or requirement of the compact, the commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and which may arise between two or more compacting states, contracting states or noncompacting states, and the commission shall adopt a rule providing alternative dispute resolution procedures for such disputes.

(b) The commission shall also provide alternative dispute resolution procedures to resolve any disputes between insureds or surplus lines licensees concerning a tax calculation or allocation or related issues which are the subject of this compact.

(c) Any alternative dispute resolution procedures shall be used in circumstances where a dispute arises as to which state constitutes the home state. (Added 2011, No. 49, § 1, eff. May 26, 2011.)

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