2015 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 138A - Surplus Lines Insurance Multi-state Compliance Compact
§ 5064 Compacting states, effective date, and amendment

§ 5064. Compacting states, effective date, and amendment

(a) Any state is eligible to become a compacting state.

(b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states, provided the Commission shall become effective for purposes of adopting rules, and creating the clearinghouse when there are a total of 10 compacting states and contracting states or, alternatively, when there are compacting states and contracting states representing greater than 40 percent of the surplus lines insurance premium volume based on records of the percentage of surplus lines insurance premium set forth in section 5069 of this chapter. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the Compact into law by that state. Notwithstanding the foregoing, the clearinghouse operations and the duty to report clearinghouse transaction data shall begin on the first January 1 or July 1 following the first anniversary of the Commission effective date. For states which join the Compact subsequent to the effective date, a start date for reporting clearinghouse transaction data shall be set by the Commission provided surplus lines licensees and all other interested parties receive not less than 90 days' advance notice.

(c) Amendments to the Compact may be proposed by the Commission for enactment by the compacting states. No amendment shall become effective and binding upon the Commission and the compacting states unless and until all compacting states enact the amendment into law. (Added 2011, No. 49, § 1, eff. May 26, 2011.)