Vermont § 8511 - Compacting states; effective date and amendment

§ 8511. 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 uniform standards for, reviewing, and giving approval or
  disapproval of, products filed with the Commission that satisfy applicable uniform
  standards only after 26 states are compacting states or, alternatively, by states
  representing greater than 40 percent of the premium volume for life insurance, annuity,
  disability income, and long-term care insurance products, based on records of the
  NAIC for the prior year. Thereafter, it shall become effective and binding as to any
  other compacting state upon enactment of the compact into law by that state. (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 2005, No. 70, § 2.)