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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 101 : INSURANCE COMPANIES GENERALLY

Subchapter 002 : Foreign and Alien Companies Licensing and Regulation

(Cite as: 8 V.S.A. § 3367)
  • § 3367. Retaliatory provisions

    (a) If another state or country imposes upon or requires of a domestic insurer, association, or society, or a surety or guaranty company, or its agents doing business therein, fees, fines, penalties, deposits, obligations, or prohibitions exceeding those imposed by this State upon or required of a foreign or alien insurer, association, or society, or a surety or guaranty company doing business herein, an insurer, association, or society or a surety or guaranty company organized under the laws of such other state or country and its agents doing business in this State, shall be subject to the fees, fines, penalties, deposits, obligations, or prohibitions similar to those so imposed in such other state or country, and the same shall be imposed, required, and enforced as like fees, fines, penalties, deposits, obligations, and prohibitions are under the laws of this State; but this section shall not apply unless the fees required by such other state or country of an insurer, association, or society, or a surety or guaranty company of this State doing business in such other state or country are larger in the aggregate on the same amount of business than the fees required by this State of an insurer, association, or society, or a surety or guaranty company of such other state or country doing business in this State. When any other state prohibits all foreign and domestic insurers and associations from writing therein any line or class of insurance permitted to be written in this State, companies and associations domiciled in such other state or country shall not by reason of this section be prohibited from writing such line or class in this State. The Commissioner need not assert the provisions of this section against a foreign company with respect to its request for a certificate of authority to do business in this State if the Commissioner determines that such company would otherwise comply with the requirements for such certificate.

    (b) If the Commissioner determines that an insurance department or other similar regulatory entity of any other state or territory of the United States has imposed any sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations of any kind on domestic companies authorized to transact insurance in this State and licensed to transact business in such other state or territory, (1) because the insurance department of this State is not accredited or otherwise approved by the National Association of Insurance Commissioners, or by any agent or representative of the association; or (2) because the insurance department of this State has not complied with any directive, financial annual statement requirement, model act or regulation, market conduct or financial examination report or requirement, or any report or requirement of any kind imposed directly, or indirectly through the laws or regulations of another state, by the National Association of Insurance Commissioners, or by any agent or representative of the association; or (3) because a domestic insurer has refused to comply with, file, or pay any requirement, report, fee, assessment, or charge determined by the Commissioner to be unreasonable and imposed directly, or indirectly through the laws or regulations of another state, by the National Association of Insurance Commissioners, or by any agent or representative of the association, then the Commissioner shall impose similar sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations of any kind on the domestic companies of such other state or territory. The Commissioner shall adopt by rule standards and procedures for imposing, calculating, apportioning, or collecting such similar sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations.

    (c) If any other state requires a domestic insurer licensed to transact insurance in such state to pay, directly or indirectly, a fee, assessment, or charge of any kind to the National Association of Insurance Commissioners in excess of the fees, assessments, or charges, if any, approved by the Commissioner under section 3552 of this title, such fees, assessments, or charges shall be considered excessive and shall be imposed on the domestic insurers of such other state doing business in this State. The Commissioner shall adopt by rule standards and procedures for imposing, calculating, apportioning, and collecting such excessive fees, assessments, or charges. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 7); amended 1967, No. 353 (Adj. Sess.), § 7; 1995, No. 83 (Adj. Sess.), § 4.)