The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
007
:
EXAMINATION AND REPORTS
(Cite as: 8 V.S.A. § 3563)
-
§ 3563. Examination of companies; fees
The Commissioner shall thoroughly inspect and examine the affairs of each domestic
insurer to ascertain its financial condition, its ability to fulfill its obligations,
and whether it has complied with the provisions of law. Such an inspection and examination
shall be conducted personally or by a competent person appointed by the Commissioner
at least every three years and whenever determined to be prudent by the Commissioner.
The Commissioner may enlarge the aforesaid three-year period to five years, provided
the insurer is subject to a comprehensive annual audit during such period of a scope
satisfactory to the Commissioner by independent auditors approved by the Commissioner.
The examination shall include a review of the financial analysis performed by the
Commissioner and shall be conducted in accordance with statutory accounting principles
pursuant to guidelines, principles, manuals, instructions, and other procedures promulgated
by the National Association of Insurance Commissioners, together with any useful or
necessary modifications or adaptations thereof required or approved by the Commissioner.
The expenses of the examinations shall be paid to the State by the company or companies
examined and the Commissioner of Finance and Management shall issue his or her warrants
for the proper charges incurred in all examinations. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 3); amended 1971, No. 170 (Adj. Sess.), § 1, eff. April 27, 1982; 1983, No. 195 (Adj. Sess.), § 5(b); 1991, No. 101, § 6; 2003, No. 105 (Adj. Sess.), § 5; 2013, No. 29, § 22, eff. May 13, 2013.)