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. § 3564)
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§ 3564. Examination of foreign insurers; expenses
(a) At least once every three years and when the Commissioner determines it to be prudent
for the protection of policyholders in this State, he or she shall, in like manner,
visit and examine or cause to be visited and examined by some competent person whom
the Commissioner may appoint for that purpose, any foreign or alien insurer applying
for admission or already admitted to do business in this State. The Commissioner may
enlarge the aforesaid three-year period to five years. The examination of an alien
insurer shall be limited to its insurance transactions and affairs in the United States
unless otherwise required by the Commissioner. The examination 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. Such insurer shall pay
the proper charges incurred in such examination, including the expenses of the Commissioner
and the expenses and compensation of his or her assistants employed therein. Such
examination shall include a computation of the reinsurance reserve.
(b) In lieu of an examination under this section of any foreign or alien insurer licensed
in this State, the Commissioner may accept an examination report on the company as
prepared by the insurance department for the company’s state of domicile or port-of-entry
state. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 4); amended 1991, No. 101, § 7; 1991, No. 249 (Adj. Sess.), § 2; 1993, No. 12, § 2, eff. April 26, 1993; 1995, No. 83 (Adj. Sess.), § 5; 2003, No. 105 (Adj. Sess.), § 6.)