The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 101 : Insurance Companies Generally

Subchapter 007 : Examination and Reports

• § 3573. Conduct of examinations

  (a) Upon determining that an examination should be conducted, the Commissioner or the Commissioner’s designee shall issue an examination order appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting a financial or a market conduct examination, the examiner shall observe those guidelines and procedures set forth in the Examiners’ Handbook adopted by the National Association of Insurance Commissioners as amended from time to time. The Commissioner may also use such other guidelines or procedures as the Commissioner may deem necessary or appropriate under the circumstances.

  (b) When making an examination under this section, the Commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists, the cost of which shall be borne by the company which is the subject of the examination.

  (c) The Commissioner is authorized to terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the insurance laws of this State.

  (d) Findings of fact made pursuant to any examination shall be prima facie evidence in any legal or regulatory action.

  (e) The Commissioner is authorized to use and make public any final or preliminary examination report, any examiner or company work papers or other documents, or any other information discovered or developed during the course of any examination in the furtherance of any legal or regulatory action. (Added 1991, No. 249 (Adj. Sess.), § 5; amended 1999, No. 38, § 1, eff. May 20, 1999.)