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
007A
:
OWN RISK AND SOLVENCY ASSESSMENT
(Cite as: 8 V.S.A. § 3585)
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§ 3585. Summary report
(a) Upon the Commissioner’s request and no more than once each year, an insurer shall
submit to the Commissioner a summary report or any combination of reports that together
contain the information described in the Guidance Manual applicable to the insurer
or the insurance group of which it is a member. Notwithstanding any request from the
Commissioner, if the insurer is a member of an insurance group, the insurer shall
submit the report required by this subsection if the Commissioner is the lead state
commissioner of the insurance group as determined by the procedures within the Financial
Analysis Handbook adopted by the NAIC.
(b) Each report shall include a signature of the insurer or insurance group’s chief risk
officer or other executive having responsibility for the oversight of the insurer’s
enterprise risk management process attesting to the best of his or her belief and
knowledge that the insurer applies the enterprise risk management process described
in the summary report and that a copy of the report has been provided to the insurer’s
board of directors or the appropriate committee thereof.
(c) An insurer may comply with subsection (a) of this section by providing the most recent
and substantially similar report provided by the insurer or another member of an insurance
group of which the insurer is a member to the commissioner of another state or to
a supervisor or regulator of a foreign jurisdiction if that report provides information
that is comparable to the information described in the Guidance Manual. Any such report
in a language other than English must be accompanied by a translation of that report
into the English language. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)