The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 8 : Banking and Insurance
Chapter 143 : Insurance Premium Finance Companies
(Cite as: 8 V.S.A. § 7005)-
§ 7005. Books and records
(a) Every insurance premium finance company shall maintain complete and accurate records of each of its insurance premium finance transactions and these records shall be open to examination and investigation by the Commissioner. The Commissioner may at any time during regular business hours examine such records at any location at which such records are maintained. The reasonable and necessary expenses for the examination and investigation, as determined by the Commissioner, shall be paid by the insurance premium finance company.
(b) Every insurance premium finance company shall preserve its records of such insurance premium finance transactions, including cards used in a card system, if any, for at least two years after making the final entry in respect to any insurance premium finance agreement. The preservation of records in photographic, microfilm, microfiche, computer, or data processing form shall constitute compliance with this requirement. (Added 1983, No. 77, § 1.)
