The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 147 : Legacy Insurance Transfers

• § 7113. Plan review

  (a) The Commissioner may retain an actuary to conduct an actuarial study quantifying the liabilities under insurance policies and reinsurance agreements to be transferred to the assuming company under the plan and is authorized to retain any other legal, financial, and examination services from outside the Department necessary to assist in plan review.

  (b) In reviewing the plan, the Commissioner shall take into account all written comments filed with respect to the plan, all evidence taken at the hearing, and any other factors the Commissioner reasonably deems relevant with respect to the plan. In all cases, the Commissioner shall make findings with respect to each of the following:

  (1) the solvency of the assuming company before and after the implementation of the proposed plan;

  (2) the adequacy of the assuming company’s proposals described in the statement required under subdivision 7112(b)(16) of this chapter;

  (3) the adequacy of the assuming company’s consent to jurisdiction required under subdivision 7112(b)(17) of this chapter;

  (4) the ability of the assuming company to comply with all requirements of the policies and inward reinsurance agreements, including the capacity of the assuming company regarding the administration of claims in process on or after the effective date of the transfer;

  (5) whether any outward reinsurance agreement relating to any policy or policies in the closed block will be adversely affected by the transfer;

  (6) whether the plan materially adversely affects the interests of any party or outward reinsurance counterparty, including the interests of any policyholder or inward reinsurance counterparty who has accepted or has been deemed to have accepted the plan;

  (7) whether policyholders or inward reinsurance counterparties, together with their respective insurance policies and inward reinsurance agreements, have been excluded from the plan as required under subsections 7112(j) and (l) of this chapter; and

  (8) the fairness of the plan to all parties. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)