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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 159 : RISK BASED CAPITAL FOR INSURERS

(Cite as: 8 V.S.A. § 8310)
  • § 8310. Foreign insurers

    (a) A foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner a risk based capital report for the calendar year just ended. The requested report shall be filed not later than the later of 15 days from the receipt of notice to file the report with this State or the filing date provided in subsection 8302(a) of this title.

    (b) A foreign insurer shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any risk based capital plan that is filed with the insurance commissioner of any other state.

    (c) Upon the occurrence of an event under section 8303 (company action level event), 8304 (regulatory action level event), or 8305 (authorized control level event) of this title with respect to any foreign insurer as determined under the risk based capital statute applicable in the state of domicile of the insurer or, if no risk based capital statute is in force in that state, under the provisions of this chapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk based capital plan in the manner specified under that state's risk based capital statute or, if no risk based capital statute is in force in that state, then under section 8303 of this title, the Commissioner may require the foreign insurer to file a risk based capital plan with the Commissioner. The failure of the foreign insurer to file a risk based capital plan shall be grounds to order the insurer to cease and desist from writing new insurance business in this State.

    (d) The Commissioner may make application to the Washington Superior Court for an order under chapter 145 of this title for the liquidation of property of the insurer found in this State in the event the insurer has not been placed under such an order in its state of domicile after reporting an event under section 8305 or 8306 of this title. The occurrence of an event under sections 8305 and 8306 of this title shall be considered adequate grounds for the application. The Commissioner may order an insurer reporting an event under section 8305 or 8306 to cease and desist from writing new business in this State. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 42, eff. May 13, 2013.)