reglab/housing_qa huggingface dataset:
8 V.S.A. § 8305
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8305. Authorized control level event

§ 8305. Authorized control level event|(a) The following are deemed to be authorized control level events and subject to the requirements of this section:  (1) A risk based capital report or final adjusted risk based capital report which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level risk based capital but less than its authorized control level risk based capital. (2) The failure of the insurer to comply with a corrective order after it is no longer subject to appeal under section 8307 of this title.   (b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner shall take such actions as he or she deems necessary to protect policyholders and creditors of the insurer, including those actions permitted under section 8304 and chapter 145 of this title. In the event the Commissioner seeks an order under chapter 145 of this title, the authorized control level event shall be deemed sufficient grounds for the Commissioner's order, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in that chapter. In the event the Commissioner takes actions under this subsection pursuant to an adjusted risk based capital report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of section 7041 of this title pertaining to summary proceedings. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
8 V.S.A. § 8306
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8306. Mandatory control level event

§ 8306. Mandatory control level event|(a) A risk based capital report or final adjusted risk based capital report which indicates that the insurer's total adjusted capital is less than its mandatory control level risk based capital shall be a mandatory control level event and subject to the requirements of this section.(b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner shall take such actions as are necessary to place the insurer under regulatory control under chapter 145 of this title. In the event the Commissioner seeks an order under chapter 145 of this title, the mandatory control level event shall be deemed sufficient grounds for issuance of an order, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in chapter 145 of this title. In the event the Commissioner takes actions under this subsection pursuant to an adjusted risk based capital report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of section 7041 of this title pertaining to summary proceedings. Notwithstanding any of the foregoing, the Commissioner may forego action for up to 90 days after the mandatory control level event if he or she finds there is a reasonable expectation that the mandatory control level event will be eliminated within the 90-day period. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
8 V.S.A. § 8307
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8307. Hearings

§ 8307. Hearings|Upon receipt of any notice required under subsection 8302(e), 8303(c) or (d), subdivision 8304(a)(4) or (5), or subsection 8304(c) of this title, any insurer aggrieved by any action taken under those sections may appeal to the Commissioner within five days of receipt of notice of the action. The hearing shall be subject to 3 V.S.A. chapter 25. Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which date shall be not less than 10 nor more than 30 days after the date of the insurer's request. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 39, eff. May 13, 2013; 2021, No. 25, § 14, eff. May 12, 2021.)
8 V.S.A. § 8309
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8309. Supplemental provisions

§ 8309. Supplemental provisions|(a) The provisions of this chapter are in addition to any other provisions of the laws of this State, and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including chapter 145 of this title.(b) The Commissioner may adopt rules necessary for the implementation of this chapter.(c) The Commissioner may exempt from the application of this chapter any domestic property and casualty insurer which:  (1) writes direct business only in this State; (2) writes direct annual premiums of $2,000,000.00 or less; and (3) assumes no reinsurance in excess of five percent of direct premium written. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 41, eff. May 13, 2013.)
8 V.S.A. § 8310
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8310. Foreign insurers

§ 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.)
8 V.S.A. § 8311
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8311. Notices

§ 8311. Notices|All notices by the Commissioner to an insurer under this chapter shall be effective upon mailing if sent by registered or certified mail, or, in the case of any other type of transmission, shall be effective upon the insurer's receipt of such notice. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
8 V.S.A. § 8312
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8312. Confidentiality of risk based capital reports

§ 8312. Confidentiality of risk based capital reports|All risk based capital reports concerning insurance companies that are not included in section 8308 of this title that are submitted to the Department by the NAIC or other states are confidential and shall not be disclosed by the Department. (Added 1993, No. 235 (Adj. Sess.), § 9, eff. June 21, 1994; amended 2021, No. 25, § 16, eff. May 12, 2021.)
8 V.S.A. § 8313
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8313. Immunity

§ 8313. Immunity|There shall be no liability on the part of and no cause of action shall arise against the Commissioner or the Department of Financial Regulation or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter. (Added 2013, No. 29, § 43, eff. May 13, 2013.)
8 V.S.A. § 8501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8501. Establishment of the Commission and venue

§ 8501. Establishment of the Commission and venue|(a) The compacting states hereby create and establish a joint public agency known as the "Interstate Insurance Product Regulation Commission." Pursuant to section 8502 of this chapter, the Commission will have the power to develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards; provided, it is not intended for the Commission to be the exclusive entity for receipt and review of insurance product filings. Nothing herein shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance; and any such filing shall be subject to the laws of the state where filed.(b) The Commission is a body corporate and politic, and an instrumentality of the compacting states.(c) The Commission is a non-profit entity, separate and distinct from the individual compacting states.(d) The Commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.(e) Venue is proper and judicial proceedings by or against the Commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the Commission is located. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8504
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8504. Meetings and acts of the Commission

§ 8504. Meetings and acts of the Commission|(a) The Commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws.(b) Each member of the Commission shall have the right and power to cast a vote to which that compacting state is entitled and to participate in the business and affairs of the Commission. A member shall vote in person or by such other means as provided in the bylaws. The bylaws may provide for members' participation in meetings by telephone or other means of communication.(c) The Commission shall meet at least once during each calendar year. Additional meetings shall be held as set forth in the bylaws. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8507
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8507. Dispute resolution

§ 8507. Dispute resolution|The Commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and which may arise between two or more compacting states, or between compacting states and noncompacting states, and the Commission shall adopt an operating procedure providing for resolution of such disputes. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8508
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8508. Product filing and approval

§ 8508. Product filing and approval|(a) Insurers and third-party filers seeking to have a product approved by the Commission shall file the product with, and pay applicable filing fees to, the Commission. Nothing in this chapter shall be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department in any state wherein the insurer is licensed to conduct the business of insurance, and such filing shall be subject to the laws of the states where filed.(b) The Commission shall establish appropriate filing and review processes and procedures pursuant to Commission rules and operating procedures. Notwithstanding any provision herein to the contrary, the Commission shall adopt rules to establish conditions and procedures under which the Commission will provide public access to product filing information. In establishing such rules, the Commission shall consider the interests of the public in having access to such information, as well as protection of personal medical and financial information and trade secrets, that may be contained in a product filing or supporting information.(c) Any product approved by the Commission may be sold or otherwise issued in those compacting states for which the insurer is legally authorized to do business. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8509
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8509. Review of Commission decisions regarding filings

§ 8509. Review of Commission decisions regarding filings|(a) Not later than 30 days after the Commission has given notice of a disapproved product or advertisement filed with the Commission, the insurer or third-party filer whose filing was disapproved may appeal the determination to a review panel appointed by the Commission. The Commission shall adopt rules to establish procedures for appointing such review panels and provide for notice and hearing. An allegation that the Commission, in disapproving a product or advertisement filed with the Commission, acted arbitrarily, capriciously, or in a manner that is an abuse of discretion or otherwise not in accordance with the law, is subject to judicial review in accordance with subsection 8501(e) of this chapter.(b) The Commission shall have authority to monitor, review, and reconsider products and advertisement subsequent to their filing or approval upon a finding that the product does not meet the relevant uniform standard. Where appropriate, the Commission may withdraw or modify its approval after proper notice and hearing, subject to the appeal process in subsection (a) of this section. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8510
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8510. Finance

§ 8510. Finance|(a) The Commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operations, the Commission may accept contributions and other forms of funding from the National Association of Insurance Commissioners, compacting states, and other sources. Contributions and other forms of funding from other sources shall be of such a nature that the independence of the Commission concerning the performance of its duties shall not be compromised.(b) The Commission shall collect a filing fee from each insurer and third-party filer filing a product with the Commission to cover the cost of the operations and activities of the Commission and its staff in a total amount sufficient to cover the Commission's annual budget.(c) The Commission's budget for a fiscal year shall not be approved until it has been subject to notice and comment as set forth in section 8505 of this chapter.(d) The Commission shall be exempt from all taxation in and by the compacting states.(e) The Commission shall not pledge the credit of any compacting state, except by and with the appropriate legal authority of that compacting state.(f) The Commission shall keep complete and accurate accounts of all its internal receipts, including grants and donations, and disbursements of all funds under its control. The internal financial accounts of the Commission shall be subject to the accounting procedures established under its bylaws. The financial accounts and reports including the system of internal controls and procedures of the Commission shall be audited annually by an independent certified public accountant. Upon the determination of the Commission, but no less frequently than every three years, the review of the independent auditor shall include a management and performance audit of the Commission. The Commission shall make an annual report to the governors and legislatures of the compacting states, which shall include a report of the independent audit. The Commission's internal accounts shall not be confidential and such materials may be shared with the Commissioner of any compacting state upon request; provided, however, that any work papers related to any internal or independent audit, and any information regarding the privacy of individuals and insurers' proprietary information, including trade secrets, shall remain confidential.(g) No compacting state shall have any claim to or ownership of any property held by or vested in the Commission or to any Commission funds held pursuant to the provisions of this compact. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8511
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8511. Compacting states; effective date and amendment

§ 8511. Compacting states; effective date and amendment|(a) Any state is eligible to become a compacting state.(b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided, the Commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or disapproval of, products filed with the Commission that satisfy applicable uniform standards only after 26 states are compacting states or, alternatively, by states representing greater than 40 percent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products, based on records of the NAIC for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.(c) Amendments to the compact may be proposed by the Commission for enactment by the compacting states. No amendment shall become effective and binding upon the Commission and the compacting states unless and until all compacting states enact the amendment into law. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8512
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8512. Withdrawal

§ 8512. Withdrawal|(a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the compact ("withdrawing state") by enacting a statute specifically repealing the statute which enacted the compact into law.(b) The effective date of withdrawal is the effective date of the repealing statute. However, the withdrawal shall not apply to any product filings approved or self-certified, or any advertisement of such products, on the date the repealing statute becomes effective, except by mutual agreement of the Commission and the withdrawing state unless the approval is rescinded by the withdrawing state as provided in subsection (e) of this section.(c) The Commissioner of the withdrawing state shall immediately notify the management committee in writing upon the introduction of legislation repealing this compact in the withdrawing state.(d) The Commission shall notify the other compacting states of the introduction of such legislation within 10 days after its receipt of notice thereof.(e) The withdrawing state is responsible for all obligations, duties, and liabilities incurred through the effective date of withdrawal, including any obligations the performance of which extends beyond the effective date of withdrawal, except to the extent those obligations may have been released or relinquished by mutual agreement of the Commission and the withdrawing state. The Commission's approval of products and advertisement prior to the effective date of withdrawal shall continue to be effective and be given full force and effect in the withdrawing state, unless formally rescinded by the withdrawing state in the same manner as provided by the laws of the withdrawing state for the prospective disapproval of products or advertisement previously approved under state law.(f) Reinstatement following withdrawal of any compacting state shall occur upon the effective date of the withdrawing state reenacting the compact. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8513
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8513. Default

§ 8513. Default|(a) If the Commission determines that any compacting state has at any time defaulted ("defaulting state") in the performance of any of its obligations or responsibilities under this compact, the bylaws or duly adopted rules or operating procedures, after notice and hearing as set forth in the bylaws, all rights, privileges, and benefits conferred by this compact on the defaulting state shall be suspended from the effective date of default as fixed by the Commission. The grounds for default include, but are not limited to, failure of a compacting state to perform its obligations or responsibilities and any other grounds designated in Commission rules. The Commission shall immediately notify the defaulting state in writing of the defaulting state's suspension pending a cure of the default. The Commission shall stipulate the conditions and the time period within which the defaulting state must cure its default. If the defaulting state fails to cure the default within the time period specified by the Commission, the defaulting state shall be terminated from the compact and all rights, privileges, and benefits conferred by this compact shall be terminated from the effective date of termination.(b) Product approvals by the Commission or product self-certifications, or any advertisement in connection with such product, that are in force on the effective date of termination shall remain in force in the defaulting state in the same manner as if the defaulting state had withdrawn voluntarily pursuant to section 8512 of this chapter.(c) Reinstatement following termination of any compacting state requires a reenactment of the compact. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8514
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8514. Dissolution of compact

§ 8514. Dissolution of compact|(a) The compact dissolves effective upon the date of the withdrawal or default of the compacting state which reduces membership in the compact to one compacting state.(b) Upon the dissolution of this compact, the compact becomes null and void and shall be of no further force or effect, and the business and affairs of the Commission shall be wound up and any surplus funds shall be distributed in accordance with the bylaws. (Added 2005, No. 70, § 2.)
8 V.S.A. § 8515
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 165 - Interstate Insurance Product Regulation Compact|§ 8515. Severability and construction

§ 8515. Severability and construction|(a) The provisions of this compact shall be severable; and if any phrase, clause, sentence, or provision is deemed unenforceable, the remaining provisions of the compact shall be enforceable.(b) The provisions of this compact shall be liberally construed to effectuate its purposes. (Added 2005, No. 70, § 2.)