reglab/housing_qa huggingface dataset:
8 V.S.A. § 3552
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3552. Fees assessed by the National Association of Insurance Commissioners

§ 3552. Fees assessed by the National Association of Insurance Commissioners|A company domiciled in this State and licensed by the Commissioner of Financial Regulation under this title, including captive insurance companies and risk retention groups licensed under chapter 141 of this title shall not be required to pay any fee, assessment, or charge of any kind to the National Association of Insurance Commissioners, including annual statement filing fees, securities valuation fees, and any other such fees, assessments, and charges determined by the Commissioner to be necessary for such companies to do business, unless such fees, assessments, or charges have been established and authorized in rules adopted by the Commissioner. (Added 1995, No. 83 (Adj. Sess.), § 3; amended 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
8 V.S.A. § 3562
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3562. Time reports due

§ 3562. Time reports due|Reports of all insurance companies shall be made annually, on or before March 1 for the year ending December 31, or within any extension of time not to exceed 30 days which the Commissioner for good cause may have granted. Whenever the Commissioner deems it necessary, the Commissioner may demand an additional statement of the affairs of any company transacting business in this State. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 2); amended 1981, No. 15, § 2; 2001, No. 71, § 6, eff. June 16, 2001.)
8 V.S.A. § 3563
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3563. Examination of companies; fees

§ 3563. Examination of companies; fees|The Commissioner shall thoroughly inspect and examine the affairs of each domestic insurer to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the provisions of law. Such an inspection and examination shall be conducted personally or by a competent person appointed by the Commissioner at least every three years and whenever determined to be prudent by the Commissioner. The Commissioner may enlarge the aforesaid three-year period to five years, provided the insurer is subject to a comprehensive annual audit during such period of a scope satisfactory to the Commissioner by independent auditors approved by the Commissioner. The examination shall include a review of the financial analysis performed by the Commissioner and shall be conducted in accordance with statutory accounting principles pursuant to guidelines, principles, manuals, instructions, and other procedures promulgated by the National Association of Insurance Commissioners, together with any useful or necessary modifications or adaptations thereof required or approved by the Commissioner. The expenses of the examinations shall be paid to the State by the company or companies examined and the Commissioner of Finance and Management shall issue his or her warrants for the proper charges incurred in all examinations. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 3); amended 1971, No. 170 (Adj. Sess.), § 1, eff. April 27, 1982; 1983, No. 195 (Adj. Sess.), § 5(b); 1991, No. 101, § 6; 2003, No. 105 (Adj. Sess.), § 5; 2013, No. 29, § 22, eff. May 13, 2013.)
8 V.S.A. § 3564
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3564. Examination of foreign insurers; expenses

§ 3564. Examination of foreign insurers; expenses|(a) At least once every three years and when the Commissioner determines it to be prudent for the protection of policyholders in this State, he or she shall, in like manner, visit and examine or cause to be visited and examined by some competent person whom the Commissioner may appoint for that purpose, any foreign or alien insurer applying for admission or already admitted to do business in this State. The Commissioner may enlarge the aforesaid three-year period to five years. The examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States unless otherwise required by the Commissioner. The examination shall be conducted in accordance with statutory accounting principles pursuant to guidelines, principles, manuals, instructions, and other procedures promulgated by the National Association of Insurance Commissioners, together with any useful or necessary modifications or adaptations thereof required or approved by the Commissioner. Such insurer shall pay the proper charges incurred in such examination, including the expenses of the Commissioner and the expenses and compensation of his or her assistants employed therein. Such examination shall include a computation of the reinsurance reserve.(b) In lieu of an examination under this section of any foreign or alien insurer licensed in this State, the Commissioner may accept an examination report on the company as prepared by the insurance department for the company's state of domicile or port-of-entry state. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 4); amended 1991, No. 101, § 7; 1991, No. 249 (Adj. Sess.), § 2; 1993, No. 12, § 2, eff. April 26, 1993; 1995, No. 83 (Adj. Sess.), § 5; 2003, No. 105 (Adj. Sess.), § 6.)
8 V.S.A. § 3565
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3565. Examination of officers and books

§ 3565. Examination of officers and books|(a) The Commissioner, inspecting an insurance company, may require its officers, or any agent thereof, to exhibit books kept by them relating to their business and may examine under oath such agents and officers and other persons as he or she thinks proper, in relation to the business transactions and conditions of the company.(b) Every company or person from whom information is sought, its officers, directors, and agents must provide to the examiners appointed by the Commissioner, timely, convenient and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all computer or other recordings relating to the property, assets, business, and affairs of the company being examined. The officers, directors, employees, and agents of the company or person shall cooperate in the examination. (Added 1967, No. 344 (Adj. Sess.), § 1, (ch. 1, subch. 9, § 5); amended 1991, No. 249 (Adj. Sess.), § 3.)
8 V.S.A. § 3566
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3566. Penalty for refusal

§ 3566. Penalty for refusal|The Commissioner may suspend, revoke, or nonrenew the license of any company if the company, by its officers, directors, employees, or agents, refuses to submit to examination or to comply with any reasonable written request of the examiners. Any such proceedings for suspension, revocation, or nonrenewal of any license or authority before the Commissioner shall be conducted in accordance with 3 V.S.A. chapter 25. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 6); amended 1991, No. 249 (Adj. Sess.), § 4.)
8 V.S.A. § 3567
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3567. Liquor liability insurance records

§ 3567. Liquor liability insurance records|(a) All insurers licensed to sell insurance, including nonadmitted insurers with whom certain types of insurance may be placed as permitted by chapter 138 of this title, shall submit the following liquor liability insurance statistics to the Commissioner of Financial Regulation who shall collect and maintain records on the following:  (1) the number of policies written, premiums written, and premiums earned for liquor liability insurance; (2) the number of claims paid and dollar amount of claims paid; and (3) the number of claims incurred and dollar amount of claims incurred.   (b) The Commissioner of Financial Regulation shall make available to the General Assembly the information collected and maintained under this section. The Commissioner shall report to the General Assembly the number of companies writing liquor liability insurance.(c) If an insurer cannot determine the amount of premiums written or premiums earned because the liquor liability coverage is part of a policy or policies providing other liability coverage, reasonable methods of estimation may be used as approved by the Commissioner of Financial Regulation.(d) "Liquor liability insurance" means that type of liability insurance which covers the selling or serving of alcoholic beverages for a consideration and includes policies which provide other liability coverage in addition to liquor liability insurance. (Added 1987, No. 103, § 5; amended 1989, No. 155 (Adj. Sess.), § 1; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)
8 V.S.A. § 3568
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3568. Preservation of records

§ 3568. Preservation of records|(a) Every domestic and foreign insurer shall preserve their business records in accordance with the rules adopted under this section.(b) The Commissioner may by rule require insurers to preserve any records relating to the business of insurance as are necessary for efficient and effective insurance regulation.(c) If a record is disposed of in accordance with rules adopted by the commissioner, an insurer shall be under no duty to produce the record in any administrative or judicial proceeding.(d) The rules adopted by the Commissioner may designate methods of reproduction of records into electronic, microfilm or microfiche form, or other process. Any such reproduction shall have the same force and effect as the original and may be admitted in evidence as the original itself. (Added 1989, No. 155 (Adj. Sess.), § 2.)
8 V.S.A. § 3569
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3569. National Association of Insurance Commissioners filing requirements

§ 3569. National Association of Insurance Commissioners filing requirements|(a) Each domestic, foreign, and alien insurer who is authorized to transact insurance in this State shall annually on or before March 1 of each year, or within any extension of time not to exceed 30 days which the Commissioner, for good cause may have granted, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank as prescribed and adopted by the National Association of Insurance Commissioners, along with such additional filings as prescribed by the Commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners shall be in the same format and scope as that required by the Commissioner and shall include the signed jurat page and the actuarial certification. Any amendments and addendums to the annual statement filing subsequently filed with the Commissioner shall also be filed with the National Association of Insurance Commissioners. The Commissioner in his or her sole discretion may waive one or more of the requirements established by this subsection.(b) Foreign insurers that are domiciled in a state which has a law substantially similar to subsection (a) of this section shall be deemed in compliance with this section. (Added 1991, No. 101, § 8; amended 2013, No. 29, § 23.)
8 V.S.A. § 3570
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3570. Immunity

§ 3570. Immunity|In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners' employees, and all others charged with the responsibility of collecting, reviewing, analyzing, and disseminating the information developed from the filing of the annual statement convention blanks shall be acting as agents of the Commissioner under the authority of this act and shall not be subject to civil liability for libel, slander, or any other cause of action by virtue of their collection, review, and analysis or dissemination of the data and information collected from the filings required hereunder. The immunity conferred by this section shall not apply if the Commissioner, in his or her sole discretion, determines that the National Association of Insurance Commissioners has substantially failed to comply with the provisions of section 3551 of this title, or has imposed fees, assessments, or charges in excess of those provided in section 3552 of this title. (Added 1991, No. 101, § 9; amended 1995, No. 83 (Adj. Sess.), § 6.)
8 V.S.A. § 3571
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3571. Confidentiality

§ 3571. Confidentiality|All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the Department. (Added 1991, No. 101, § 10.)
8 V.S.A. § 3572
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3572. Revocation of certificate of authority

§ 3572. Revocation of certificate of authority|The Commissioner may suspend, revoke, or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within any extension of time which the Commissioner, for good cause, may have granted. (Added 1991, No. 101, § 11.)
8 V.S.A. § 3573
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3573. Conduct of examinations

§ 3573. Conduct of examinations|(a) Upon determining that an examination should be conducted, the Commissioner or the Commissioner's designee shall issue an examination order appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting a financial or a market conduct examination, the examiner shall observe those guidelines and procedures set forth in the Examiners' Handbook adopted by the National Association of Insurance Commissioners as amended from time to time. The Commissioner may also use such other guidelines or procedures as the Commissioner may deem necessary or appropriate under the circumstances.(b) When making an examination under this section, the Commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists, the cost of which shall be borne by the company which is the subject of the examination.(c) The Commissioner is authorized to terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the insurance laws of this State.(d) Findings of fact made pursuant to any examination shall be prima facie evidence in any legal or regulatory action.(e) The Commissioner is authorized to use and make public any final or preliminary examination report, any examiner or company work papers or other documents, or any other information discovered or developed during the course of any examination in the furtherance of any legal or regulatory action. (Added 1991, No. 249 (Adj. Sess.), § 5; amended 1999, No. 38, § 1, eff. May 20, 1999.)
8 V.S.A. § 3575
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3575. Conflict of interest

§ 3575. Conflict of interest|(a) No examiner may be appointed by the Commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this subchapter. This section shall not be construed to disqualify an examiner who is:  (1) a policyholder or claimant under an insurance policy; (2) a grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business; (3) an investment owner in shares of regulated diversified investment companies; or (4) a settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.   (b) Notwithstanding the requirements of this section, the Commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though said persons may from time to time be similarly employed or retained by persons subject to examination under this subchapter. (Added 1991, No. 249 (Adj. Sess.), § 7.)
8 V.S.A. § 3576
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3576. Immunity from liability

§ 3576. Immunity from liability|(a) No insurer nor any of its officers, employees, or agents shall have a cause of action against an authorized representative of the Commissioner or an examiner appointed by the Commissioner as a result of any statements made or work performed in good faith while carrying out the provisions of this subchapter.(b) No cause of action shall arise, nor shall any liability be imposed against any person for the act of communicating or delivering information or data to the Commissioner or the Commissioner's authorized representative or examiner pursuant to an examination made under this section, if such act of communication or delivery was performed in good faith.(c) This section does not abrogate or modify in any way any common law or statutory privilege or immunity heretofore enjoyed by any person identified in subsection (a) or (b) of this section.(d) A person identified in subsection (a) or (b) of this section shall be entitled to an award of attorney's fees and costs if he or she is the prevailing party in a civil cause of action for libel, slander, or any other relevant tort arising out of activities in carrying out the provisions of this subchapter and the party bringing the action was not substantially justified in doing so. For purposes of this section, a proceeding is "substantially justified" if it had a reasonable basis in law or fact at the time that it was initiated. (Added 1991, No. 249 (Adj. Sess.), § 8.)
8 V.S.A. § 3578a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3578a. Annual financial reporting

§ 3578a. Annual financial reporting|The Commissioner shall adopt by rule the Annual Financial Reporting Model Regulation of the National Association of Insurance Commissioners, as may be amended from time to time, or in the Commissioner's discretion a regulation substantially similar thereto. (Added 2009, No. 42, § 7; amended 2013, No. 29, § 25, eff. May 13, 2013..)
8 V.S.A. § 3581
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3581. Purpose; scope; intent

§ 3581. Purpose; scope; intent|(a) The purpose of this subchapter is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the Commissioner.(b) The requirements of this subchapter shall apply to all insurers domiciled in this State unless exempt under section 3586 of this subchapter.(c) The General Assembly finds and declares that the ORSA Summary Report will contain confidential and sensitive information related to an insurer's or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the General Assembly that the summary report required under this subchapter shall be a confidential document filed with the Commissioner, that it shall be shared only as stated in this subchapter and to assist the Commissioner in the performance of his or her duties, and that in no event shall the summary report be subject to public inspection and copying under the Public Records Act. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3582
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3582. Definitions

§ 3582. Definitions|As used in this subchapter:  (1) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in subdivision 3681(5) of this title. (2) "Insurer" shall have the same meaning as in subdivision 3681(6) of this title. (3) "NAIC" means the National Association of Insurance Commissioners. (4) "Own Risk and Solvency Assessment" or "ORSA" or "assessment" means a confidential, internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks. (5) "Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC, as may be amended from time to time. A change in the Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC. (6) "Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3583
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3583. Risk management framework

§ 3583. Risk management framework|An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3584
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3584. ORSA requirement

§ 3584. ORSA requirement|Subject to section 3586 of this subchapter, an insurer or the insurance group of which the insurer is a member shall regularly conduct an ORSA consistent with a process comparable to the Guidance Manual. The assessment shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)