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2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 154 - Long-Term Care Insurance › § 8095. Nonforfeiture benefits

§ 8095. Nonforfeiture benefits
(a) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this State unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate that includes a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. In the event the policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse of the policy that shall be available for a specified period of time following a substantial increase in premium rates.
(b) When a group long-term care insurance policy is issued, the offer required in subsection (a) of this section shall be made to the group policyholder. However, if the policy is issued as group long-term care insurance as defined in subdivision 8082(4)(D) of this title, other than to a continuing care retirement community or other similar entity, the offering shall be made to each proposed certificate holder.
(c) The Commissioner shall adopt rules specifying the type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates, the standards for nonforfeiture benefits, and the rules regarding contingent benefit upon lapse of the policy, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse as described in subsection (a) of this section. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 154 - Long-Term Care Insurance › § 8096. Secondary notice of cancellation

§ 8096. Secondary notice of cancellation
The Commissioner shall adopt the National Association of Insurance Commissioners’ model rule regarding secondary notice of cancellation of long-term care policies. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 154 - Long-Term Care Insurance › § 8097. Authority to adopt rules

§ 8097. Authority to adopt rules
The Commissioner shall adopt reasonable rules to promote premium adequacy and to protect the policyholder in the event of substantial rate increases, and to establish minimum standards for marketing practices, agent compensation, field issuance, agent testing, penalties, and reporting practices for long-term care insurance. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 154 - Long-Term Care Insurance › § 8098. Buyer’s guide

§ 8098. Buyer’s guide
The Commissioner shall require that a person offering long-term care insurance distribute to applicants a buyer’s guide in a form prescribed by the Commissioner. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 154 - Long-Term Care Insurance › § 8099. Enforcement

§ 8099. Enforcement
(a) No policy may be advertised, marketed, or offered as long-term care insurance unless it complies with the provisions of this chapter and rules adopted under this chapter.
(b) In addition to any other remedy or sanction provided by law, after notice and opportunity for hearing, the Commissioner may assess an administrative penalty in an amount not to exceed $10,000.00 or up to three times the amount of any commissions paid, whichever is greater, for each violation against any person who violates any provision of this chapter.
(c) A person who violates a provision of this chapter shall be fined not more than $10,000.00 or imprisoned for not more than six months, or both.
(d) The Department or the Attorney General at the request of the Department may bring an action to enforce the provisions of this chapter in Washington Superior Court. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 155 - Disclosure of Material Transactions › § 8101. Report of material transactions required

§ 8101. Report of material transactions required
(a) Every insurer domiciled in this State shall file a report with the Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the Commissioner for review, approval, or information purposes by the insurer pursuant to other provisions of the insurance laws, regulations, or other requirements.
(b) The report required in subsection (a) of this section shall be filed within 15 days of the end of the calendar month in which the transaction occurs.
(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with the department and with the National Association of Insurance Commissioners.
(d) All reports obtained by or disclosed to the Commissioner under this chapter shall be confidential and shall not be subject to subpoena nor made public by the Commissioner, the National Association of Insurance Commissioners, or any other person, except to the insurance departments of other states, without the prior written consent of the insurer to which it pertains, unless the Commissioner, after the insurer has had notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication thereof, in which event the Commissioner may publish all or any part thereof in such manner as he or she may deem appropriate. (Added 1993, No. 235 (Adj. Sess.), § 6, eff. June 21, 1994.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 155 - Disclosure of Material Transactions › § 8102. Acquisitions and dispositions of assets

§ 8102. Acquisitions and dispositions of assets
(a)(1) For the purposes of this chapter, asset acquisition shall include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.
(2) For the purposes of this chapter, asset disposition shall include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition.
(b) The following information is required to be disclosed in any report of a material asset acquisition or disposition:
(1) Date of the transaction.
(2) Manner of acquisition or disposition.
(3) Description of the assets involved.
(4) Nature and amount of the consideration given or received.
(5) Purpose of, or reason for, the transaction.
(6) Manner by which the amount of consideration was determined.
(7) Gain or loss recognized or realized as a result of the transaction.
(8) Identity of each person from whom the assets were acquired or to whom they were disposed.
(c) Materiality. No acquisition or disposition of assets need be reported pursuant to section 8101 of this title if the acquisition or disposition is not material. For purposes of this chapter, a material asset acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or asset disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring, not in the ordinary course of business, and involves more than five percent of the reporting insurer’s total admitted assets as reported in its most recent annual statement filed with the Department under section 3561 of this title.
(d) Insurers are required to report material asset acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or a 100 percent reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000.00 total direct plus assumed written premiums during the calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement is less than five percent of the insurer’s capital and surplus. (Added 1993, No. 235 (Adj. Sess.), § 6, eff. June 21, 1994.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 157 - Transfer and Assumption of Insurance Contracts › § 8202. Scope

§ 8202. Scope
(a) The requirements of this chapter apply to any insurer authorized to transact business in this State who contracts to assume or transfer the obligations or risks on contracts of insurance, including annuities, pursuant to an assumption reinsurance agreement.
(b) This chapter does not apply to:
(1) any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for insurance obligations or risks under the contracts of insurance that are subject to the reinsurance agreement;
(2) the substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;
(3) the transfer of contracts of insurance pursuant to a merger or consolidation of two or more insurers to the extent that those transactions are regulated by statute;
(4) any insurer subject to a judicial order of liquidation or rehabilitation;
(5) any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapter 101, subchapter 9 or chapter 112 of this title; or
(6) the transfer of liabilities from one insurer to another under a single group policy upon the written request of the group policyholder. (Added 1993, No. 235 (Adj. Sess.), § 7.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 157 - Transfer and Assumption of Insurance Contracts › § 8203. Definitions

§ 8203. Definitions
As used in this chapter:
(1) “Assuming insurer” means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement.
(2) “Assumption reinsurance agreement” means any contract, whether or not coupled with a reinsurance or indemnity agreement, that:
(A) transfers insurance obligations or risks of existing or in-force contracts of insurance from a transferring insurer to an assuming insurer; and
(B) is intended to effect a novation of the transferred contract of insurance with the result that the assuming insurer becomes directly and solely liable to the policyholders of the transferring insurer and the transferring insurer’s insurance obligations or risks under the contracts are extinguished.
(3) “Contract of insurance” means any written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or any beneficiary. “Contract of insurance” includes all property, casualty, life, health, accident, surety, title, and annuity business authorized to be written pursuant to the insurance laws of this State.
(4) “Home service business” means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer.
(5) “Notice of transfer” means the written notice to policyholders required by subsection 8204(a) of this title.
(6) “Policyholder” means any individual or entity who owns or has the right to terminate or otherwise alter the terms of a contract of insurance. It includes any certificateholder whose certificate is in force on the proposed effective date of the assumption, if the certificateholder has the right to keep the certificate in force without change in benefit following termination of the group policy. The right to keep the certificate in force referred to in this subdivision shall not include the right to elect individual coverage arising out of a group contract continued pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Section 601, et seq., of the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1161 et seq., or chapter 107, subchapter 2 of this title.
(7) “Transferring insurer” means the insurer that transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement. (Added 1993, No. 235 (Adj. Sess.), § 7.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 157 - Transfer and Assumption of Insurance Contracts › § 8205. Policyholder rights

§ 8205. Policyholder rights
(a) Policyholders shall have the right to accept or reject the transfer and novation of their contracts of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the pre-addressed, postage-paid response card or other written notice and indicate thereon that the assumption is rejected (collectively referred to as the “Response Card”).
(b) Payment of any premium to the assuming company during the 12-month period after notice is received shall be deemed to indicate the policyholder’s consent to the transfer to the assuming insurer and a novation shall be deemed to have been effected, provided that the premium notice states in a manner calculated to give the policyholder notice that payment of the premium to the assuming insurer shall constitute acceptance of the transfer, unless the policyholder reserves the right to reject the transfer. The premium notice shall also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer. With respect to any home service business or any other business not using premium notices, the Commissioner must approve the disclosures and procedures used to inform policyholders of the proposed assumption or transfer, which notice, at a minimum, must meet the requirements set forth in section 8204 of this title.
(c) After no fewer than 12 months from the mailing of the initial notice of transfer required under subsection 8204(a) of this title, if positive consent to, or rejection of, the transfer and assumption has not been received as provided in subsection (a) of this section or consent has not been deemed to have occurred under subsection (b) of this section, the transferring company shall send to the policyholder a second and final notice of transfer as provided in section 8204 of this title. If the policyholder does not accept or reject the transfer during the two-month period immediately following the date on which the transferring insurer mails the second and final notice of transfer, the policyholder’s consent will be deemed to have occurred and novation of the contract will be effected. With respect to the home service business or any other business not using premium notices, the 12- and two-month periods shall be measured from the date of delivery of the notice of transfer pursuant to section 8204 of this title.
(d) The transferring insurer will be deemed to have received the response card on the date it is postmarked. A policyholder may also send his or her response card by facsimile or other electronic transmission or by registered mail, express delivery or courier service, in which case the response card shall be deemed to have been received by the assuming insurer on the date of actual receipt by the transferring insurer. (Added 1993, No. 235 (Adj. Sess.), § 7.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 157 - Transfer and Assumption of Insurance Contracts › § 8206. Effect of consent

§ 8206. Effect of consent
If a policyholder consents or is deemed to have consented to the transfer pursuant to section 8205 of this title or if the transfer is effected under subsection 8207(b) of this title, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks. (Added 1993, No. 235 (Adj. Sess.), § 7.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 159 - Risk-Based Capital for Insurers › § 8302. Risk-based capital report

§ 8302. Risk-based capital report
(a) Each domestic insurer shall annually prepare and submit to the Commissioner a report of its risk-based capital level for the calendar year just ended. The report shall be filed prior to March 1 each year and shall be in the form and contain such information as is required by the risk-based capital instructions.
(b) Each domestic insurer shall file its risk-based capital report:
(1) with the NAIC in accordance with the risk-based capital instructions; and
(2) with the insurance commissioner of any state in which the insurer is authorized to do business, if the insurance commissioner of that state has notified the insurer of its request in writing. Any report required under this subdivision shall be filed not later than the later of 15 days from the receipt of notice to file the report with that state or the filing date provided in subsection (a) of this section.
(c) A life or health insurer’s or fraternal benefit society’s risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk-based capital instructions:
(1) the risk with respect to the insurer’s assets;
(2) the risk of adverse insurance experience with respect to the insurer’s liabilities and obligations;
(3) the interest rate risk with respect to the insurer’s business; and
(4) all other business risks and such other relevant risks as are set forth in the risk-based capital instructions.
(d) A property and casualty insurer’s or health maintenance organization’s risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk-based capital instructions:
(1) asset risk;
(2) credit risk;
(3) underwriting risk; and
(4) all other business risks and such other relevant risks as are set forth in the risk-based capital instructions.
(e) If a domestic insurer files a risk-based capital report that in the judgment of the Commissioner is inaccurate, then the Commissioner shall adjust the risk-based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk-based capital report adjusted by the Commissioner under this subsection shall be referred to as an “adjusted risk-based capital report.” (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 37, eff. May 13, 2013; 2021, No. 25, § 12, eff. May 12, 2021.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 159 - Risk-Based Capital for Insurers › § 8304. Regulatory action level event

§ 8304. Regulatory action level event
(a) The following are deemed to be regulatory action level events and subject to the requirements of this section:
(1) A risk-based capital report or final adjusted risk-based capital report that indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control level risk-based capital, but less than its regulatory action level risk-based capital.
(2) Late filing of a risk-based capital report that is not excused by the Commissioner and cured within 10 days of the filing date.
(3) Failure to file a risk-based capital plan within the time provided in section 8303 of this title.
(4) Notice by the Commissioner that a plan submitted by the insurer under section 8303 of this title is disapproved and that the disapproval has been deemed by the Commissioner as constituting a regulatory action level event.
(5) Notice by the Commissioner of a failure to adhere to its risk-based capital plan or revised risk-based capital plan where the failure has a substantial adverse effect on the ability of the insurer to eliminate the regulatory action level event in accordance with its plan.
(b) An insurer shall prepare and submit to the Commissioner a risk-based capital plan within 45 days of filing a risk-based capital report or within 45 days of notice of a final adjusted risk-based capital report showing a regulatory action level event.
(c) The Commissioner shall order such examination and analysis as the Commissioner deems necessary of the assets, liabilities, and operations of the insurer, including a review of its risk-based capital plan or revised risk-based capital plan. Subsequent to the examination or analysis, the Commissioner shall issue an order specifying such corrective actions as the Commissioner shall determine are required. In determining corrective actions, the Commissioner may take into account the results of any examination and analysis of the insurer’s assets, liabilities, and operations, including any sensitivity test undertaken pursuant to the risk-based capital instructions.
(d) The Commissioner may retain actuaries, investment experts, and other consultants as the Commissioner deems necessary to review the insurer’s risk-based capital plan or revised risk-based capital plan; examine or analyze the assets, liabilities, and operations of the insurer; and formulate the corrective order with respect to the insurer. The fees, costs, and expenses relating to consultants shall be borne by the affected insurer or such other party as directed by the Commissioner. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
2023 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 that 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.)
2023 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 that 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.)
2023 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.)
2023 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 that:
(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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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 with the Commission, 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 in this chapter 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 nonprofit 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; amended 2021, No. 105 (Adj. Sess.), § 272, eff. July 1, 2022.)
2023 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.)
2023 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 that 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.)
2023 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 where 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 of this chapter 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; amended 2021, No. 105 (Adj. Sess.), § 276, eff. July 1, 2022.)
2023 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.)
2023 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.)
2023 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.)
2023 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 that 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.)
2023 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 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.)
2023 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 that 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.)
2023 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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 165 - Interstate Insurance Product Regulation Compact › § 8516. Other laws

§ 8516. Other laws
(a) Nothing in this chapter prevents the enforcement of any other law of a compacting state, except as provided in subsection (b) of this section.
(b) For any product approved or certified to the Commission, the rules, uniform standards, and any other requirements of the Commission shall constitute the exclusive provisions applicable to the content, approval, and certification of such products. For advertisement that is subject to the Commission’s authority, any rule, uniform standard, or other requirement of the Commission that governs the content of the advertisement shall constitute the exclusive provision that a Commissioner may apply to the content of the advertisement. Notwithstanding the foregoing, no action taken by the Commission shall abrogate or restrict:
(1) the access of any person to state courts;
(2) remedies available under state law related to breach of contract, tort, or other laws not specifically directed to the content of the product;
(3) state law relating to the construction of insurance contracts; or
(4) the authority of the Attorney General of the state, including maintaining any actions or proceedings, as authorized by law.
(c) All insurance products filed with individual states shall be subject to the laws of those states. (Added 2005, No. 70, § 2; amended 2021, No. 105 (Adj. Sess.), § 277, eff. July 1, 2022.)