Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 009 - INSURANCE HOLDING COMPANY SYSTEMS › Section 21 020 009 - INSURANCE HOLDING COMPANY SYSTEMS

Current through June,
				2024
Section 1 Authority
This regulation is promulgated pursuant to the authority
				  granted by
				  8 V.S.A. §
											15 and subchapter 13 of chapter
				  101.
Section 2 Purpose
The purpose of this regulation is to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of 8 V.S.A. chapter 101, subchapter 13, which relates to holding
				  companies and subsidiaries.
Section
				3 Severability Clause
If any provision of these regulations, or the application
				  thereof to any person or circumstance, is held invalid, such invalidity shall
				  not affect other provisions or applications of these regulations which can be
				  given effect without the invalid provision or application, and to that end the
				  provisions of these regulations are severable.
Section 4 Forms General Requirements
A. Forms A, B, C, D, E, and F are intended to
				be guides in the preparation of the statements required by 8 V.S.A. chapter
				101, subchapter 13. They are not intended to be blank forms which are to be
				filled in. The statements filed shall contain the numbers and captions of all
				items, but the text of the items may be omitted provided the answers thereto
				are prepared in such a manner as to indicate clearly the scope and coverage of
				the items. All instructions, whether appearing under the items of the form or
				elsewhere therein, are to be omitted. Unless expressly provided otherwise, if
				any item is inapplicable or the answer thereto is in the negative, an
				appropriate statement to that effect shall be made.
B. Three complete copies of each statement
				including exhibits and all other papers and documents filed as a part thereof,
				shall be filed with the Commissioner by personal delivery or mail addressed to:
				Insurance Commissioner of the State of Vermont, Department of Financial
				Regulation, 89 Main Street, Montpelier, VT 05620-3101. At least one of the
				copies shall be manually signed in the manner prescribed on the form. Unsigned
				copies shall be conformed. If the signature of any person is affixed pursuant
				to a power of attorney or other similar authority, a copy of the power of
				attorney or other authority shall also be filed with the statement.
C. If an applicant requests a hearing on a
				consolidated basis under
				8 V.S.A.
				§
											3683(f)(3) of the
				Act, in addition to filing the Form A with the Commissioner, the applicant
				shall file a copy of Form A with the National Association of Insurance
				Commissioners in electronic form.
D. Statements should be prepared
				electronically. Statements shall be easily readable and suitable for review and
				reproduction. Debits in credit categories and credits in debit categories shall
				be designated so as to be clearly distinguishable as such on photocopies.
				Statements shall be in the English language and monetary values shall be stated
				in United States currency. If any exhibit or other paper or document filed with
				the statement is in a foreign language, it shall be accompanied by a
				translation into the English language and any monetary value shown in a foreign
				currency shall be converted into United States currency.