Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 018 - REGULATION TO REQUIRE REPORTING OF FINANCIAL AND STATISTICAL DATA BY PROPERTY AND CASUALTY INSURANCE COMPANIES › Section 21 020 018 - REGULATION TO REQUIRE REPORTING OF FINANCIAL AND STATISTICAL DATA BY PROPERTY AND CASUALTY INSURANCE COMPANIES

Current through June,
				2024
Section 1 Purpose
				and Authority
This regulation is promulgated pursuant to 8 V.S.A. Sections
				  75 and
				  4691.
The purpose of this regulation is to set forth the manner of
				  reporting and the kinds of data that are to be included in financial and
				  statistical reports required to be submitted by property and casualty insurance
				  companies. This regulation shall not be interpreted to limit the powers granted
				  the Commissioner by any laws or part of laws of this state.
Section 2 Definitions
A. Accelerated Reports: Statistical
				information that provides data on a quarterly basis for the purpose of
				identifying emerging trends in the commercial liability lines of
				insurance.
B. Annual Statement: The
				annual report of an insurer as of each December 31 that provides detailed
				information on assets and liabilities including data on premiums, losses, and
				expenses, dividends, taxes and investments.
C. Fast Track Reports: Information generated
				from the NAIC Fast Track Monitoring System that gives a sampling of significant
				data for property and casualty insurance on a quarterly basis by insurers
				comprising a major segment of the market for the lines of insurance
				indicated.
D. Insurance Expense
				Exhibit: The supplement to an insurer's annual statement that provides a
				detailed analysis of expense on a net basis for all lines of
				business.
E. NAIC: The National
				Association of Insurance Commissioners.
F. NAIC Diskette Filing Specification:
				Instructions for filing of Annual Statement information on diskette.
G. NAIC Statistical Handbook: The publication
				of the National Association of Insurance Commissioners (NAIC) that explains
				insurance statistical data and details report formats to be furnished by
				statistical agents.
H.
				Participating Insurer: An insurer licensed to transact the business of property
				and casualty insurance in this state which has a market share for a line or
				class of insurance greater than the amounts defined in Section 8 and is
				therefor required to report on either a quarterly or annual basis.
I. Statistical Agent: An organization
				designated by the Commissioner to gather and compile insurance statistical
				experience.
J. Statistical Plan: A
				system for collecting and recording insurance premium, loss, exposure and
				expense information.
K. State
				Statistical Reports: Reports developed by Statistical Agents to supply
				information on a regular basis for selected sublines or classes of insurance by
				year.
L. Special State Reports:
				Reports developed by Statistical Agents on an as needed basis to supply
				specific information in the statistical plan requested by the
				Commissioner.
M. Special Calls for
				Statistical Data: Reports developed on an as needed basis to supply specific
				information to the Commissioner that may not be in the statistical
				plans.