Vermont § 3561 - Annual statement

§ 3561. Annual statement

• (a) Each domestic, foreign, and alien insurance company doing business in this state shall
  annually submit to the Commissioner a statement of its financial condition, verified
  by oath of two of its executive officers. The statement shall be prepared in accordance
  with the National Association of Insurance Commissioners’ Instructions Handbook and
  Accounting Practices and Procedures Manual and shall be in such general form and context,
  as approved by, and shall contain any other information required by, the National
  Association of Insurance Commissioners with any useful or necessary modifications
  or adaptations thereof required or approved or accepted by the Commissioner for the
  type of insurance and kinds of insurers to be reported upon, and as supplemented by
  additional information required by the Commissioner. The statement of an alien insurer
  shall relate only to the insurer’s transactions and affairs in the United States unless
  the Commissioner requires otherwise. A foreign or alien company, upon withdrawing
  from the State of Vermont shall pay to the Commissioner $25.00 for the filing of its
  final financial statement. (b)(1) At the direction of the Commissioner, each domestic, foreign, and alien insurance
  company doing business in this State shall annually submit to the Commissioner, in
  a manner and on forms approved by the Commissioner, a statement of its market conduct
  performance for the purpose of permitting the participation of this State in the Market
  Conduct Annual Statement program of the National Association of Insurance Commissioners.
  The statement shall be prepared in accordance with the Market Conduct Annual Statement
  instructions published by the National Association of Insurance Commissioners, with
  any useful or necessary modifications or adaptations thereof required or approved
  or accepted by the Commissioner for the type of insurance and kinds of insurers to
  be reported upon, and as supplemented by additional information required by the Commissioner. (2) Subject to section 22 of this title, all market conduct annual statements and other information filed pursuant to subdivision
  (1) of this subsection, all records, and other information of investigations conducted
  by the Department under this title, whether such statements, records, or information
  are in the possession of another regulatory or law enforcement agency, the National
  Association of Insurance Commissioners, or any person, shall be confidential and privileged,
  shall not be made public, shall not be subject to subpoena, and shall not be subject
  to discovery or introduction into evidence in any private civil action. (c) The Commissioner shall adopt by rule the Medical Professional Liability Closed Claim
  Reporting Model Law of the National Association of Insurance Commissioners, as amended
  from time to time, or in the Commissioner’s discretion a substantially similar rule.
  Subject to section 22 of this title, information that identifies, directly or indirectly, the closed claims of a health
  care facility or a health care provider shall be confidential and privileged, shall
  not be made public, shall not be subject to subpoena, and shall not be subject to
  discovery or introduction into evidence in any private civil action. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 1); amended 1991, No. 101, § 5; 1991, No. 249 (Adj. Sess.), § 1; 2009, No. 42, § 6.)