Vermont § 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.)