Vermont § 3585 - Summary report

§ 3585. Summary report

• (a) Upon the Commissioner’s request and no more than once each year, an insurer shall
  submit to the Commissioner a summary report or any combination of reports that together
  contain the information described in the Guidance Manual applicable to the insurer
  or the insurance group of which it is a member. Notwithstanding any request from the
  Commissioner, if the insurer is a member of an insurance group, the insurer shall
  submit the report required by this subsection if the Commissioner is the lead state
  commissioner of the insurance group as determined by the procedures within the Financial
  Analysis Handbook adopted by the NAIC. (b) Each report shall include a signature of the insurer or insurance group’s chief risk
  officer or other executive having responsibility for the oversight of the insurer’s
  enterprise risk management process attesting to the best of his or her belief and
  knowledge that the insurer applies the enterprise risk management process described
  in the summary report and that a copy of the report has been provided to the insurer’s
  board of directors or the appropriate committee thereof. (c) An insurer may comply with subsection (a) of this section by providing the most recent
  and substantially similar report provided by the insurer or another member of an insurance
  group of which the insurer is a member to the commissioner of another state or to
  a supervisor or regulator of a foreign jurisdiction if that report provides information
  that is comparable to the information described in the Guidance Manual. Any such report
  in a language other than English must be accompanied by a translation of that report
  into the English language. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)