Vermont § 4181 - Duties and powers of the Commissioner

§ 4181. Duties and powers of the Commissioner

• (a) In addition to the duties and powers enumerated elsewhere in this chapter, the Commissioner
  shall: (1) Upon the request of the Board of Directors, provide the Association with a statement
  of the premiums in Vermont and in any other appropriate states for each member insurer. (2) Notify the Board of Directors of the existence of an impaired or insolvent insurer
  not later than three days after a determination of impairment or insolvency is made
  or the Commissioner receives notice of impairment or insolvency. (3) When an impairment is declared and the amount of the impairment is determined, serve
  a demand upon the impaired insurer to make good the impairment within a reasonable
  time. Notice to the impaired insurer shall constitute notice to its shareholders,
  if any. The failure of the impaired insurer to promptly comply with such demand shall
  not excuse the Association from the performance of its powers and duties under this
  chapter. (4) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed
  as the liquidator or rehabilitator. If a foreign or alien member insurer is subject
  to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the
  Commissioner shall be appointed conservator. (b) The Commissioner may suspend or revoke, after notice and hearing, the certificate
  of authority to transact business in Vermont of any member insurer that fails to pay
  an assessment when due or fails to comply with the plan of operation. As an alternative,
  the Commissioner may levy a forfeiture on any member insurer that fails to pay an
  assessment when due. Such forfeiture shall not exceed five percent of the unpaid assessment
  per month, but no forfeiture shall be less than $500.00 per month. (c) A final action of the Board of Directors or the Association may be appealed to the
  Commissioner by a member insurer if such appeal is taken within 60 days following
  its receipt of notice of the final action being appealed. A final action or order
  of the Commissioner shall be subject to judicial review in the Vermont Supreme Court. (d) The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer
  may notify all interested persons of the effect of this chapter. (Added 2023, No. 32, § 9, eff. July 1, 2023.)