Vermont § 5106 - Annual report to the Commissioner

§ 5106. Annual report to the Commissioner

• (a) Every organization subject to this chapter, annually, within 90 days of the close
  of its fiscal year, shall file a report with the Commissioner, said report verified
  by an appropriate official of the organization, showing its financial condition on
  the last day of the preceding fiscal year. The report shall be prepared in accordance
  with the National Association of Insurance Commissioners’ Accounting Practices and
  Procedures Manual for health maintenance organizations 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 together with any useful or
  necessary modifications or adaptations thereof required, approved, or accepted by
  the Commissioner for the type of organization to be reported upon, and as supplemented
  by additional information required by the Commissioner. (b) A health maintenance organization shall, when determining liabilities, include an
  amount estimated in the aggregate to provide for any unearned premium and for the
  payment of all claims for health care expenditures that have been incurred, whether
  reported or unreported, which are unpaid and for which such organization is or may
  be liable, and to provide for the expense of adjustment or settlement of such claims. (Added 1979, No. 117 (Adj. Sess.); amended 1993, No. 30, § 10, eff. May 21, 1993; 2011, No. 171 (Adj. Sess.), § 29, eff. May 16, 2012.)