Vermont § 6034f - Annual report; books and records

§ 6034f. Annual report; books and records

• (a) For purposes of subsection 6007(b) of this chapter: (1) Each sponsored captive insurance company shall annually file with the Commissioner
  such financial reports as the Commissioner requires, which shall include accounting
  statements detailing the financial experience of each protected cell. (2) Unless otherwise approved in advance by the Commissioner, a sponsored captive insurance
  company shall maintain its books, records, documents, accounts, vouchers, and agreements
  in this State. A sponsored captive insurance company shall make its books, records,
  documents, accounts, vouchers, and agreements available for inspection by the Commissioner
  at any time. A sponsored captive insurance company shall keep its books and records
  in such manner that its financial condition, affairs, and operations can be readily
  ascertained and so that the Commissioner may readily verify its financial statements
  and determine its compliance with this chapter. (3) Unless otherwise approved in advance by the Commissioner, all original books, records,
  documents, accounts, vouchers, and agreements shall be preserved and kept available
  in this State for the purpose of examination and inspection and until such time as
  the Commissioner approves the destruction or other disposition of such books, records,
  documents, accounts, vouchers, and agreements. If the Commissioner approves the keeping
  of the items listed in this subdivision outside this State, the sponsored captive
  insurance company shall maintain in this State a complete and true copy of each such
  original. Books, records, documents, accounts, vouchers, and agreements may be photographed,
  reproduced on film, or stored and reproduced electronically. (Added 2021, No. 139 (Adj. Sess.), § 17, eff. May 27, 2022.)