Vermont § 6048k - Annual report; books and records

§ 6048k. Annual report; books and records

• (a) For purposes of subsection 6007(b) of this chapter: (1) the Commissioner shall, by rule or order, establish the form and content of the annual
  report to be filed by a special purpose financial insurance company; and (2) a special purpose financial insurance company shall report using statutory accounting
  principles, unless the Commissioner requires, approves, or accepts the use of generally
  accepted accounting principles or other comprehensive basis of accounting, in each
  case with any appropriate or necessary modifications or adaptations required or approved
  or accepted by the Commissioner and as supplemented by additional information required
  by the Commissioner. (b) A special purpose financial insurance company may make written application to file
  its annual report on a fiscal-year basis. If an alternative reporting date is granted,
  the Commissioner shall establish the due date and content of any filing required by
  the special purpose financial insurance company in addition to its annual report. (c) Unless otherwise approved in advance by the Commissioner, a special purpose financial
  insurance company shall maintain its books, records, documents, accounts, vouchers,
  and agreements in this State. A special purpose financial insurance company shall
  make its books, records, documents, accounts, vouchers, and agreements available for
  inspection by the Commissioner at any time. A special purpose financial 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. (d) Unless otherwise approved in advance by the Commissioner, all 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 subsection outside this State, the special purpose financial insurance company
  shall maintain in this State a complete and true copy of each such item. Books, records,
  documents, accounts, vouchers, and agreements may be photographed, reproduced on film,
  or stored and reproduced electronically. (Added 2007, No. 49, § 17; amended 2009, No. 42, § 27, eff. May 27, 2009; 2013, No. 29, § 62, eff. May 13, 2013; 2023, No. 12, § 4, eff. May 8, 2023.)