Vermont Statutes Title 8 Sec. 8310
Terms Used In Vermont Statutes Title 8 Sec. 8310
- Commissioner: means the Commissioner of Financial Regulation. See
- Foreign insurer: means any entity licensed to transact business in this State that is required to file a risk-based capital statement in the state where the entity is domiciled. See
- Risk-based capital plan: means a comprehensive financial plan containing the elements specified in subsection 8303(b) of this title. See
- Risk-based capital report: means the report required in section 8302 of this title. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Statute: A law passed by a legislature.
§ 8310. Foreign insurers
(a) A foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner a risk-based capital report for the calendar year just ended. The requested report shall be filed not later than the later of 15 days from the receipt of notice to file the report with this State or the filing date provided in subsection 8302(a) of this title.
(b) A foreign insurer shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.
(c) Upon the occurrence of an event under section 8303 (company action level event), 8304 (regulatory action level event), or 8305 (authorized control level event) of this title with respect to any foreign insurer as determined under the risk-based capital statute applicable in the state of domicile of the insurer or, if no risk-based capital statute is in force in that state, under the provisions of this chapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under that state’s risk-based capital statute or, if no risk-based capital statute is in force in that state, then under section 8303 of this title, the Commissioner may require the foreign insurer to file a risk-based capital plan with the Commissioner. The failure of the foreign insurer to file a risk-based capital plan shall be grounds to order the insurer to cease and desist from writing new insurance business in this State.
(d) The Commissioner may make application to the Washington Superior Court for an order under chapter 145 of this title for the liquidation of property of the insurer found in this State in the event the insurer has not been placed under such an order in its state of domicile after reporting an event under section 8305 or 8306 of this title. The occurrence of an event under sections 8305 and 8306 of this title shall be considered adequate grounds for the application. The Commissioner may order an insurer reporting an event under section 8305 or 8306 to cease and desist from writing new business in this State. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 42, eff. May 13, 2013.)