Vermont Statutes Title 8 Sec. 7117
Terms Used In Vermont Statutes Title 8 Sec. 7117
- Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
- Commissioner: means the Commissioner of Financial Regulation. See
- plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
§ 7117. Examinations
(a) The Commissioner has the authority to order any assuming company to produce any records, books, and papers in the possession of the assuming company or its affiliates necessary to ascertain the financial condition or legality of conduct of the assuming company.
(b) The Commissioner shall exercise his or her authority under subsection (a) of this section only if he or she has reason to believe the interests of the assuming company’s policyholders may be adversely affected under the plan.
(c) The Commissioner may retain, at the assuming company’s expense, attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner’s staff reasonably necessary to assist with an examination under this section. Any persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity.
(d) Each assuming company that produces records, books, and papers for examination under this section shall pay the expense of such examination. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)