Vermont Statutes Title 8 Sec. 4700
Terms Used In Vermont Statutes Title 8 Sec. 4700
- Advisory or service organization: means any person or organization that assists insurers as authorized by section 4690 of this title, but such an organization shall not include joint underwriting organizations, actuarial or legal consultants, a single insurer, any employees of an insurer, or insurers under common control or management or their employees or managers. See
- Market: means the statewide interaction between buyers and sellers of a particular line of insurance or product market component. See
- Pool: means a voluntary arrangement other than a residual market mechanism, established on an ongoing basis, pursuant to which two or more insurers participate in the sharing of risks on a predetermined basis. See
- Residual market mechanism: means an arrangement, either voluntary or mandated by law or regulation of the Commissioner, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods. 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
§ 4700. Examinations
(a) The Commissioner or his or her designee shall examine any insurer, pool, advisory or service organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter.
(b) Every insurer, pool, advisory or service organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its experience, or the experience of its affiliated insurers including the data, statistics, or information collected or used by it in its activities. These records shall be available at all reasonable times to enable the Commissioner to determine whether the activities of any advisory or service organization, insurer, residual market mechanism, or pool comply with the provisions of this chapter. Such records shall be maintained in an office within this State or shall be made available to the Commissioner for examination or inspection at any time.
(c) The necessary and reasonable cost of an examination made pursuant to this section shall be paid by the examined party upon presentation of a detailed account of such costs.
(d) In lieu of any such examination, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state. (Added 1983, No. 238 (Adj. Sess.), § 1.)