§ 8101 - Report of material transactions required - Vermont Statutes

§ 8101. Report of material transactions required

(a) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval or information purposes by the insurer pursuant to other provisions of the insurance laws, regulations, or other requirements.

(b) The report required in subsection (a) of this section shall be filed within 15 days of the end of the calendar month in which the transaction occurs.

(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with the department and with the National Association of Insurance Commissioners.

(d) All reports obtained by or disclosed to the commissioner under this chapter shall be confidential and shall not be subject to subpoena nor made public by the commissioner, the National Association of Insurance Commissioners, or any other person, except to the insurance departments of other states, without the prior written consent of the insurer to which it pertains, unless the commissioner, after the insurer has had notice and an opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event the commissioner may publish all or any part thereof in such manner as he or she may deem appropriate. (Added 1993, No. 235 (Adj. Sess.), § 6, eff. June 21, 1994.)