§ 8302 - Risk based capital report - Vermont Statutes

§ 8302. Risk based capital report

(a) Each domestic insurer shall annually prepare and submit to the commissioner a report of its risk based capital level for the calendar year just ended. The report shall be filed prior to March 15 each year and shall be in the form and contain such information as is required by the risk based capital instructions.

(b) Each domestic insurer shall file its risk based capital report:

(1) with the National Association of Insurance Commissioners on or before March 15 each year; and

(2) with the insurance commissioner of any state in which the insurer is authorized to do business, if the insurance commissioner of that state has notified the insurer of its request in writing. Any report required under this subdivision shall be filed not later than the later of 15 days from the receipt of notice to file the report with that state or the filing date provided in subsection (a) of this section.

(c) In preparing the report, the insurer shall use the formula set forth in the risk based capital instructions to determine its authorized control level risk based capital and whether an event described in sections 8303, 8304, 8305, or 8306 of this title has occurred.

(d) If a domestic insurer files a risk based capital report which in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the risk based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk based capital report adjusted by the commissioner under this subsection shall be referred to as an "adjusted risk based capital report." (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)