§ 7111. Definitions As used in this chapter: (1) “Assuming company” means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. (2) “Closed block” means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both: (A) which a transferring […]
§ 7112. Application; fee; plan (a) An assuming company shall file a plan with the Commissioner and, at the time of filing, shall pay to the Commissioner the fee described in subdivision 7116(a)(1) of this chapter. (b) A plan shall include the following: (1) A list of all policies and inward reinsurance agreements in the […]
§ 7113. Plan review (a) The Commissioner may retain an actuary to conduct an actuarial study quantifying the liabilities under insurance policies and reinsurance agreements to be transferred to the assuming company under the plan and is authorized to retain any other legal, financial, and examination services from outside the Department necessary to assist in […]
§ 7114. Order (a) Within 30 days of the date the hearing is held on the plan, the Commissioner shall issue an order setting forth the amount of fees payable by the assuming company under subdivision 7116(a)(2) of this chapter, payable not later than 14 days after the date of such order. Upon receipt of […]
§ 7115. Jurisdiction; appeals (a) The Commissioner shall have exclusive regulatory jurisdiction with respect to the review and approval or denial of any plan. (b) Any party aggrieved by a final order of the Commissioner may appeal that order to the Vermont Supreme Court under 3 V.S.A. § 815. (Added 2013, No. 93 (Adj. Sess.), […]
§ 7116. Fee; costs; transfer tax (a) To cover the costs of processing and reviewing a plan under this chapter, the assuming company shall pay to the Commissioner the following nonrefundable fees at the times set forth in subsections 7112(a) and 7114(a) of this chapter: (1) an administrative fee in the amount of $30,000.00; and […]
§ 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 […]
§ 7118. Applicable laws (a) Chapter 157 (transfer and novation of insurance contracts) of this title shall not apply to any legacy insurance transfer under this chapter. (b) In the event of any conflict between a provision of this chapter and any other provision of this title, such provision of this chapter shall control. (c) […]
§ 7119. Assuming company; Board; principal place of business; registered agent No assuming company shall be a party to a legacy insurance transfer under this chapter unless: (1) its board of directors or committee of managers holds at least one meeting each year in this State; (2) it maintains its principal place of business in […]
§ 7120. Posting of plans on website The Commissioner shall require that all plans filed with the Department are posted on the Department’s website, along with any other notice or other information the Commissioner deems appropriate, excluding any information designated as confidential under subsection 7112(c) of this chapter. (Added 2013, No. 93 (Adj. Sess.), § […]
§ 7121. Regulation of assuming companies and service providers (a) An assuming company shall be subject to all rules adopted by the Commissioner under this chapter and also shall be subject to: (1) chapter 145 (supervision, rehabilitation, and liquidation of insurers) of this title; (2) the market conduct and unfair trade practices provisions of chapter […]
