§11503. Examinations by federal regulatory agencies; departmental participation

Link to law: http://legislature.vermont.gov/statutes/section/08/201/11503
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

201

:
SUPERVISION; DEFINITIONS






Subchapter

005
:
EXAMINATIONS










 

§

11503. Examinations by federal regulatory agencies; departmental participation

Where an

examination is normally conducted by the Department jointly with a federal

regulatory authority, the Commissioner, at such times as the Commissioner deems

necessary or appropriate because of departmental fiscal restraints, may reduce

or eliminate the Department's participation in such examination. Where the

Commissioner determines such reductions are necessary or appropriate, the

Commissioner is authorized to rely on the examination report of the federal

regulatory authority as the basis for exercising his or her powers and

discharging his or her responsibilities under this title. (Added 1999, No. 153

(Adj. Sess.), § 2, eff. Jan. 1, 2001.)
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