§3791r. Single state exemption

Link to law: http://legislature.vermont.gov/statutes/section/08/103/03791r
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

004A
:
STANDARD VALUATION LAW










 

§

3791r. Single state exemption

(a) The

Commissioner may exempt specific product forms or product lines of a domestic

company that is licensed and doing business only in Vermont from the

requirements of section 3791n of this subchapter provided:

(1) the Commissioner

has issued an exemption in writing to the company and has not subsequently

revoked the exemption in writing; and

(2) the company

computes reserves using assumptions and methods used prior to the operative

date of the Valuation Manual in addition to any requirements established by

rule adopted by the Commissioner.

(b) For any

company granted an exemption under this section, sections 3791c, 3791d, 3791e,

3791f, 3791g, 3791h, 3791i, 3791j, 3791k, 3791l, and 3791m of this subchapter

shall be applicable. With respect to any company applying this exemption, any

reference to section 3791n found in sections 3791c, 3791d, 3791e, 3791f, 3791g,

3791h, 3791i, 3791j, 3791k, 3791l, and 3791m of this subchapter shall not be

applicable. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
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