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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.)