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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
141
:
CAPTIVE INSURANCE COMPANIES
Subchapter
004
:
SPECIAL PURPOSE FINANCIAL INSURANCE COMPANIES
§
6048k. Annual report; books and records
(a) For purposes
of subsection 6007(b) of this chapter:
(1) The
Commissioner shall, by rule or order, establish the form and content of the
annual report to be filed by a special purpose financial insurance company; and
(2) A special
purpose financial insurance company shall report using statutory accounting
principles, unless the Commissioner requires, approves, or accepts the use of
generally accepted accounting principles or other comprehensive basis of accounting,
in each case with any appropriate or necessary modifications or adaptations
required or approved or accepted by the Commissioner and as supplemented by
additional information required by the Commissioner.
(b) A special
purpose financial insurance company may make written application to file its
annual report on a fiscal-year basis. If an alternative reporting date is
granted, the Commissioner shall establish the due date and content of any
filing required by the special purpose financial insurance company in addition
to its annual report.
(c) Unless
otherwise approved in advance by the Commissioner, a special purpose financial
insurance company shall maintain its books, records, documents, accounts,
vouchers, and agreements in this State. A special purpose financial insurance
company shall make its books, records, documents, accounts, vouchers, and
agreements available for inspection by the Commissioner at any time. A special
purpose financial insurance company shall keep its books and records in such
manner that its financial condition, affairs, and operations can be readily
ascertained and so that the Commissioner may readily verify its financial
statements and determine its compliance with this chapter.
(d) Unless
otherwise approved in advance by the Commissioner, all original books, records,
documents, accounts, vouchers, and agreements shall be preserved and kept
available in this State for the purpose of examination and inspection and until
such time as the Commissioner approves the destruction or other disposition of
such books, records, documents, accounts, vouchers, and agreements. If the
Commissioner approves the keeping of the items listed in this subsection
outside this State, the special purpose financial insurance company shall
maintain in this State a complete and true copy of each such original. Books,
records, documents, accounts, vouchers, and agreements may be photographed,
reproduced on film, or stored and reproduced electronically. (Added 2007, No.
49, § 17; amended 2009, No. 42, § 27, eff. May 27, 2009; 2013, No. 29, § 62,
eff. May 13, 2013.)