§6048k. Annual report; books and records

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06048k
Published: 2015

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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.)
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