State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-159 > 8308
§ 8308. Confidentiality and prohibition on announcements
(a) All risk based capital reports (to the extent the information therein is not required to be set forth in a publicly available annual statement schedule) and risk based capital plans (including the results or report of any examination or analysis of an insurer performed pursuant hereto and any corrective order issued by the commissioner pursuant to examination or analysis) with respect to any domestic insurer or foreign insurer which are filed with the commissioner, constitute information that might be damaging to the insurer if made available to its competitors, and therefore shall be kept confidential by the commissioner. This information shall not be made public nor shall it be subject to subpoena, other than by the commissioner and then only for the purpose of enforcement actions taken by the commissioner pursuant to this chapter or any other provision of the insurance laws of this state.
(b) Except as otherwise required under this chapter, the making, publishing, disseminating, circulating or placing before the public, directly or indirectly in any manner, the risk based capital levels of any insurer, or of any component derived in the calculation, by any insurer, agent, broker or other person engaged in any manner in the insurance business is prohibited. Any person violating this section shall be subject to an administrative penalty of up to $500.00.
(c) The commissioner may, in his or her discretion, permit the correction of any material misstatement published by a party unrelated to the insurer concerning any aspect of the insurer's risk based capital level or any component thereof. A correction permitted under this section may be used solely to rebut the material misstatement. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 1995, No. 167 (Adj. Sess.), § 26.)
