State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-159 > 8310
§ 8310. Foreign insurers
(a) A foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk based capital report for the calendar year just ended. The requested report shall be filed not later than the later of 15 days from the receipt of notice to file the report with this state or the filing date provided in subsection 8302(a) of this title.
(b) A foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any risk based capital plan that is filed with the insurance commissioner of any other state.
(c) The commissioner may require a foreign insurer to submit and obtain the commissioner's approval of a risk based capital plan if the commissioner of the state of domicile of the insurer fails to require the insurer to file a plan that would have been required of a domestic insurer under section 8303 or 8304 of this title. The failure of the foreign insurer to comply with the commissioner's order shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(d) The commissioner may make application to the Washington superior court for an order under chapter 145 of this title for the liquidation of property of the insurer found in this state in the event the insurer has not been placed under such an order in its state of domicile after reporting an event under section 8305 or 8306 of this title. The occurrence of an event under sections 8305 and 8306 of this title shall be considered adequate grounds for the application. The commissioner may order an insurer reporting an event under section 8305 or 8306 to cease and desist from writing new business in this state. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
