§ 3791r.
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/vt/title-8/chapter-103/3791rA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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-3791m of this subchapter shall be applicable. With respect to any company applying this exemption, any reference to section 3791n found in sections 3791c-3791m of this subchapter shall not be applicable. (Added 2015, No. 63, § 1, eff. June 17, 2015.)