§ 3561. Annual and quarterly statements
(a) Each domestic, foreign, and alien insurance company doing business in this State shall, on or before March 1 of each year, file a copy of its annual statement convention blank, along with any additional filings as prescribed by the Commissioner for the preceding year. The statement shall be prepared in accordance with the NAIC’s Instructions Handbook and Accounting Practices and Procedures Manual, shall include the signed jurat page verified by oath or affirmation of two of its executive officers and the actuarial certification, and shall be in such general form and context, as approved by, and shall contain any other information required by, the NAIC with any useful or necessary modifications or adaptations thereof required or approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Commissioner. The statement of an alien insurer shall relate only to the insurer’s transactions and affairs in the United States unless the Commissioner requires otherwise. A foreign or alien company, upon withdrawing from the State of Vermont shall pay to the Commissioner $25.00 for the filing of its final financial statement.
(b) Each year, in a form and manner prescribed by the Commissioner, each domestic, foreign, and alien insurer doing business in this State shall file with the NAIC a copy of the quarterly statements exhibiting its condition and affairs for the period beginning on January 1 of the current calendar year through and including the last day of the quarter for which the report is being made. The first quarterly statement shall be filed on or before May 15. The second quarterly statement shall be filed on or before August 15. The third quarterly statement shall be filed on or before November 15. If any of the dates specified in this subsection falls on a day other than a business day, then the quarterly statement is due on or before the first business day preceding such date. The information filed with the NAIC shall include a jurat page. A copy of any amendments and addenda to the quarterly statement filings subsequently filed with the Department shall also be filed with the NAIC.
(c) A foreign insurer domiciled in a state that has a law substantially similar to subsection (a) of this section shall be deemed in compliance with this section.
(d)(1) At the direction of the Commissioner, each domestic, foreign, and alien insurance company doing business in this State shall annually submit to the Commissioner, in a manner and on forms approved by the Commissioner, a statement of its market conduct performance for the purpose of permitting the participation of this State in the Market Conduct Annual Statement program of the NAIC. The statement shall be prepared in accordance with the Market Conduct Annual Statement instructions published by the NAIC, with any useful or necessary modifications or adaptations thereof required or approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Commissioner.
(2) Subject to section 22 of this title, all market conduct annual statements and other information filed pursuant to subdivision (1) of this subsection, all records, and other information of investigations conducted by the Department under this title, whether such statements, records, or information are in the possession of another regulatory or law enforcement agency, the NAIC, or any person, shall be confidential and privileged, shall not be made public, shall not be subject to subpoena, and shall not be subject to discovery or introduction into evidence in any private civil action.
(e) The Commissioner shall adopt by rule the Medical Professional Liability Closed Claim Reporting Model Law of the NAIC, as may be amended, or in the Commissioner’s discretion a substantially similar rule. Subject to section 22 of this title, information that identifies, directly or indirectly, the closed claims of a health care facility or a health care provider shall be confidential and privileged, shall not be made public, shall not be subject to subpoena, and shall not be subject to discovery or introduction into evidence in any private civil action. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 1); amended 1991, No. 101, § 5; 1991, No. 249 (Adj. Sess.), § 1; 2009, No. 42, § 6; 2025, No. 142 (Adj. Sess.), § 45, eff. July 1, 2026.)