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Vermont Statutes Title 8. Banking and Insurance, § 7034. Cooperation of officers, owners, and employees

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) An officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. “To cooperate” shall include the following:

(1) to reply promptly in writing to any inquiry from the Commissioner requesting such a reply; and

(2) to make available to the Commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in his or her possession, custody, or control.

(b) A person shall not obstruct or interfere with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding.

(c) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders.

(d) A person described in subsection (a) of this section who fails to cooperate with the Commissioner, or any person who obstructs or interferes with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding, or who violates any order the Commissioner issued validly under this chapter may:

(1) be sentenced to pay a fine not exceeding $10,000.00 or to undergo imprisonment for a term of not more than one year, or both; or

(2) after a hearing, be subject to the imposition by the Commissioner of a civil penalty not to exceed $10,000.00 and shall be subject further to the revocation or suspension of any insurance licenses issued by the Commissioner.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 7034. Cooperation of officers, owners, and employees - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-7034/

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