2005 Vermont Code - § 3830. — Examination

§ 3830. Examination

(a) The commissioner may examine the business and affairs of any licensee or applicant for a license whenever he or she deems it to be prudent for the protection of policyholders or the public. The commissioner shall have the authority to examine any person and to order the production of any records, books, files or other information reasonably necessary to ascertain whether or not the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting any examination shall be paid by the licensee or applicant.

(b) The names and individual identification data for all viators and the persons whose lives are insured by a live insurance policy that is or may be the subject of a viatical settlement contract shall be considered private and confidential information and shall not be publicly disclosed by the commissioner, unless in furtherance of any legal or regulatory action, as otherwise required by law, or with the consent of the viator and, if different from the viator, the person with the catastrophic or life threatening illness or condition.

(c) The records of all transactions of viatical settlement contracts, including records of disclosure required under section 3831 of this title, shall be maintained by the licensee and shall be available to the commissioner for inspection during business hours.

(d) The commissioner may require each viatical settlement provider and viatical settlement broker to report such information at such intervals as the commissioner deems necessary. (Added 1993, No. 235 (Adj. Sess.), § 4.)