The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves. The proposed rule would also provide that financial statements included in the audited financial report must be prepared on the same accounting basis as the annual statement. Finally, the proposed rule would require preparation of a Statement of Actuarial Opinion by a qualified actuary, which will be considered part of the company’s annual report of financial condition.
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