8 V.S.A. § 6061 — VT Code / Title 8 / Chapter 142 / Section 6061
§ 6061. Binding effect of orders issued in U.S. District Court
Status: in_force

An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, shall be enforceable in the courts of this State, upon a finding that such a group is in hazardous financial or financially impaired condition.
8 V.S.A. § 3686 — VT Code / Title 8 / Chapter 101 / Section 3686
§ 3686. Examination
Status: in_force

(a) Power of Commissioner. Subject to the limitation contained in this section and in addition to the powers that the Commissioner has under subchapter 7 of this chapter relating to the examination of insurers, the Commissioner shall also have the power to examine any insurer registered under section 3684 of this chapter and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party or by any entity or combination of entities within the insurance holding company system or by the insurance holding company system on a consolidated basis.

(b) Access to books and records.

(1) The Commissioner may order any insurer registered under section 3684 of this chapter to produce such records, books, or papers in the possession of the insurer or its affiliates as are reasonably necessary to determine compliance with this chapter.

(2) To determine compliance with this chapter, the Commissioner may order any insurer registered under section 3684 of this chapter to produce information not in the possession of the insurer if the insurer can obtain access to such information pursuant to contractual relationships, statutory obligations, or other method. In the event the insurer cannot obtain the information requested by the Commissioner, the insurer shall provide the Commissioner a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of information. Whenever it appears to the Commissioner that the detailed explanation is without merit, the Commissioner may require, after notice and hearing, the insurer to pay a penalty of up to $1,000.00 for each day's delay or may suspend or revoke the insurer's license.

(c) Purpose and limitation of examination. The Commissioner shall exercise his or her power under subsections (a) and (b) of this section only if the examination of the insurer under subchapter 7 of this chapter is inadequate or the interests of the policyholders of such insurer may be adversely affected.

(d) Use of consultants. The Commissioner may retain at the registered insurer's expense such attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as shall be reasonably necessary to assist in the conduct of the examination under subsection (a) of this section. Any persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity.

(e) Expenses. Each registered insurer producing for examination records, books, and papers pursuant to subsection (a) of this section shall be liable for and shall pay the expense of such examination in accordance with section 3563 of this title.

(f) Compelling production. In the event the insurer fails to comply with an order, the Commissioner shall have the power to examine the affiliates to obtain the information. The Commissioner also shall have the power to issue subpoenas, to administer oaths, and to examine under oath any person for purposes of determining compliance with this section. Upon the failure or refusal of any person to obey a subpoena, the Commissioner may petition a court of competent jurisdiction, and upon proper showing, the court may enter an order compelling the witness to appear and testify or produce documentary evidence. Failure to obey the court order shall be punishable as contempt of court. Every person shall be obliged to attend as a witness at the place specified in the subpoena, when subpoenaed, anywhere within the State. He or she shall be entitled to the same fees and mileage, if claimed, as a witness in the Superior Court of this State, which fees, mileage, and actual expense, if any, necessarily incurred in securing the attendance of witnesses and their testimony shall be itemized and charged against and be paid by the company being examined.
8 V.S.A. § 2762 — VT Code / Title 8 / Chapter 83 / Section 2762
§ 2762. Fee of licensee
Status: in_force

The fee charged by the licensee shall be agreed upon in advance. The fee retained shall in no case exceed a $50.00 initial set up fee plus 10 percent of any payment received by the licensee from the debtor for the purpose of distribution to creditors.
8 V.S.A. § 2571 — VT Code / Title 8 / Chapter 79 / Section 2571
§ 2571. Definitions
Status: in_force

As used in this subchapter:

(1) “Blockchain” has the same meaning as in 12 V.S.A. § 1913(a)(1).

(2) “Blockchain analytics” means a software service that uses data from various virtual currencies and their applicable blockchains to provide a risk rating specific to digital wallet addresses from users of virtual-currency kiosks.

(3) “Digital wallet” means hardware or software that enables individuals to store and use virtual currency.

(4) “Digital wallet address” means an alphanumeric identifier representing a destination on a blockchain for a virtual currency transfer that is associated with a digital wallet.

(5) “Exchange,” used as a verb, means to assume or exercise control of virtual currency from or on behalf of a person, including momentarily, to buy, sell, trade, or convert:

(A) virtual currency for money, monetary value, bank credit, or one or more forms of virtual currency, or other consideration; or

(B) money, monetary value, bank credit, or other consideration for one or more forms of virtual currency.

(6) “Existing customer” means a consumer who:

(A) is engaging in a transaction at a virtual-currency kiosk in Vermont; and

(B) whose first transaction with the virtual-currency kiosk operator occurred more than 30 days prior.

(7) “New customer” means a consumer who:

(A) is engaging in a transaction at a virtual-currency kiosk in Vermont; and

(B) whose first transaction with the virtual-currency kiosk operator occurred not more than 30 days prior.

(8) “Transfer” means to assume or exercise control of virtual currency from or on behalf of a person and to:

(A) credit the virtual currency to the account or digital wallet of another person;

(B) move the virtual currency from one account or digital wallet of a person to another account or digital wallet of the same person; or

(C) relinquish or transfer control or ownership of virtual currency to another person, digital wallet, distributed ledger address, or smart contract.
8 V.S.A. § 4095a — VT Code / Title 8 / Chapter 107 / Section 4095a
§ 4095a. Colorectal cancer screening
Status: in_force

(a) As used in this section, “colonoscopy” means a procedure that enables a health care professional to examine visually the inside of a patient's entire colon and includes the concurrent removal of polyps or biopsy, or both.

(b) A health insurance plan shall provide coverage for colorectal cancer screening, including:

(1) for a covered individual who is not at high risk for colorectal cancer, colorectal cancer screening examinations and laboratory tests in accordance with the most recently published recommendations established by the U.S. Preventive Services Task Force for average-risk individuals; and

(2) for a covered individual who is at high risk for colorectal cancer, colorectal cancer screening examinations and laboratory tests as recommended by the treating health care professional.

(c) For the purposes of subdivision (b)(2) of this section, an individual is at high risk for colorectal cancer if the individual has:

(1) a family medical history of colorectal cancer or a genetic syndrome predisposing the individual to colorectal cancer;

(2) a prior occurrence of colorectal cancer or precursor polyps;

(3) a prior occurrence of a chronic digestive disease condition such as inflammatory bowel disease, Crohn's disease, or ulcerative colitis; or

(4) other predisposing factors as determined by the individual's treating health care professional.

(d) Colorectal cancer screening services performed under contract with the insurer shall not be subject to any co-payment, deductible, coinsurance, or other cost-sharing requirement. In addition, a covered individual shall not be subject to any additional charge for any service associated with a procedure or test for colorectal cancer screening, which may include one or more of the following:

(1) removal of tissue or other matter;

(2) laboratory services;

(3) health care professional services;

(4) facility use; and

(5) anesthesia. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3823 — VT Code / Title 8 / Chapter 103 / Section 3823
§ 3823. Notice as to conversion right
Status: in_force

If any individual insured under a group life insurance policy hereafter delivered in this State becomes entitled under the terms of such policy to have an individual policy of life insurance issued to him or her without evidence of insurability, subject to making of application and payment of the first premium within the period specified in such policy, and if such individual is not given notice of the existence of such right at least 15 days prior to the expiration date of such period, then, in such event, the individual shall have an additional period within which to exercise such right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in such policy. This additional period shall expire 15 days next after the individual is given such notice but in no event shall such additional period extend beyond 60 days next after the expiration date of the period provided in such policy. Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this section.
8 V.S.A. § 14402 — VT Code / Title 8 / Chapter 204 / Section 14402
§ 14402. National financial institutions; state financial institutions
Status: in_force

(a) To the same extent that the laws of the United States permit, a national financial institution located and doing business in this State may act, alone or with others, as specified in section 14401 this title.

(b) Subject to the provisions of 11A V.S.A. chapter 15 and 11 V.S.A. chapter 21, subchapter 10, except that 11A V.S.A. § 15.06 and 11 V.S.A. § 3136 shall not apply to any financial institution, including a state trust company, a financial institution with trust powers with its principal place of business not in Vermont may act, alone or with others, as specified in section 14401 of this title, and may establish one or more places of business in this State for the conduct of such trust business, provided that:

(1) it is a direct or indirect subsidiary of a bank holding company that has a direct or indirect financial institution subsidiary that has an office in this State at which deposits are accepted; or

(2) the law of the state in which it is located or domiciled would allow either a Vermont financial institution or a national financial institution, with its principal place of business located in Vermont to establish one or more places of business in such state for the conduct of trust activities if authorized by its supervisory agency to exercise trust powers.

(c) As a condition precedent to its right to act in the capacities specified in this section, it shall file a stipulation with the Commissioner of Taxes, in which it shall agree that any funds, securities, or property held by it under any appointment under this subchapter, shall be taxed in the same manner and to the same extent as funds of the same character held by a Vermont financial institution.

(d) A state financial institution with trust powers, including a state trust company, shall obtain the Commissioner's written approval before establishing a place of business in this State pursuant to subsection 11701(b) of this title. Before issuing such approval, the Commissioner must find that it is adequately staffed, equipped, and able to furnish trust services in this State. The Commissioner may examine its activities in this State at any time deemed necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of this State. It shall make its books and records pertaining to its business in this State available to the Commissioner for such examination. Each state financial institution shall pay fees and assessments as prescribed by sections 18, 19, and 11501 of this title.
8 V.S.A. § 3930 — VT Code / Title 8 / Chapter 105 / Section 3930
§ 3930. Nonassessment cooperative insurance corporations to commence business
Status: in_force

(a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired free surplus position of no less than $1,000,000, it may apply to the Commissioner for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval to become nonassessable. The Commissioner may apply the same standards for admission as are found in chapter 101 of this title applicable to the formation of a domestic mutual insurer. Upon the Commissioner's acceptance of revised articles of incorporation, revised bylaws, and a special financial statement for the calendar year period ending with the last calendar quarter before the request, the Commissioner may allow the corporation to operate as a nonassessment cooperative insurance corporation. The Commissioner may require a statutory financial examination to be conducted at the company's expense prior to final approval.

(b) The Commissioner may prescribe additional surplus if he or she determines that the kind of insurance to be transacted so requires.
8 V.S.A. § 4515 — VT Code / Title 8 / Chapter 123 / Section 4515
§ 4515. Form of contract
Status: in_force

In every such contract made, issued, or delivered in this State:

(1) all printed portions shall be plainly printed in type of which the face is not smaller than 10 point;

(2) there shall be a brief description of the contract on its first page and on its filing back in type of which the face is not smaller than 14 point;

(3) the exceptions of the contract shall appear with the same prominence as the benefits to which they apply; and

(4) if the contract contains a provision purporting to make a portion of the articles, constitution, or bylaws of the corporation a part of the contract, such portion thereof shall be set forth in full.
8 V.S.A. § 4037 — VT Code / Title 8 / Chapter 107 / Section 4037
§ 4037. Applications for insurance
Status: in_force

(a)(1) A covered individual shall not be bound by any statement made in an application for a policy unless a copy of the application is attached to or endorsed on the policy as a part of the policy when issued.

(2) If a policy delivered or issued for delivery to any person in this State is reinstated or renewed and the covered individual or assignee of the policy makes a written request to the health insurer for a copy of the application, if any, for such reinstatement or renewal, the health insurer shall deliver or mail a copy of the application to the individual making the request within 15 days after the receipt of the request. If the health insurer does not deliver or mail the copy within 15 days, the health insurer shall be precluded from introducing the application as evidence in any action or proceeding based on or involving the policy or its reinstatement or renewal.

(b) No alteration of a written application for a policy shall be made by any person other than the applicant without the applicant's written consent, except that insertions may be made by the health insurer, for administrative purposes only, in a manner that indicates clearly that the insertions are not to be ascribed to the applicant.

(c) The falsity of any statement in an application for a policy shall not bar the right to recovery under the policy unless the false statement materially affected either the acceptance of the risk or the hazard assumed by the health insurer. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3716 — VT Code / Title 8 / Chapter 103 / Section 3716
§ 3716. Claims administration not waiver
Status: in_force

Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder:

(1) acknowledgment of the receipt of notice of loss or claim under the policy;

(2) furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted; or

(3) investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim.
8 V.S.A. § 4989 — VT Code / Title 8 / Chapter 137 / Section 4989
§ 4989. Immunity
Status: in_force

Any association, the Commissioner, or any other person or organization shall be immune from civil liability for any actions taken or statements made in good faith by any of them in any report, communication, or actions concerning risks insured or to be insured by the association or during any proceedings in connection therewith. Any reports and communications in connection therewith are not subject to public inspection.
8 V.S.A. § 19105 — VT Code / Title 8 / Chapter 209 / Section 19105
§ 19105. Orders as to deposits and debts due financial institution
Status: in_force

During those holidays and so long thereafter as the Governor approves, the Commissioner may issue such orders as to the receipt and payment of deposits by and the creation and discharge of debts and obligations to or from a Vermont financial institution under the Commissioner's supervision as the Commissioner may deem necessary for the protection and preservation of the public safety and convenience or the equal protection of those Vermont financial institution's depositors in view of then existing banking, business, or other pertinent conditions. Those orders may apply to any Vermont financial institution as may be necessary for those purposes, and the orders may restrict or regulate all business or any part of the business of a financial institution affected thereby, including the time or manner or medium of payment, or limitations on the amount or percentages of payment of deposits or of debts or obligations, or the investment or the loaning of money, or the approval and acceptance of security for new loans. The orders may classify financial institutions or departments thereof or deposits or assets and liabilities and may vary with the different classes as may be required for fulfilling the purposes of this section and sections 19102 through 19104 of this title.
8 V.S.A. § 6048o — VT Code / Title 8 / Chapter 141 / Section 6048o
§ 6048o. Confidentiality
Status: repealed

(a) Subdivision 6002(c)(3) and subsection 6008(c) of this title shall apply to all documents, materials, or other information, including examination reports, preliminary examination reports or results, working papers, recorded information, and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under this subchapter.

(b) In furtherance of the Commissioner's regulatory duties, the Commissioner may share and receive documents, materials, or other information pursuant to section 22 of this title.

(c) [Repealed.]
8 V.S.A. § 4988 — VT Code / Title 8 / Chapter 137 / Section 4988
§ 4988. Examination
Status: in_force

The Commissioner shall make an examination into the affairs of each association annually or as often as he or she deems necessary. The Commissioner shall make an order indicating the scope of the examination and may appoint as examiners one or more competent persons not employed by any insurer or interested in any insurer except as a policyholder. The expenses of every such examination shall be borne and paid for by the association involved.
8 V.S.A. § 4991 — VT Code / Title 8 / Chapter 137 / Section 4991
§ 4991. Appeal
Status: in_force

Any member or other person aggrieved by any action or decision of an association, or of any member as a result of its participation therein, may appeal to the board of directors. The decision of the board of directors may be appealed to the Commissioner within 30 days from the date of its decision. The Commissioner shall, after hearing held upon notice, issue an order approving or disapproving the board of directors' decision. All final orders and decisions of the Commissioner are subject to judicial review as provided in 3 V.S.A. § 815.
8 V.S.A. § 3825 — VT Code / Title 8 / Chapter 103 / Section 3825
§ 3825. Application of dividends, rate reductions
Status: in_force

If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued for the first or any subsequent year of insurance under any policy of group life insurance heretofore or hereafter issued to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under such policy and all other group insurance policies of the policyholder over the aggregate expenditure for insurance under such policies made from funds contributed by the policyholder, or by an employer of insured persons, or by a union or association to which the insured persons belong, including expenditures made in connection with administration of such policies, shall be applied by the policyholder for the sole benefit of insured employees or members.
8 V.S.A. § 7091 — VT Code / Title 8 / Chapter 145 / Section 7091
§ 7091. Conservation of property of foreign or alien insurers found in this State
Status: in_force

(a) If a domiciliary liquidator has not been appointed, the Commissioner may apply to the Superior Court of Washington County by verified petition for an order directing the Commissioner to act as conservator to conserve the property of an alien insurer not domiciled in this State or a foreign insurer on any one or more of the following grounds:

(1) any of the grounds established by section 7051 of this title;

(2) any of the insurer's property has been sequestered by official action in its domiciliary state, or in any other state;

(3) enough of the insurer's property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;

(4)(A) the insurer's certificate of authority to do business in this State has been revoked or none was ever issued; and

(B) there are residents of this State with outstanding claims or outstanding policies.

(b) When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given such notice and time to respond to the order as is reasonable under the circumstances.

(c) The court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which the principal business of the company is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.

(d) The conservator may at any time petition for and the court may grant an order under section 7092 of this title to liquidate assets of a foreign or alien insurer under conservation or, if appropriate, for an order under section 7094 of this title, to be appointed ancillary receiver.

(e) The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied, all costs, including reasonable attorney's fees, shall be assessed against such party.
8 V.S.A. § 3636 — VT Code / Title 8 / Chapter 101 / Section 3636
§ 3636. Reinsurance contract
Status: in_force

In the event of the rehabilitation, receivership, or liquidation of a ceding insurer, no person shall have any rights against the reinsurer of such ceding insurer that are not specifically set forth in the contract of reinsurance or in a specific agreement between the reinsurer and the person.
8 V.S.A. § 2124 — VT Code / Title 8 / Chapter 72 / Section 2124
§ 2124. Nationwide Multistate Licensing System and Registry
Status: in_force

(a) In furtherance of the Commissioner's duties under this part, the Commissioner may participate in the Nationwide Multistate Licensing System and Registry and may take such action regarding participation in the licensing system as the Commissioner deems necessary to carry out the purposes of this part, including:

(1) issue rules or orders, and establish procedures, to further participation in the Nationwide Multistate Licensing System and Registry;

(2) facilitate and participate in the establishment and implementation of the Nationwide Multistate Licensing System and Registry;

(3) establish relationships or contracts with the Nationwide Multistate Licensing System and Registry or other entities designated by the Nationwide Multistate Licensing System and Registry;

(4) authorize the Nationwide Multistate Licensing System and Registry to collect and maintain records and to collect and process any fees associated with licensure on behalf of the Commissioner;

(5) require persons engaged in activities that require a license under this part to utilize the Nationwide Multistate Licensing System and Registry for license applications, renewals, amendments, surrenders, and such other activities as the Commissioner may require and to pay through the System all fees provided for under this part;

(6) authorize the Nationwide Multistate Licensing System and Registry to collect fingerprints on behalf of the Commissioner in order to receive or conduct criminal history background checks;

(7) in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of this part, use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting information from and distributing information to the Department of Justice or any governmental agency; and

(8) in order to reduce the points of contact that the Commissioner may have to maintain for purposes of subsection 2102(c) of this chapter, use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the Commissioner.

(b)(1) The Commissioner may require persons engaged in activities that require a license under this part to submit fingerprints, and the Commissioner may utilize the services of the Nationwide Multistate Licensing System and Registry to process the fingerprints and to submit the fingerprints to the Federal Bureau of Investigation, the Vermont State Police, or any equivalent state or federal law enforcement agency for the purpose of conducting a criminal history background check.

(2) The licensee or applicant shall pay the cost of such criminal history background check, including any charges imposed by the Nationwide Multistate Licensing System and Registry.

(c) A person engaged in an activity that requires a license under this part shall pay all applicable charges to utilize the Nationwide Multistate Licensing System and Registry, including the processing charges the administrator of the Nationwide Multistate Licensing System and Registry establishes, in addition to the fees required under this part.

(d) The Nationwide Multistate Licensing System and Registry is not intended to and does not replace or affect the Commissioner's authority to grant, deny, suspend, terminate, revoke, or refuse to renew licenses.
8 V.S.A. § 35103 — VT Code / Title 8 / Chapter 225 / Section 35103
§ 35103. Conversion of a mutual financial institution or a cooperative financial institution to a credit union
Status: in_force

Chapter 206 of this title shall govern the conversion of a mutual financial institution or a cooperative financial institution to a credit union.
8 V.S.A. § 33102 — VT Code / Title 8 / Chapter 223 / Section 33102
§ 33102. In-State and out-of-State offices
Status: in_force

(a) A Vermont credit union shall not establish an office in this State or outside this State without the prior approval of the Commissioner in accordance with subsection 30801(b) of this title.

(b) Prior to approving the credit union's application to establish an office in this State or outside this State, the Commissioner must find that:

(1) establishment of the proposed office is consistent with the safety and soundness of the credit union;

(2) establishment of the proposed office is consistent with the credit union's field of membership;

(3) the credit union has a record of compliance with the requirements of applicable State and federal law; and

(4) in the case of an out-of-State office, the laws of such other state authorize the establishment of such office.
8 V.S.A. § 4821 — VT Code / Title 8 / Chapter 131 / Section 4821
§ 4821. Maintenance of books and records
Status: in_force

(a) General requirement. All claim files will be the joint property of the insurer or reinsurer and the contracting party. However, upon an order of liquidation of the insurer or reinsurer, such files shall become the sole property of the insurer, reinsurer, or its estate; both parties shall have reasonable access to and the right to copy the files on a timely basis.

(b) Managing general agents. Managing general agents shall maintain separate records of business written. The insurer shall have access and right to copy all accounts and records related to its business in a form usable by the insurer and the Commissioner shall have access to all books, bank accounts, and records of the managing general agent in a form usable to the Commissioner. Such records shall be retained according to section 3568 of this title.

(c) Reinsurance intermediary-brokers and managers. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker or manager, the reinsurance intermediary will keep a complete record for each transaction showing:

(1) the type of contract, limits, underwriting restrictions, classes, or risks and territory;

(2) period of coverage, including effective and expiration dates, cancellation provisions, notice required of cancellation, and, in the case of reinsurance intermediary-managers, the disposition of outstanding reserves on covered risks;

(3) reporting and settlement requirements of balances;

(4) rate used to compute the reinsurance premium;

(5) names and addresses of assuming reinsurers;

(6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary;

(7) related correspondence and memoranda;

(8) proof of placement;

(9) details regarding retrocessions handled by the reinsurance intermediary, including the identity of retrocessionaires and percentage of each contract assumed or ceded;

(10) financial records, including premium and loss accounts;

(11) when the reinsurance intermediary procures or places a reinsurance contract on behalf of a licensed ceding insurer:

(A) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or

(B) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative; and

(12) the insurer will have reasonable access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary related to its business in a form usable by the insurer.

(d) Broker controlled property casualty companies. The controlling broker shall maintain separately identifiable records of business written for the controlled insurer.
8 V.S.A. § 6034g — VT Code / Title 8 / Chapter 141 / Section 6034g
§ 6034g. Confidentiality
Status: in_force

(a) Subdivision 6002(c)(3) and subsection 6008(c) of this title shall apply to all documents, materials, or other information, including confidential and privileged documents, examination reports, preliminary examination reports or results, working papers, recorded information, and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under this subchapter.

(b) In furtherance of the Commissioner's regulatory duties, the Commissioner may share and receive documents, materials, or other information pursuant to section 22 of this title.
8 V.S.A. § 12401 — VT Code / Title 8 / Chapter 202 / Section 12401
§ 12401. Limitation; form
Status: in_force

(a) A Vermont financial institution may not authorize dividends, distributions, or withdrawals that reduce capital below the higher of the amount required under the certificate of general good or section 14104 of this title without the prior approval of the Commissioner.

(b) Dividends, distributions, and withdrawals shall be in cash or as otherwise authorized by the Commissioner.
8 V.S.A. § 2229 — VT Code / Title 8 / Chapter 73 / Section 2229
§ 2229. Confessions of judgment; powers of attorney; contents of notes
Status: in_force

No licensee shall take any confession of judgment. No licensee shall take any power of attorney excepting such as may be incorporated in a form of note approved by the Commissioner for use in the financing of insurance premiums. No licensee shall take any note, promise to pay, or security that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of interest, nor any instrument in which blank spaces are left to be filled in after execution. Notwithstanding the foregoing provisions of this section, the Commissioner may by rule exempt from all or part of this section commercial loans.
8 V.S.A. § 4795 — VT Code / Title 8 / Chapter 131 / Section 4795
§ 4795. Controlled business
Status: in_force

(a) The Commissioner shall not grant, renew, continue, or permit to continue any license except for life insurance if he or she finds that the license is being or will be used by the applicant or licensee for the purpose of writing controlled business. Controlled business means:

(1) insurance written on the interests of the licensee or those of his or her immediate family or of his or her employer; or

(2) insurance covering himself or herself or members of his or her immediate family or a corporation, association, or partnership, or the officers, directors, substantial stockholders, partners, employees of the corporation, association, or partnership, of which he or she or a member of his or her immediate family is an officer, director, substantial stockholder, partner, associate, or employee; provided, however, that nothing in this subdivision shall apply to insurance written in connection with credit transactions.

(b) The license shall be deemed to have been, or intended to be, used for the purpose of writing controlled business, if the Commissioner finds that during any 12-month period the aggregate commissions earned from the controlled business has exceeded 25 percent of the aggregate commission earned on all business written by the applicant or licensee during the same period.
8 V.S.A. § 3911 — VT Code / Title 8 / Chapter 105 / Section 3911
§ 3911. Incorporators
Status: in_force

Sixty or more persons residing in the State of Vermont who shall each own in good faith real estate of not less than $20,000.00 in value, and collectively own in good faith insurable real estate in the State of Vermont to the value of $1,200,000.00 or more, may apply to become a cooperative insurance corporation on filing with the Commissioner a declaration as hereinafter provided.
8 V.S.A. § 3821 — VT Code / Title 8 / Chapter 103 / Section 3821
§ 3821. Conversion on termination of policy
Status: in_force

The group life insurance policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates and who has been so insured for at least five years prior to such termination date shall be entitled to have issued to him or her by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by section 3820 of this title except that the group policy may provide that the amount of such individual policy shall not exceed the smaller of:

(1) the amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he or she is or becomes eligible under any group policy issued or reinstated by the same or another insurer within 31 days after such termination; or

(2) $2,000.00.
8 V.S.A. § 31601 — VT Code / Title 8 / Chapter 221 / Section 31601
§ 31601. Share insurance
Status: in_force

(a) Every credit union authorized to do business in this State under this title shall ensure its members' shares with the National Credit Union Administration (NCUA) or the successor to that federal agency.

(b) A credit union insured under this section shall have the duty and power to comply with all statutes and regulations governing insurance of shares by the NCUA, provided that nothing contained in this section shall be construed as repealing, modifying, or impairing any powers, duties, rights, or responsibilities of the Commissioner, or the credit union so insured, under the provisions of this title.
8 V.S.A. § 3815 — VT Code / Title 8 / Chapter 103 / Section 3815
§ 3815. Application; statements deemed representations
Status: in_force

The group life insurance policy shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract; that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties; and that no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to such person or to his or her beneficiary.
8 V.S.A. § 2220 — VT Code / Title 8 / Chapter 73 / Section 2220
§ 2220. Disclosure required by mortgage lender
Status: in_force

In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to the loan, and specific disclosure regarding any possibility that the lender may change its role to that of a mortgage broker. This section shall not apply to commercial loans.
8 V.S.A. § 6015 — VT Code / Title 8 / Chapter 141 / Section 6015
§ 6015. Rules and regulations
Status: in_force

The Commissioner may adopt and from time to time amend such rules relating to captive insurance companies as are necessary to enable the Commissioner to carry out the provisions of this chapter.
8 V.S.A. § 14108 — VT Code / Title 8 / Chapter 204 / Section 14108
§ 14108. Prohibited mergers and acquisitions
Status: in_force

(a) No depository institution may by merger, consolidation, or other form of acquisition come to hold in excess of 30 percent of the total time and demand deposits held in Vermont by depository institutions. For the purposes of this section, the total deposits of a depository institution shall consist of all time and demand deposits held in Vermont by such depository institution and all of its affiliates.

(b) Notwithstanding subsection (a) of this section, the Commissioner may waive the deposit concentration limit set forth in subsection (a) of this section if the Commissioner determines that any financial institution to be merged, consolidated, or acquired is not adequately capitalized, or is subject to a conservation, receivership, or dissolution order under this title or applicable federal law, and the waiver is otherwise in the best interests of depositors.
8 V.S.A. § 4855 — VT Code / Title 8 / Chapter 132 / Section 4855
§ 4855. Merger or conversion
Status: in_force

(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice and the approval of the Commissioner of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer.

(b) Such a stock or mutual insurer shall be subject to the same capital or surplus requirements and shall have the same rights as a like domestic insurer transacting like kinds of insurance.

(c) The Commissioner shall not approve any plan for merger or conversion that is inequitable to subscribers, or that, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his or her interest in the reciprocal insurer as determined in accordance with section 4854 of this chapter and a reasonable length of time within which to exercise such right.
8 V.S.A. § 3838 — VT Code / Title 8 / Chapter 103 / Section 3838
§ 3838. Approval of life settlement contracts, disclosure statements, and related forms
Status: in_force

(a) A person shall not use a life settlement contract form or related form or provide to a policy owner in this State any of the disclosure statement forms required by subsections 3841(a), (b), and (c) of this title unless such forms are first filed with and approved by the Commissioner. Related forms include the statement of attending physician required by subdivision 3843(a)(1)(A) of this title; the medical records release form required by subdivision 3843(a)(1)(B) of this title; the policy owner's statement of understanding form required by subdivision 3843(a)(5) of this title; any application form to be used by the policy owner to request a life settlement; any advertising material that the Commissioner, in his or her discretion, requires to be filed; and such other forms as the Commissioner may prescribe by rule or order.

(b) The Commissioner shall disapprove a life settlement contract form, disclosure statement form, or related form if, in the Commissioner's judgment, the contract or provisions contained therein fail to meet the requirements of sections 3841, 3843, 3846, and subsection 3847(b) of this title or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the policy owner. Any notice of disapproval of such form shall state the grounds therefore and shall state that a hearing will be granted within 20 days upon request of the filer who requests a hearing within 30 days of the date of the notice of disapproval.

(c) Any life settlement contract form, disclosure statement form, or related form filed with the Commissioner shall be deemed approved if it has not been disapproved within 60 days of the filing. The Commissioner may extend by not more than 30 additional days the period within which affirmative approval or disapproval of any such form may be given by notifying the life settlement provider or life settlement broker of such extension before expiration of the initial 60-day period.

(d) The Commissioner may at any time, after notice and for cause shown, withdraw approval of a previously approved contract form, disclosure statement form, or related form. Any order of the Commissioner withdrawing a previous approval shall state the grounds therefor in such detail as reasonably to inform the filer thereof. Any such withdrawal of a previously approved form shall be effective at the expiration of such period not less than 30 days after the giving of notice of withdrawal as the Commissioner shall in such notice prescribe. Any demand for a hearing relative to the Commissioner's withdrawal of approval of a form that has been received by the Commissioner prior to the effective date of such withdrawal shall stay such action pending the hearing thereon.

(e) The forms required to be filed by this section shall be filed in a manner prescribed by the Commissioner. Filings shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00 for each form submitted.
8 V.S.A. § 4255 — VT Code / Title 8 / Chapter 113 / Section 4255
§ 4255. Penalties; enforcement
Status: in_force

(a) The Commissioner, after proper notice and opportunity for hearing in accordance with this State's Administrative Procedure Act, may take action to enforce the provisions of this subchapter and may:

(1) revoke or suspend the registration of the service contract provider;

(2) order the provider to cease and desist from further service contract operations;

(3) impose a penalty of not more than $1,000.00 for each violation or $10,000.00 for each violation the Commissioner finds to be willful; and

(4) order the provider to make restitution to contract holders.

(b) Failure to comply with section 4251 or 4253 of this title shall constitute an unfair or deceptive act in commerce enforceable under 9 V.S.A. § 2461(b).
8 V.S.A. § 2505 — VT Code / Title 8 / Chapter 79 / Section 2505
§ 2505. License required
Status: in_force

(a) A person shall not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission, unless the person is licensed under this subchapter.

(b) Subsection (a) of this section does not apply to:

(1) a person that is an authorized delegate of a person licensed under this subchapter acting within the scope of authority conferred by a written contract with the licensee; or

(2) a person that is exempt pursuant to section 2504 of this chapter and does not engage in money transmission outside the scope of such exemption.
8 V.S.A. § 6035 — VT Code / Title 8 / Chapter 141 / Section 6035
§ 6035. Qualification of sponsors
Status: in_force

A sponsor of a sponsored captive insurance company may be any person approved by the Commissioner in the exercise of his or her discretion, based on a determination that the approval of such person as a sponsor is consistent with the purposes of this chapter. In evaluating the qualifications of a proposed sponsor, the Commissioner shall consider the type and structure of the proposed sponsor entity, its experience in financial operations, financial stability and strength, business reputation, and such other facts deemed relevant by the Commissioner. A risk retention group shall not be a sponsor of a sponsored captive insurance company.
8 V.S.A. § 19203 — VT Code / Title 8 / Chapter 209 / Section 19203
§ 19203. Powers of conservator
Status: in_force

The conservator shall have all the rights, powers, and privileges possessed by receivers consistent with this subchapter and shall be subject to the obligations and penalties to which receivers are subject.
8 V.S.A. § 30604 — VT Code / Title 8 / Chapter 220 / Section 30604
§ 30604. Examinations; cooperative agreements
Status: in_force

(a) To the extent consistent with section 30605 of this title, the Commissioner may make such examinations of any office established and maintained in this State by a state credit union as the Commissioner may deem necessary to determine whether the office is being operated in compliance with the laws of this State and in accordance with safe and sound practices. The provisions of sections 18, 19, 30601, 30602, and 30603 of this title shall apply to such examinations.

(b) The Commissioner may enter into contracts with any credit union supervisory agency that has concurrent jurisdiction over a Vermont credit union or a state credit union maintaining an office or location in this State to engage the services of such supervisory agency's examiners, or to provide the services of the Commissioner's examiners to such supervisory agency.

(c) The Commissioner may enter into joint examinations or joint enforcement actions with other supervisory agencies having concurrent jurisdiction over any activity engaged in by a credit union in Vermont, over any office or location established and maintained in this State by a state credit union, or any office or location located in any host state that is established and maintained by a Vermont credit union, provided that the Commissioner may at any time take such actions independently if the Commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this title or to ensure compliance with the laws of this State; but provided further, that in the case of a credit union that has its principal place of business in a state other than this State, the Commissioner shall recognize the authority of the home state regulator over organizational governance matters and the primary responsibility of the home state regulator with respect to safety and soundness.
8 V.S.A. § 3623 — VT Code / Title 8 / Chapter 101 / Section 3623
§ 3623. Recognition of assessments in rates
Status: in_force

The rates and premiums charged for insurance policies to which this subchapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the Association by the member insurer less any amounts returned to the member insurer by the Association, and such rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
8 V.S.A. § 4499 — VT Code / Title 8 / Chapter 121 / Section 4499
§ 4499. Discrimination and rebates
Status: in_force

(a) No society doing business in this State shall make or permit any unfair discrimination between insured members of the same class and equal expectation of life in the premiums charged for certificates of insurance, in the dividends or other benefits payable thereon or in any other of the terms and conditions of the contracts it makes.

(b) No society, by itself, or any other party, and no agent or solicitor, personally, or by any other party, may offer, promise, allow, give, set off, or pay, directly or indirectly, any valuable consideration or inducement to, or for insurance, on any risk authorized to be taken by the society that is not specified in the certificate. No member may receive or accept, directly or indirectly, any rebate of premium, or part thereof, or agent's or solicitor's commission thereon, payable on any certificate or receive or accept any favor or advantage or share in the dividends or other benefits to accrue on, or any valuable consideration or inducement not specified in the contract of insurance.
8 V.S.A. § 19210 — VT Code / Title 8 / Chapter 209 / Section 19210
§ 19210. Notice to depositors of termination of conservatorship
Status: in_force

In case the Commissioner, in the exercise of the Commissioner's discretion, is satisfied that it would be in the public interest to terminate the conservatorship either with or without reorganization, before the conservator shall turn back the affairs of the Vermont financial institution to its governing body, the Commissioner shall cause to be published in a newspaper in the city, town, or county in which the financial institution is located, a notice in form approved by the Commissioner stating the date on which the affairs of the financial institution will be returned to its governing body. On the date of the publication of that notice, the conservator shall immediately send to every person who is a depositor in the financial institution a copy of that notice by mail, addressed to the last known address of that person as shown by the records of the financial institution, and the conservator shall send similar notice in like manner to every person making a deposit in that financial institution under section 19208 of this title after the date of that newspaper publication and before the time when the affairs of the financial institution are returned to its governing body.
8 V.S.A. § 4496 — VT Code / Title 8 / Chapter 121 / Section 4496
§ 4496. Examination of foreign and alien societies
Status: in_force

The Commissioner of Financial Regulation, or any person whom he or she may appoint, may examine any foreign or alien society transacting or applying for admission to transact business in this State. He or she may employ assistants, and he or she, or any person he or she may appoint, shall have free access to all books, papers, and documents that relate to the business of the society. He or she may in his or her discretion accept, in lieu of the examination, the examination of the insurance department of the state, territory, district, province, or country where the society is organized. The compensation and actual expenses of the examiners making any examination or general or special valuation shall be paid by the society examined or by the society whose certificate obligations have been valued, upon statements furnished by the Commissioner of Financial Regulation.
8 V.S.A. § 4687 — VT Code / Title 8 / Chapter 128 / Section 4687
§ 4687. Workers' compensation and employers' liability insurance; uniform administration of classifications; reporting of rates and other information
Status: in_force

(a) Every workers' compensation and employers' liability insurer shall adhere to the uniform classification system and uniform experience rating plan for such categories of insurance which are filed with the Commissioner by the advisory or service organization which has been designated by the Commissioner and remains subject to his or her approval and designation. However, any insurer may develop subclassifications of the uniform classification system upon which a rate may be made; provided, further, that such subclassifications must be filed for the approval of the Commissioner at least 30 working days prior to their use and submitted simultaneously, for information only, to the designated advisory or service organization. The Commissioner shall disapprove any such subclassifications if the insurer fails to demonstrate that the data thereby produced can be reported consistent with the uniform statistical plan and uniform classification system.

(b) The Commissioner shall designate an advisory or service organization to assist him or her in gathering, compiling, and reporting relevant statistical information. Every workers' compensation and employers' liability insurer shall record and report its workers' compensation and employers' liability insurance experience to the designated advisory or service organization as set forth in the uniform statistical plan approved by the Commissioner.

(c) The designated advisory or service organization shall develop and file manual rules, subject to the approval of the Commissioner, reasonably related to the recording and reporting of data pursuant to the uniform statistical plan, uniform experience rating plan, uniform schedule rating plan, and the uniform classification system. Every workers' compensation and employers' liability insurer shall adhere to the approved manual rules and experience rating plan in the underwriting and statistical reporting of its business. No insurer shall agree with any other insurer or with an advisory or service organization to adhere to manual rules that are not reasonably related to the recording and reporting of data pursuant to the uniform classification system, uniform experience rating plan, uniform schedule rating plan, or the uniform statistical plan.

(d) Filings submitted pursuant to this section shall be filed with the Commissioner at least 30 working days before the proposed effective date of the filing. The Commissioner may give written notice, within 30 working days after the receipt of the filing, that the Commissioner needs additional time, not to exceed 30 days from the date of such notice, to consider the filing. Upon written application of the designated advisory or service organization, the Commissioner may authorize the filing to be effective before the expiration of the waiting period or any extension of the waiting period. A filing shall be deemed to meet the requirements of this section, unless disapproved by the Commissioner before the expiration of the waiting period or any extension of the waiting period.

(e) The uniform experience rating plan to be filed pursuant to this section shall contain reasonable eligibility standards, provide adequate incentives for loss prevention, and provide for sufficient premium differentials so as to encourage safety. The uniform experience rating plan shall be the exclusive means of providing prospective premium adjustment based upon measurement of the loss producing characteristics of an individual insured, but insurers may file rating plans that provide for retrospective premium adjustments based upon an insured's past experience.
8 V.S.A. § 6016 — VT Code / Title 8 / Chapter 141 / Section 6016
§ 6016. Laws applicable
Status: in_force

No provisions of this title, other than those contained in this chapter or contained in specific references contained in this chapter, shall apply to captive insurance companies. Risk retention groups shall have the privileges and be subject to the provisions of chapter 142 of this title in addition to the applicable provisions of this chapter.
8 V.S.A. § 3626 — VT Code / Title 8 / Chapter 101 / Section 3626
§ 3626. Prohibition against advertising of membership in Association
Status: in_force

A person who makes, publishes, or circulates, or causes to be made, published or circulated, any statement that uses the existence of the Association for the purpose of sales, solicitation, or inducement to purchase any form of insurance within the scope of this subchapter shall be subject to an administrative penalty of not more than $500.00 for each violation.
8 V.S.A. § 2204c — VT Code / Title 8 / Chapter 73 / Section 2204c
§ 2204c. Continuing education for mortgage loan originators
Status: in_force

(a) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (b) of this section, which shall include at least:

(1) three hours of federal law and regulations;

(2) two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and

(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.

(b) For purposes of subsection (a) of this section, continuing education courses shall be reviewed and approved by the Nationwide Multistate Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.

(c) Nothing in this section shall preclude any education course, as approved by the Nationwide Multistate Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator, or any subsidiary or affiliate of the employer.

(d) Continuing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Multistate Licensing System and Registry.

(e) A licensed mortgage loan originator:

(1) except for subsection (i) of this section, may only receive credit for a continuing education course in the year in which the course is taken; and

(2) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.

(f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours of credit for every one hour taught.

(g) A person having successfully completed the education requirements approved by the Nationwide Multistate Licensing System and Registry in subdivisions (a)(1), (2), and (3) of this section for any state shall be accepted as credit toward completion of continuing education requirements in Vermont.

(h) A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license. This subsection does not apply to an individual who is required to retake 20 hours of prelicensing education pursuant to subsection 2204a(g) of this title.

(i) A person who otherwise meets the requirements for renewal of a license may make up any deficiency in continuing education as established by order or rule of the Commissioner.
8 V.S.A. § 2705 — VT Code / Title 8 / Chapter 81 / Section 2705
§ 2705. Balance inquiry
Status: in_force

The issuer of the gift certificate, at the holder's request, shall inform the holder of the unused balance remaining on the gift certificate and the expiration date of the gift certificate.
8 V.S.A. § 3868 — VT Code / Title 8 / Chapter 105 / Section 3868
§ 3868. When loss due and payable
Status: in_force

The amount of the loss under a fire insurance policy shall be due and payable in 60 days after receipt by the insuring company of satisfactory proofs, and the insured may commence an action after the expiration of that time to recover the same.
8 V.S.A. § 3635 — VT Code / Title 8 / Chapter 101 / Section 3635
§ 3635. Insolvency of ceding company
Status: in_force

(a) No credit shall be allowed, as an admitted asset or deduction from liability, to any ceding insurer for reinsurance, unless the reinsurance contract provides, in substance, that in the event of the insolvency of the ceding insurer, the reinsurance shall be payable under contract or contracts reinsured by the assuming insurer on the basis of the claims allowed against the ceding insurer in the insolvency proceedings, without diminution because of the insolvency of the ceding insurer, directly to the ceding insurer or to its domiciliary liquidator or receiver except: (1) where the contract specifically provides for payment to the insured or his or her assignee or other persons or entity named in the insured's policy as a payee of such reinsurance in the event of the insolvency of the ceding insurer or (2) where the assuming insurer with the consent of the direct insured or insureds has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees.

(b) The domiciliary liquidator or receiver of an insolvent ceding insurer shall give written notice of the pendency of a claim against such ceding insurer on the contract reinsured within a reasonable time after such claim is filed in the insolvency proceeding. During the pendency of such claim, any assuming insurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defenses that it deems available to the ceding insurer, its liquidator, or receiver. Such expense shall be chargeable, subject to court approval, against the insolvent ceding insurer as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer. Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the ceding company.
8 V.S.A. § 4366 — VT Code / Title 8 / Chapter 117 / Section 4366
§ 4366. Officers and voting rights
Status: in_force

The affairs of such an association shall be managed by such officers and directors as may be chosen in a manner prescribed by the bylaws of the association, provided each member shall be entitled to cast at least one ballot in all elections and votes and that a member who has had for six months an average of more than 100 and not more than 250 employees to whom he or she is bound to pay compensation under the workers' compensation law shall be entitled to two ballots, and that each additional 150 employees shall entitle such member to an additional ballot, but no member shall be entitled to cast more than 10 ballots.
8 V.S.A. § 4013 — VT Code / Title 8 / Chapter 107 / Section 4013
§ 4013. Discrimination prohibited
Status: in_force

No health insurer shall make or permit any unfair discrimination between individuals of substantially the same hazard in the amount of premium rates charged for any health insurance plan or in the benefits payable under the plan; provided, however, that this section shall not be construed to prohibit different premium rates, different benefits, or different underwriting procedure for individuals insured under group, family expense, or blanket plans of insurance. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 19304 — VT Code / Title 8 / Chapter 209 / Section 19304
§ 19304. Commissioner as receiver
Status: in_force

The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity. The Commissioner and successors of the Commissioner as receiver shall serve without compensation other than his or her stated compensation as Commissioner, but the Commissioner shall be allowed clerical and other expense necessary in the conduct of the receivership. The court may appoint the Commissioner's successor in office as receiver. However, if a change in the receivership, in the judgment of the Superior judge, would be against the financial interest of those concerned, the court may continue the receiver in office at such reasonable compensation as the court may determine. If the deposits of the insolvent financial institution are insured by the Federal Deposit Insurance Corporation, the Superior judge, in his or her discretion, may appoint as receiver of the financial institution the Federal Deposit Insurance Corporation to serve without bonds and without compensation.
8 V.S.A. § 4797 — VT Code / Title 8 / Chapter 131 / Section 4797
§ 4797. License contents
Status: in_force

The license shall state the name, address, date of issue, the renewal or expiration date, the line or lines of insurance covered by the license, and such other information as the Commissioner deems proper for inclusion.
8 V.S.A. § 2761 — VT Code / Title 8 / Chapter 83 / Section 2761
§ 2761. Examinations
Status: in_force

The Commissioner shall examine or cause to be examined, with or without notice, the condition and affairs of each licensee under this chapter at least once every three years and otherwise as required or determined by the Commissioner.
8 V.S.A. § 8088 — VT Code / Title 8 / Chapter 154 / Section 8088
§ 8088. Loss ratio standards
Status: in_force

The Commissioner may adopt rules establishing loss ratio standards for long-term care insurance policies, provided that a specific reference to long-term care insurance policies is contained in the rule.
8 V.S.A. § 5022 — VT Code / Title 8 / Chapter 138 / Section 5022
§ 5022. Definitions
Status: in_force

(a) Notwithstanding subsection (b) of this section, as used in this chapter, unless the context requires otherwise, words and phrases shall have the meaning given under Title V, Subtitle B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, as amended.

(b) As used in this chapter:

(1) “Admitted insurer” means an insurer licensed to transact business in this State. For purposes of this chapter, “admitted insurer” shall not include a domestic surplus lines insurer.

(2) “Commissioner” means the Commissioner of Financial Regulation.

(3) “Domestic insurer” means any insurer that has been chartered by, incorporated, organized, or constituted within or under the laws of this State.

(4) “Domestic risk” means a subject of insurance that is resident, located, or to be performed in this State.

(5) “Domestic surplus lines insurer” means a domestic insurer with which insurance coverage may be placed under this chapter.

(6) “To export” means to place surplus lines insurance with a non-admitted insurer.

(7) “Home state” means, with respect to an insured:

(A)(i) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or

(ii) if 100 percent of the insured risk is located outside the state referred to in subdivision (A)(i) of this subsection, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.

(B) If more than one insured from an affiliated group are named insureds on a single non-admitted insurance contract, the term “home state” means the home state, as determined pursuant to subdivision (A) of this subdivision (7), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.

(8) “NAIC” means the National Association of Insurance Commissioners.

(9) “Surplus lines broker” means an individual licensed under this chapter and chapter 131 of this title.

(10) “Surplus lines insurance” means coverage not procurable from admitted insurers.

(11) “Surplus lines insurer” means a non-admitted insurer with which insurance coverage may be placed under this chapter.
8 V.S.A. § 30602 — VT Code / Title 8 / Chapter 220 / Section 30602
§ 30602. Confidentiality of investigation and examination reports
Status: in_force

(a) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports of examinations by the Commissioner, whether in the possession of a supervisory agency or another person, shall be confidential and privileged, shall not be made public, and shall not be subject to discovery or introduction into evidence in any private civil action. No person who participated on behalf of the Commissioner in an investigation or examination shall be permitted or required to testify in any such civil action as to any findings, recommendations, opinions, results, or other actions relating to the investigation or examination. The Commissioner may, in his or her discretion, disclose, publish, or authorize the disclosure or publication of any such record or report or any part thereof to civil or criminal law enforcement authorities for use in the exercise of such authority's duties, in such manner as the Commissioner may deem proper.

(b) For the purposes of this section, records of investigations and records and reports of examinations shall include joint examinations by the Commissioner and any other supervisory agency. When such records are considered confidential by such agency or foreign government and the records are in the possession of the Commissioner, records of investigations and reports of examinations shall also include records of examinations and investigations conducted by:

(1) any supervisory agency; and

(2) the supervisory agency of any foreign government with jurisdiction over any credit union.
8 V.S.A. § 4823 — VT Code / Title 8 / Chapter 131 / Section 4823
§ 4823. Other requirements of managing general agents and reinsurance intermediaries
Status: in_force

(a) Managing general agents and reinsurance intermediaries shall not:

(1) commit the insurer or reinsurer to participate in insurance or reinsurance syndicates;

(2) appoint any producer without assuring that the producer is lawfully licensed to transact the type of insurance for which he or she is appointed;

(3) pay or commit the insurer to pay a claim, net of reinsurance or retrocessions, that exceeds one percent of the insurer's or reinsurer's policyholders' surplus as of December 31 of the last completed calendar year without prior approval of the insurer or reinsurer;

(4) collect any payment from a reinsurer or retrocessionaire or commit the insurer or reinsurer to any claim settlement with a reinsurer or retrocessionaire without prior approval of the insurer or reinsurer. If prior approval is given, a report must be promptly forwarded to the insurer or reinsurer;

(5) permit its subproducer to serve on the insurer's board of directors;

(6) jointly employ an individual who is employed with the insurer or reinsurer unless such reinsurance intermediary-manager is under common control with the reinsurer subject to chapter 101, subchapter 13 of this title;

(7) appoint a sub-managing general agent or sub-reinsurance intermediary-manager; or

(8) pay interim profits until one year after the end of each underwriting period for property business and five years after the end of each underwriting period for casualty business, or a later period set by the Commissioner for specified lines of insurance, and not until the adequacy of reserves on remaining claims has been verified pursuant to subdivision 4819(a)(2) or 4819(c)(3) of this title, if the managing general agent or reinsurance intermediary set reserves.

(b) The reinsurance intermediary shall:

(1) disclose in writing to the insurer any relationship with the ceding or assuming insurer and the rates, terms, and purposes of commissions, charges, and other fees that the reinsurance intermediary-manager may levy against the reinsurer; and

(2) provide the reinsurer with a statement of its financial condition.

(c) The acts of the reinsurance intermediary-manager shall be deemed to be the acts of the reinsurer on whose behalf it is acting within the scope of its actual or apparent authority.
8 V.S.A. § 10703 — VT Code / Title 8 / Chapter 200 / Section 10703
§ 10703. Annuities
Status: in_force

A financial institution shall not require an applicant for a reverse mortgage to purchase an annuity as a condition of obtaining a reverse mortgage loan. A financial institution or a broker arranging a reverse mortgage loan shall not:

(1) offer an annuity to the borrower prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement;

(2) refer the borrower to anyone for the purchase of an annuity prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement.
8 V.S.A. § 3735 — VT Code / Title 8 / Chapter 103 / Section 3735
§ 3735. Application as evidence
Status: in_force

(a) No application for the issuance of any life or disability insurance policy or annuity contract shall be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application was attached to or otherwise made a part of the policy or contract when issued. This provision shall not apply to industrial life insurance policies.

(b) If any policy of life or disability insurance delivered in this State is reinstated or renewed, and the insured or the beneficiary or assignee of the policy makes written request to the insurer for a copy of the application, if any, for such reinstatement or renewal, the insurer shall, within 15 days after receipt of such request at its home office, deliver or mail to the person making such request a copy of such application reproduced by any legible means. If such copy is not so delivered or mailed after having been so requested, the insurer shall be precluded from introducing the application in evidence in any action or proceeding based upon or involving the policy or its reinstatement or renewal. In the case of such a request from a beneficiary, the time within which the insurer is required to furnish a copy of such application shall not begin to run until after receipt of evidence satisfactory to the insurer of the beneficiary's vested interest in the policy or contract.
8 V.S.A. § 3809 — VT Code / Title 8 / Chapter 103 / Section 3809
§ 3809. Association of employers groups
Status: in_force

The lives of a group of individuals may be insured under a policy issued to an association of two or more employers, which association shall be deemed the policyholder, to insure employees of such employers for the benefits of persons other than the association or the employers, subject to the following requirements:

(1) The policy may be issued only if:

(A) the association has been in existence for at least five years and was formed for purposes other than obtaining the insurance; and

(B) the participating employers constitute at date of issue at least fifty percent of the total employers eligible to participate, unless the total number of persons covered at date of issue exceeds 600, in which event such participating employers must constitute at least 25 percent of such total employers, in either case omitting from consideration any employer whose employees are already covered for group life insurance.

(2) The persons eligible for insurance under the policy shall be all of the employees of the participating employers, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term “employees” shall include the individual proprietor or partners whenever a participating employer is an individual proprietor or a partnership. The policy may provide that the term “employees” shall include retired employees. The policy may provide that the term “employees” shall include the employees of the association to which the policy is issued.

(3) The premium for the policy shall be paid by the association, either wholly from the association's funds or funds contributed by the employers, or partly from such funds and partly from funds contributed by the insured employees. No policy may be issued on which the entire premium payable by the policyholder is to be derived from funds contributed by the insured employees. A policy on which part of the premium so payable is to be derived from funds contributed by the insured employees may be placed in force only if at least 75 percent of the then eligible employees of each participating employer, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premiums so payable is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.

(4) The policy must cover at least 100 employees at date of issue.

(5) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the employees or by the policyholder or the employer.
8 V.S.A. § 2710 — VT Code / Title 8 / Chapter 81 / Section 2710
§ 2710. Enforcement
Status: in_force

(a) The Commissioner may enforce compliance with the requirements of this chapter with respect to financial institutions as defined in subdivision 11101(32) of this title, credit unions, and all persons and entities licensed or required to be licensed under this title.

(b) The Attorney General shall cooperate and consult with the Commissioner prior to the commencement of any investigation or enforcement action with respect to any person or entity described in subsection (a) of this section.

(c) Nothing contained in subsection (a) or (b) of this section shall prohibit the Commissioner and the Attorney General from bringing a joint enforcement action against any person or entity described in subsection (a) for a violation of this chapter.
8 V.S.A. § 2452 — VT Code / Title 8 / Chapter 78 / Section 2452
§ 2452. Personal information as the subject of a fiduciary relationship
Status: in_force

A personal information protection company that accepts personal information pursuant to a written agreement to provide personal information protection services has a fiduciary responsibility to the consumer when providing personal protection services.
8 V.S.A. § 31408 — VT Code / Title 8 / Chapter 221 / Section 31408
§ 31408. Notice to members of annual and special meeting
Status: in_force

(a) Notice of any annual or special meeting shall be given in accordance with the requirements of the Vermont Nonprofit Corporation Act, Title 11B, Vermont Statutes Annotated. Notice may be given electronically if the member has specifically requested or consented to electronic notification of meetings.

(b) Notice of any special meeting shall state the purpose for which it is to be held, and no business other than that related to the purpose set forth in the notice shall be transacted at the special meeting.
8 V.S.A. § 19204 — VT Code / Title 8 / Chapter 209 / Section 19204
§ 19204. Rights of interested parties
Status: in_force

During the time the conservator remains in possession of the Vermont financial institution, the rights of all parties with respect to the institution, subject to the provisions of law, shall be the same as if a receiver had been appointed therefor.
8 V.S.A. § 3625 — VT Code / Title 8 / Chapter 101 / Section 3625
§ 3625. Stay of proceedings; reopening of default judgment
Status: in_force

All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this State shall be stayed for up to six months and such additional time thereafter as may be determined by the court from the date on which the insolvency is declared or an ancillary proceeding is instituted in the State, whichever is later, to permit proper defense by the Association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the Association either on its own behalf or on behalf of such insured may apply to have such judgment, order, decision, verdict, or finding set aside by the same court or administrator that made such judgment, order, decision, verdict, or finding and shall be permitted to defend against such claim on the merits.
8 V.S.A. § 4706 — VT Code / Title 8 / Chapter 128 / Section 4706
§ 4706. Penalties
Status: in_force

(a) If the Commissioner finds that any person, insurer, or advisory or service organization has violated any provision of this chapter, the Commissioner may impose an administrative penalty of not more than $2,000.00 for each violation; but if the Commissioner finds such violation to be willful, a penalty of not more than $15,000.00 for each such violation may be imposed.

(b) Unintentional technical violations arising from systems or computer generated errors or failures of the same type shall be treated as a single violation for the purposes of this section. In the event of resulting overcharges that are de minimis, the insurer shall make financial restitution, including payment of interest, as determined by the Commissioner and no penalty shall be imposed under this chapter, provided that the insurer demonstrates to the satisfaction of the Commissioner that the violation was unintentional.

(c) For purposes of this section, any insurer using a premium or rate for which the insurer has failed to submit a filing pursuant to section 4687 or 4688 of this title shall have committed a separate violation for each day such failure existed.

(d) The Commissioner may suspend or revoke the license of any advisory or service organization or insurer failing or refusing to comply with an order of the Commissioner within the time limit prescribed by such order or any extension thereof that the Commissioner may grant.

(e) The Commissioner may determine when a suspension of license shall become effective, and it shall remain in effect for the period fixed by the Commissioner, including an indefinite period, unless such suspension is modified or rescinded or until the order upon which such suspension is based is modified, rescinded, or reversed.

(f) No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the Commissioner, stating the findings made after a hearing.

(g) The penalties applicable under this section are in addition to any other penalties applicable under this title.
8 V.S.A. § 3769 — VT Code / Title 8 / Chapter 103 / Section 3769
§ 3769. Nonforfeiture benefits for indeterminate premium plans
Status: in_force

In the case of any plan of life insurance that provides for future premium determination, the amounts of that are to be determined by the insurance company based on estimates of future experience, or in the case of any plan of life insurance that is of such a nature that minimum values cannot be determined by the methods described in sections 3762-3768 of this subchapter:

(1) The Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by sections 3762-3768 of this subchapter.

(2) The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds.

(3) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this Standard Nonforfeiture Law for Life Insurance, as determined by subchapter 4A of this chapter and any rules adopted thereunder.
8 V.S.A. § 3814 — VT Code / Title 8 / Chapter 103 / Section 3814
§ 3814. Incontestability
Status: in_force

The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to his or her insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of two years during such person's lifetime nor unless it is contained in a written instrument signed by him or her.
8 V.S.A. § 3303 — VT Code / Title 8 / Chapter 101 / Section 3303
§ 3303. Mutual companies; directors, charter provisions as to
Status: in_force

The articles of association or bylaws of a mutual insurer shall set forth the manner in which its board of directors or other governing body shall be elected, and in which meetings of policyholders shall be called, held, and conducted, subject to such procedures as may be required by the Commissioner under subsection 15(a) of this title.
8 V.S.A. § 2219 — VT Code / Title 8 / Chapter 73 / Section 2219
§ 2219. Contract required of mortgage broker
Status: in_force

(a) In advance of taking any fee or collecting any charges or at the time the prospective borrower submits a signed application, a written agreement in a form approved by the Commissioner shall be prepared by the mortgage broker and shall be signed by both the mortgage broker and the prospective borrower. The agreement shall set forth the particulars of the service to be performed by the mortgage broker, including specifics as to what shall constitute reasonable efforts on the part of the mortgage broker to perform the agreed upon services, shall state clearly that the mortgage broker shall represent the interests of the prospective borrower rather than those of any lender, and shall state the fee for the services.

(b) A mortgage broker who acts as an independent contractor loan processor or an underwriter who performs loan processing or underwriting activities for a licensed or exempt mortgage broker or lender is not required to provide a mortgage broker agreement to the prospective borrower, provided:

(1) the mortgage broker is acting as an independent contractor loan processor or underwriter as described in subsection 2201(g) of this chapter;

(2) the mortgage broker's activities are limited to loan processor or underwriting activities as described in subdivision 2200(6) of this chapter;

(3) the mortgage broker is paid a fee solely by the licensed or exempt mortgage broker or lender, is not paid by the prospective borrower, and is not paid a commission based upon the dollar amount of the loan; and

(4) if the mortgage broker is acting as an independent contractor loan processor or underwriter on behalf of a mortgage broker, such mortgage broker has already entered into a written mortgage broker agreement with the prospective borrower.

(c) A mortgage broker that engages solely in lead generation and does not employ or sponsor any mortgage loan originators is not required to provide a mortgage broker agreement but must include clearly and conspicuously in all advertisements of loans and solicitation of leads, the following disclosure: THIS IS A LOAN SOLICITATION ONLY. [INSERT LICENSEE NAME] IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR LOAN INQUIRY. THE LENDER MAY NOT BE SUBJECT TO ALL VERMONT LENDING LAWS. THE LENDER MAY BE SUBJECT TO FEDERAL LENDING LAWS.
8 V.S.A. § 8302 — VT Code / Title 8 / Chapter 159 / Section 8302
§ 8302. Risk-based capital report
Status: in_force

(a) Each domestic insurer shall annually prepare and submit to the Commissioner a report of its risk-based capital level for the calendar year just ended. The report shall be filed prior to March 1 each year and shall be in the form and contain such information as is required by the risk-based capital instructions.

(b) Each domestic insurer shall file its risk-based capital report:

(1) with the NAIC in accordance with the risk-based capital instructions; and

(2) with the insurance commissioner of any state in which the insurer is authorized to do business, if the insurance commissioner of that state has notified the insurer of its request in writing. Any report required under this subdivision shall be filed not later than the later of 15 days from the receipt of notice to file the report with that state or the filing date provided in subsection (a) of this section.

(c) A life or health insurer's or fraternal benefit society's risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk-based capital instructions:

(1) the risk with respect to the insurer's assets;

(2) the risk of adverse insurance experience with respect to the insurer's liabilities and obligations;

(3) the interest rate risk with respect to the insurer's business; and

(4) all other business risks and such other relevant risks as are set forth in the risk-based capital instructions.

(d) A property and casualty insurer's or health maintenance organization's risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk-based capital instructions:

(1) asset risk;

(2) credit risk;

(3) underwriting risk; and

(4) all other business risks and such other relevant risks as are set forth in the risk-based capital instructions.

(e) If a domestic insurer files a risk-based capital report that in the judgment of the Commissioner is inaccurate, then the Commissioner shall adjust the risk-based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk-based capital report adjusted by the Commissioner under this subsection shall be referred to as an “adjusted risk-based capital report.”
8 V.S.A. § 19301 — VT Code / Title 8 / Chapter 209 / Section 19301
§ 19301. Application for receiver; petition to divide losses
Status: in_force

If the Commissioner ascertains that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as provided in this subchapter.
8 V.S.A. § 4813a — VT Code / Title 8 / Chapter 131 / Section 4813a
§ 4813a. Definitions
Status: in_force

As used in this subchapter:

(1) “Business entity” shall have the same meaning as in subdivision 4791(8) of this title.

(2) “Home state” means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer.

(3) “Insurance producer” shall have the same meaning as in subdivision 4791(6) of this title.

(4) “Insurer” means any person engaged in the business of insurance in this State. It shall include any individual, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance. The term includes entities formed or regulated under chapters 101, 103, 105, 107, 109, 111, 113, 121, 123, 125, 132, 137, 138, and 139 of this title. As used in this subchapter, “insurer” does not include entities formed under chapter 141 or 142 of this title.

(5) “License” means a document issued by the Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or commit an insurer.

(6) “Limited lines insurance” means travel accident or travel baggage insurance, or any other line of insurance that the Commissioner deems necessary to recognize for the purposes of complying with subsection 4813h(d) of this subchapter, or any other line of insurance the Commissioner, by regulation, shall deem essential for the transaction of business in this State and that does not require the professional competency demanded for an insurance producer's license.

(7) “Limited lines producer” shall have the same meaning as in subdivision 4791(7) of this title.

(8) “Negotiate” means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers.

(9) “Person” means an individual or a business entity.

(10) “Portable electronics insurance” shall have the same meaning as in subdivision 4257(2) of this title.

(11) “Portable electronics vendor” shall have the same meaning as in subdivision 4257(3) of this title.

(12) “Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer.

(13) “Solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer.

(14) “Terminate” means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance.

(15) “Uniform Application” means the current version of the NAIC Uniform Application for resident and nonresident producer licensing.

(16) “Uniform Business Entity Application” means the current version of the NAIC Uniform Business Entity Application for resident and nonresident business entities.
8 V.S.A. § 20105 — VT Code / Title 8 / Chapter 210 / Section 20105
§ 20105. Chartering of mutual holding company subsidiary financial institution
Status: in_force

(a) Procedures. The procedures for the organization of a mutual holding company subsidiary financial institution shall be as prescribed in chapter 202 of this title, except that:

(1) A majority of the governing body of the reorganizing mutual or cooperative financial institution may serve as the incorporators of the mutual holding company subsidiary financial institution being formed and as the petitioners seeking approval of its incorporation.

(2) The initial capital requirement of section 12103 of this title shall not apply prior to the effective date of the reorganization.

(3) If the Commissioner grants the petition under section 12102 of this title, he or she shall condition such approval upon the transfer by the reorganizing mutual or cooperative financial institution to the mutual holding company subsidiary financial institution (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the Commissioner, such that the mutual holding company subsidiary financial institution will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by state or federal statutes or regulations.

(b) Filing of amended charter. Contemporaneously with consummation of the reorganization, duplicate originals of the amended and restated charter adopted by the mutual or cooperative financial institution under section 20102 of this title, governing the continuing entity as a mutual holding company, shall be filed in the Office of the Secretary of State. The amended and restated charter of the continuing entity as a mutual holding company shall take effect as of the date of the filing of such duplicate originals in the Office of the Secretary of State.
8 V.S.A. § 3421 — VT Code / Title 8 / Chapter 101 / Section 3421
§ 3421. Mutualization of stock insurer
Status: in_force

(a) A domestic stock insurer may become a mutual insurer under such plan and procedure as may be approved by the Commissioner after a hearing held substantially in accordance with the provisions of section 3305 of this title.

(b) The Commissioner shall not approve any such plan or mutualization unless:

(1) It is equitable to its stockholders and policyholders.

(2) It is subject to approval by the holders of not less than a majority of the insurer's outstanding capital stock having voting rights present at a duly called regular or special meeting thereof, and by not less than a majority of the insurer's policyholders who vote on such plan in person, by proxy or by mail pursuant to such notice and procedure as may be approved by the Commissioner.

(3) If a life insurer, the right to vote thereon is limited to holders of policies other than term or group policies, and whose policies have been in force for more than one year.

(4) Mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair market value thereof as determined by competent disinterested appraisers.

(5) The plan provides for the purchase of the shares of any nonconsenting stockholder in substantially the same manner and subject to the same rights and conditions as are accorded a dissenting shareholder under section 3428 of this title.

(6) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective and for notices substantially in accordance with section 3424 of this title.

(7) The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in states in which it is then authorized to transact business, and for the kinds of insurance included in its certificates of authority in such states.

(c) No director, officer, agent, or employee of the insurer, nor any other person, shall receive any fee, commission, or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the plan of mutualization as approved by the Commissioner.

(d) This section shall not apply to mutualization under order of court pursuant to rehabilitation or reorganization of an insurer.
8 V.S.A. § 4817 — VT Code / Title 8 / Chapter 131 / Section 4817
§ 4817. Licensure
Status: in_force

(a) No person shall act in the capacity of a managing general agent with respect to risks located in this State for an insurer licensed in this State unless such person is licensed as a managing general agent in this State and is a licensed producer in this State as defined in this subchapter.

(b) No person shall act in the capacity of a managing general agent representing an insurer domiciled in this State with respect to risks located outside this State unless such person is a licensed producer in this State (such license may be a nonresident license) pursuant to this chapter.

(c) The Commissioner may require a bond in an amount acceptable to him or her for the protection of the insurer or reinsurer.

(d) The Commissioner may require a managing general agent or reinsurance intermediary to maintain an errors and omissions policy.

(e) No person shall act as a reinsurance intermediary-broker in this State unless such reinsurance intermediary-broker is licensed as a resident or nonresident reinsurance intermediary and as an insurance broker in this State as defined in this chapter.

(f) No person shall act as a reinsurance intermediary-manager:

(1) for a reinsurer domiciled in this State, unless such reinsurance intermediary-manager is a producer in this State;

(2) in this State, if the reinsurance intermediary-manager maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation in this State, unless such reinsurance intermediary-manager is a producer in this State; and

(3) in another state for a nondomestic insurer on any Vermont business, unless such reinsurance intermediary-manager is a licensed producer in this State or another state having a law substantially similar to this law or such person is licensed in this State as a nonresident reinsurance intermediary.

(g) The Commissioner shall issue a reinsurance intermediary license to any person who has complied with the requirements of this subchapter unless the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy, or that any controlling person of such applicant is not trustworthy to act as a reinsurance intermediary, or that any of the foregoing persons has given cause for revocation or suspension of such license, or has failed to comply with any prerequisite for the issuance of such license.

(h) If the applicant for a reinsurance intermediary license is a nonresident, such applicant, as a condition precedent to receiving or holding a license, shall designate the Secretary of State as agent for service of process in the manner, and with the same legal effect, provided for by section 3370 of this title for designation of service of process upon unauthorized insurers; and also shall furnish the Secretary of State with the name and address of a resident of this State upon whom notices or orders of the Commissioner or process affecting such nonresident reinsurance intermediary may be served. Such licensee shall promptly notify the Secretary of State in writing of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the Secretary of State.

(i) Licensed attorneys at law of this State when acting in their professional capacity as such shall be exempt from this section.
8 V.S.A. § 4497 — VT Code / Title 8 / Chapter 121 / Section 4497
§ 4497. No adverse publications
Status: in_force

Pending, during, or after an examination or investigation of a society, either domestic, foreign, or alien, the Commissioner of Financial Regulation shall make public no financial statement, report, or finding, nor shall he or she permit to become public any financial statement, report, or finding affecting the status, standing, or rights of any society, until a copy thereof has been served upon the society at its principal office and the society has been afforded a reasonable opportunity to answer the financial statement, report, or finding and to make such showing in connection therewith as it may desire.
8 V.S.A. § 7075 — VT Code / Title 8 / Chapter 145 / Section 7075
§ 7075. Proof of claim
Status: in_force

(a) Proof of claim shall consist of a statement signed by the claimant that includes all the following that are applicable:

(1) the particulars of the claim including the consideration given for it;

(2) the identity and amount of the security on the claim;

(3) the payments made on the debt, if any;

(4) that the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim;

(5) any right of priority of payment or other specific right asserted by the claimants;

(6) a copy of the written instrument that is the foundation of the claim; and

(7) the name and address of the claimant and his or her attorney.

(b) No claim need be considered or allowed if it does not contain all the information in subsection (a) of this section. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.

(c) At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) of this section and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.

(d) No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.

(e) All claims of a guaranty association or foreign guaranty association shall be in such form and contain such substantiation as may be agreed to by the association and the liquidator.
8 V.S.A. § 4726 — VT Code / Title 8 / Chapter 129 / Section 4726
§ 4726. Power of Commissioner; enforcement
Status: in_force

(a) The Commissioner shall have the power to examine and investigate any person engaged in the business of insurance in this State in order to determine whether that person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice.

(b) Any person violating any of the provisions of this chapter may be subject to an administrative penalty of not more than $1,000.00 for each violation. The Commissioner may impose an administrative penalty of not more than $10,000.00 each for those violations the Commissioner finds were willful. The Commissioner may suspend or revoke the license of any insurer or organization for any violation of this chapter or the failure to comply with an order of the Commissioner issued under this chapter.

(c) The powers vested in the Commissioner by this chapter shall be in addition to any other powers to enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices hereby declared to be unfair or deceptive.
8 V.S.A. § 3565 — VT Code / Title 8 / Chapter 101 / Section 3565
§ 3565. Examination of officers and books
Status: in_force

(a) The Commissioner, inspecting an insurance company, may require its officers, or any agent thereof, to exhibit books kept by them relating to their business and may examine under oath such agents and officers and other persons as he or she thinks proper, in relation to the business transactions and conditions of the company.

(b) Every company or person from whom information is sought, its officers, directors, and agents must provide to the examiners appointed by the Commissioner, timely, convenient and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all computer or other recordings relating to the property, assets, business, and affairs of the company being examined. The officers, directors, employees, and agents of the company or person shall cooperate in the examination.
8 V.S.A. § 4805 — VT Code / Title 8 / Chapter 131 / Section 4805
§ 4805. Hearings
Status: in_force

All hearings held pursuant to this subchapter shall be governed by the provisions of 3 V.S.A. chapter 25.
8 V.S.A. § 14204 — VT Code / Title 8 / Chapter 204 / Section 14204
§ 14204. Joint deposits
Status: in_force

(a) Payment. When a deposit has been made in a financial institution in the names of two or more persons, payable to any one of them, or payable to the survivors or any one of the survivors, such deposit or any part thereof, or any interest or dividend thereon may be paid to any one of such persons, whether the others are living or not, and the receipt or acquittance of the person so paid shall be a valid and sufficient release and discharge of the financial institution for any payment so made.

(b) Evidence of joint deposit. The recital of the words “payable to either or to the survivor” or words of like effect in the order creating such account and signed by the person or persons who furnish the funds for such deposit shall be conclusive evidence, as between the payees and their legal representatives, of the creation of an absolute joint account. However, nothing in this section shall prevent the proof of fraud, undue influence, or incapacity to defeat such joint interests.
8 V.S.A. § 19307 — VT Code / Title 8 / Chapter 209 / Section 19307
§ 19307. Subrogation
Status: in_force

Whenever any Vermont financial institution shall have been closed, and the Federal Deposit Insurance Corporation shall pay the insured deposit liabilities of such closed institution, such corporation, whether or not it shall have become a receiver of such closed financial institution, shall be subrogated to the extent of such payment to all rights of the owners of such deposits against such closed financial institution. The Superior judge shall by order define the manner and extent of such subrogation.
8 V.S.A. § 13501 — VT Code / Title 8 / Chapter 203 / Section 13501
§ 13501. Officers
Status: in_force

(a) Election. Unless another manner for election is provided in the internal governance documents, the governing body shall elect annually from its members a chair, and from its members or otherwise, an executive officer, a secretary, a treasurer, and such other officers as it may consider advisable. The terms of officers so elected shall be for not more than one year, but such officers may be reelected and shall continue in office until their successors are elected and qualified. If any office becomes vacant during the year, the governing body may immediately fill the same for the period remaining until the next annual meeting for election of officers.

(b) Compensation. The compensation of officers shall be fixed by the governing body.

(c) Powers of officers. Each officer shall have such powers as the internal governance documents may provide or as may be delegated by the governing body. In addition, an officer may exercise the powers set forth in this subsection.

(1) The chair of the governing body shall preside at all meetings of the corporators or members and the governing body unless otherwise provided in the internal governance documents.

(2) An executive officer shall preside, in the absence of a chair of the governing body, at all meetings of the corporators or members and the governing body unless otherwise provided in the internal governance documents.

(3) The secretary shall exercise the following powers:

(A) The secretary shall record or cause to be recorded the proceedings and actions of all meetings of the corporators, members, or governing body, and give or cause to be given all notices required by law or action of the governing body for which no other provision is made. If no person is elected to this office, the treasurer, or in his or her absence another officer of the institution designated by the directors, shall be ex officio secretary of the institution and of the directors.

(B) Within 30 days after the annual meeting of the governing body for election of officers, the secretary shall file a copy of a list of officers and directors with the Commissioner, which list shall be kept on file in the Commissioner's office for public inspection.

(C) The secretary, in the absence of a provision in the internal governance documents to the contrary, shall perform the functions of secretary in accordance with Title 11 or 11A.

(4) Conveyances, leases, assignments, releases, transfers of stock certificates and registered bonds, and all other written instruments authorized or required by law or vote of the directors may be executed by an executive officer or other official authorized and empowered by the internal governance documents of the institution or by a vote of the governing body that is duly recorded in the minutes of the institution.
8 V.S.A. § 2759 — VT Code / Title 8 / Chapter 83 / Section 2759
§ 2759. Contract with debtor
Status: in_force

(a) Prior to taking any fee or receiving any compensation, either directly or indirectly, or payment of any sum of money by the debtor, each licensee shall make a written contract between the licensee and the debtor, which contract shall be in such form and shall contain such conditions as the Commissioner shall have approved in writing prior to the use of such contract, and the licensee shall immediately furnish the debtor with a true copy of the contract.

(b) In addition to such other items as the Commissioner may require, the contract shall:

(1) fully disclose all services to be provided;

(2) fully disclose all fees to be charged to the debtor;

(3) disclose that debt adjustment plans are not suitable for all debtors;

(4) if applicable, disclose that creditors may compensate the licensee;

(5) if applicable, disclose that secured debt is not covered by the contract; and

(6) disclose a list of debts covered by the contract and the interest rate of those debts at the time.
8 V.S.A. § 4369 — VT Code / Title 8 / Chapter 117 / Section 4369
§ 4369. Reserve requirements
Status: in_force

Members of an association formed pursuant to the provisions of this subchapter shall be required to pay yearly in advance cash premiums and in addition thereto an amount in negotiable notes or cash sufficient to maintain a reserve equal to that required of other companies doing the same class of business. Notes shall be payable in whole or in part on the vote of the directors of the association as such payments may be required to meet estimated losses or expenses in excess of the current cost and to meet claims covering losses not payable within the same fiscal year within which the claim originated. The directors may fix rates of interest on either notes or balances.
8 V.S.A. § 6024 — VT Code / Title 8 / Chapter 141 / Section 6024
§ 6024. Dormant captive insurance companies
Status: in_force

(a) As used in this section, unless the context requires otherwise, “dormant captive insurance company” means a captive insurance company that has:

(1) ceased transacting the business of insurance, including the issuance of insurance policies; and

(2) no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy under this section.

(b) A captive insurance company domiciled in Vermont that meets the criteria of subsection (a) of this section may apply to the Commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal every five years and shall be forfeited if not renewed within such time.

(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:

(1) possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than $25,000.00; provided, however, that if the dormant captive insurance company had never capitalized, it shall not be required to add capital upon entering dormancy;

(2) prior to March 15 of each year, submit to the Commissioner a report of its financial condition, verified by oath of two of its executive officers or, in the case of a captive insurance company formed as a limited liability company or as a reciprocal insurer, of two individuals authorized by its governing board, in a form as may be prescribed by the Commissioner; and

(3) pay a license renewal fee of $500.00.

(d) A dormant captive insurance company shall not be subject to or liable for the payment of any tax under section 6014 of this chapter.

(e) A dormant captive insurance company shall apply to the Commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.

(f) A certificate of dormancy shall be revoked if a dormant captive insurance company no longer meets the criteria of subsection (a) of this section.

(g) The Commissioner may establish guidelines and procedures as necessary to carry out the provisions of this section.
8 V.S.A. § 5023 — VT Code / Title 8 / Chapter 138 / Section 5023
§ 5023. Surplus lines insurance; authorized
Status: in_force

Surplus lines insurance may be procured from non-admitted insurers, if:

(1) the insurance meets the conditions specified in section 5024 of this title;

(2) the insurance is placed through a licensed surplus lines broker;

(3) the insurer meets the conditions specified in section 5026 of this title; and

(4) all other requirements of this chapter are met.
8 V.S.A. § 3806 — VT Code / Title 8 / Chapter 103 / Section 3806
§ 3806. Licensed lenders; charges for insurance
Status: in_force

In the case of a debtor under section 2201 et seq. of this title, the collection of identifiable charges by the lender shall not be deemed a violation of said chapter if:

(1) The identifiable charge to the debtor is consistent with the actual cost of such insurance to the lender. The identifiable charge to the debtor shall be deemed consistent with the actual cost of the insurance to the lender if the aggregate of all such identifiable charges to all debtors of the same class, determined by conditions pertaining to the debt, is not greater than the premiums charged by the insurer, as computed at the time the charge to the debtor is determined;

(2) The payment of such identifiable charge is optional with the debtor; and

(3) Upon discharge of the debt, whether through prepayment, renewal, or refinancing, the debtor is paid a pro rata refund of the identifiable charge paid by the debtor computed according to a schedule to be approved by the Commissioner of Financial Regulation.
8 V.S.A. § 4244 — VT Code / Title 8 / Chapter 113 / Section 4244
§ 4244. Commissioner to formulate Plan
Status: in_force

(a) If no Plan conforming to the standards of section 4242 of this title is submitted to the Commissioner within 90 days of July 1, 1969 or within the time provided for in any order of disapproval, the Commissioner shall prepare and promulgate a Plan conforming to the requirements of section 4242 of this title.

(b) The Plan shall be prepared and promulgated after notice to each insurer and advisory or service organization, who shall be given an opportunity to be heard.
8 V.S.A. § 6003 — VT Code / Title 8 / Chapter 141 / Section 6003
§ 6003. Names of companies
Status: in_force

No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the State of Vermont.
8 V.S.A. § 4475 — VT Code / Title 8 / Chapter 121 / Section 4475
§ 4475. Benefits on lives of children
Status: in_force

(a) A society may provide for benefits on the lives of children under the minimum age for adult membership but not greater than 18 years of age at the time of application for such benefits, upon the application of an adult person who has an insurable interest, as its laws or rules may provide, which benefits shall be in accordance with the provisions of subsection 4474(a) of this title. A society may, at its option, organize and operate branches for such children. Membership and initiation in local lodges shall not be required of such children, nor shall they have a voice in the management of the society.

(b) A society shall have power to provide for the designation and changing of designation of beneficiaries in the certificates providing for the benefits and to provide in all other respects for the regulation, government, and control of the certificates and all rights, obligations, and liabilities of and connected with the certificates.
8 V.S.A. § 4983 — VT Code / Title 8 / Chapter 137 / Section 4983
§ 4983. Board of directors
Status: in_force

Each association established under this chapter shall operate subject to the supervision of a board of directors consisting of representatives of four of the members, who shall be elected by the members; an insurance agent licensed and writing insurance in this State, who shall be named by the Commissioner; and two representatives of the group of buyers of the line of insurance provided, to be named by the association of such group, if any exists, or by the Commissioner. A chair and such other officers as may be provided for in the plan shall be elected by the board. The directors shall serve without compensation but shall be reimbursed by the association for their actual and necessary expenses incurred in the performance of their duties.
8 V.S.A. § 3705 — VT Code / Title 8 / Chapter 103 / Section 3705
§ 3705. Spendthrift provisions; creditors of beneficiary
Status: in_force

When a contract of annuity, a policy of insurance, or other contract of a life insurance company authorized to do business in this State is entered into with any person for the benefit of another, and such contract so provides, a beneficiary entitled to any of the proceeds retained thereunder by such company or to interest thereon shall not be permitted to commute, anticipate, encumber, alienate, or assign the principal or interest thereon, or any part thereof, nor, if such contract so provides, shall any part of such principal or interest be subject to the claims of creditors of any such beneficiary, nor be in any way subject to such beneficiary's debts, contracts, or engagements, or to any judicial process to levy upon or attach such proceeds for payment of such claims or demands. Contracts so providing shall be valid and enforceable.
8 V.S.A. § 3848 — VT Code / Title 8 / Chapter 103 / Section 3848
§ 3848. Civil remedies, penalties, and enforcement
Status: in_force

In addition to any other civil and administrative remedies, penalties, and enforcement authority provided for by law:

(1) A violation of this subchapter or of a rule or order adopted or issued under this subchapter, including the commission of a fraudulent life settlement act, shall constitute an unfair trade practice under chapter 129 of this title (Insurance Trade Practices) and shall be subject to the remedies, penalties, and enforcement authority provided for in chapter 129 of this title. The Commissioner may report any violation of this subchapter to the Attorney General, who may prosecute therefor if he or she deems desirable.

(2) The Commissioner may issue a cease and desist order upon a person that violates any provision of this subchapter, any rule or order adopted or issued by the Commissioner, or any written agreement with a licensee entered into with the Commissioner.

(3) When the Commissioner finds that an activity in violation of this subchapter or of a rule or order adopted or issued by the Commissioner presents an immediate danger to the public that requires an immediate final order, the Commissioner may issue an emergency cease and desist order reciting with particularity the facts underlying the findings. The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for 90 days. If the Commissioner begins nonemergency cease and desist proceedings, the emergency cease and desist order remains effective absent a petition by the respondent and an order by a Superior Court of Washington County vacating the Commissioner's emergency order.

(4) A Commissioner's order under this section may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter or to take further actions necessary to remedy violations of this subchapter.
8 V.S.A. § 8089 — VT Code / Title 8 / Chapter 154 / Section 8089
§ 8089. Right to return; free look
Status: in_force

(a) Individual long-term care insurance policyholders shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason. Individual long-term care insurance policies shall have a notice prominently printed on the first page of the policy stating in substance that the policyholder shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason.

(b) A person insured under a long-term care insurance policy issued pursuant to a direct response solicitation shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination, the insured person is not satisfied for any reason. Long-term care insurance policies issued pursuant to a direct response solicitation shall have a notice prominently printed on the first page stating in substance that the insured person shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination, the insured person is not satisfied for any reason.
8 V.S.A. § 2707 — VT Code / Title 8 / Chapter 81 / Section 2707
§ 2707. Exemption
Status: in_force

Except as provided in this section, the provisions of this chapter shall not apply to the following:

(1) a loyalty, award, or promotional gift certificate where no money or other thing of value is given in exchange for the gift certificate, provided that the gift certificate complies with section 2702a of this title;

(2) the promotional value of a loyalty, award, or promotional gift certificate issued in exchange for paid value, provided that the gift certificate complies with sections 2702 and 2702a of this title;

(3) a gift certificate donated to a charitable organization and used for fund-raising activities of a charitable organization, without any money or other thing of value being given in exchange for the gift certificate by the charitable organization, provided that the expiration date is clearly and legibly printed on the gift certificate;

(4) prepaid calling cards issued solely to provide an access number and authorization code for prepaid calling services;

(5) a season pass, a discount ski card, or a record sold for admission to any seasonal recreational activity; or

(6) a payroll card account issued pursuant to and in full compliance with 21 V.S.A. § 342(c).
8 V.S.A. § 3310 — VT Code / Title 8 / Chapter 101 / Section 3310
§ 3310. Amendment of charter
Status: in_force

A corporation formed under the provisions of this chapter or by a special act of the Legislature may amend its articles of association or its charter as provided therein or in the absence of such provision by vote of three-fourths of its stockholders (in the case of a stock company) or members (in the case of a mutual company) present at a meeting thereof, provided the Commissioner, in all cases, on petition and after a hearing held substantially as is specified in section 3305 of this title, certifies that such amendment shall not be detrimental to the policyholders and such other persons as have an interest in said corporation. His or her certificate shall be recorded with the certificate of amendment.
8 V.S.A. § 2120 — VT Code / Title 8 / Chapter 72 / Section 2120
§ 2120. Annual report; call reports
Status: in_force

(a)(1) In addition to any specific information required by the applicable chapter, annually, on or before April 1, a licensee shall file a report with the Commissioner to provide the information the Commissioner reasonably requires concerning the business and operations conducted in this State during the preceding calendar year.

(2) The licensee shall submit the report under oath and in the form the Commissioner requires.

(3) For good cause, the Commissioner may extend the due date for the annual report required by this subsection.

(4) If a licensee does not file its annual report on or before April 1, or within any extension of time granted by the Commissioner, the licensee shall pay to the Department $1,000.00 for each month or part of a month that the report is past due, beginning on the date that is five business days after April 1 or the last date of such extension, as applicable.

(b)(1) Annually, not later than 90 days after the end of its fiscal year, a licensee shall file financial statements with the Commissioner in a form and substance acceptable to the Commissioner, which financial statements shall include a balance sheet and income statement.

(2) This subsection does not apply to a lender making only commercial loans.

(c) A licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition in a form and including the information the Nationwide Multistate Licensing System and Registry requires, if applicable.

(d) The Commissioner may require more frequent reports from any licensee.
8 V.S.A. § 6049k — VT Code / Title 8 / Chapter 141 / Section 6049k
§ 6049k. Own risk and solvency assessment
Status: in_force

Except as otherwise provided in this section, the provisions of chapter 101, subchapter 7A (own risk and solvency assessment) of this title shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 2759b — VT Code / Title 8 / Chapter 83 / Section 2759b
§ 2759b. Cancellation of contract
Status: in_force

A debtor may cancel a debt adjustment contract at any time without a cancellation premium or penalty.
8 V.S.A. § 21 — VT Code / Title 8 / Chapter 1 / Section 21
§ 21. Applicability of laws governing business organizations
Status: in_force

Depending on the permitted type of organizational form, the provisions of Titles 11, 11A, and 11B, relating to corporations, limited liability companies, limited liability partnerships, limited partnerships, partnerships, mutual and cooperative organizations, and other organizations, shall apply to business organizations regulated under this title. In the case of a conflict and to the extent that such provisions may be inconsistent with the provisions of Titles 11, 11A, and 11B, the provisions of this title shall control.
8 V.S.A. § 4241 — VT Code / Title 8 / Chapter 113 / Section 4241
§ 4241. Vermont Automobile Insurance Plan
Status: in_force

All insurers licensed to transact business in this State, for the issuance of automobile insurance against bodily injury, property damage, medical payments, or other loss, including what are commonly known as “liability,” “collision,” “comprehensive,” or “uninsured motorist” coverages, and every advisory or service organization operating in this State under chapter 128 of this title shall cooperate in the formation, implementation, rating, and operation of a plan for the equitable apportionment among insurers of applicants for insurance who are unable to procure that insurance through ordinary methods.
8 V.S.A. § 5102a — VT Code / Title 8 / Chapter 139 / Section 5102a
§ 5102a. Grievance procedures
Status: in_force

A health maintenance organization shall establish and maintain a grievance or complaint handling procedure that has been approved by the Commissioner to provide for the resolution of grievances and complaints initiated by members. The organization shall respond in writing to any grievance or complaint within 15 days, advising the complainant of the resolution of the grievance or complaint or that a resolution is in process and that a response will be furnished in a timely manner. The health maintenance organization shall maintain records on all grievances received under this section until the Department has filed a report of examination on the grievances but no longer than seven years from the date of the grievance. Members shall be provided with a copy of the grievance procedures upon enrollment.
8 V.S.A. § 2706 — VT Code / Title 8 / Chapter 81 / Section 2706
§ 2706. Penalty
Status: in_force

(a) The Commissioner may impose an administrative penalty of not more than $1,000.00 per violation upon any person who violates any provision of this chapter, any applicable rule, or any order issued by the Commissioner, plus the State's costs and expenses for the investigation and prosecution of the matter, including attorney's fees.

(b) The Commissioner may order any person to make restitution to any person as a result of a violation of this chapter.

(c) Any gift certificate that contains any provision in violation of this chapter is contrary to public policy, and such provision is void and unenforceable against the holder of the gift certificate.

(d) The powers vested in the Commissioner by this chapter shall be in addition to any other powers of the Commissioner to enforce any penalties, fines, or forfeitures authorized by law.

(e) The powers vested in the Commissioner by this chapter shall be in addition to any other powers or rights of consumers or the Attorney General or others under any other applicable law or rule, including without limitation the Vermont Consumer Protection Act and any applicable rules issued in connection therewith.
8 V.S.A. § 19405 — VT Code / Title 8 / Chapter 209 / Section 19405
§ 19405. Deposits not paid or received; business continued
Status: in_force

When a proceeding has been brought under section 19401 of this title, a deposit shall not be paid or received by that financial institution after the filing of the petition until the final decree of the Superior judge or, unless the Commissioner, in his or her discretion, and under such orders as the Commissioner may prescribe and from time to time alter and amend, permits the financial institution to continue in business pending final decree.
8 V.S.A. § 4692 — VT Code / Title 8 / Chapter 128 / Section 4692
§ 4692. Joint underwriting; pool and residual market activities
Status: in_force

(a) Authorization. Notwithstanding section 4693 of this title, insurers participating in joint underwriting, pools, or residual market mechanisms for the purpose of affording insurance under a method of distributing or sharing risks, or both, may, in connection with such activity, act in cooperation with each other in the making of rates; rating systems; policy forms; underwriting rules; surveys; inspections and investigations; the furnishing of loss and expense statistics or other information; or carrying on research. Joint underwriting, pools, and residual market mechanisms shall not be deemed advisory or service organizations.

(b) Regulation.

(1) Except to the extent modified by this section, insurers participating in joint underwriting, pools, and residual market mechanisms are subject to the other provisions of this chapter.

(2) If, after a hearing, the Commissioner finds that any activity or practice of an insurer participating in joint underwriting or a pool is unfair or unreasonable, he or she shall issue a written order specifying in what respects such activity or practice is unfair or unreasonable and require the discontinuance of such activity or practice in addition to any penalties that may be levied.

(3) Every pool shall file for approval of the Commissioner a copy of its constitution, articles of association or incorporation, its bylaws, rules, and regulations governing its activities; a list of its members; the name and address of one or more residents of this State, or the designation of the Secretary of State as a person, upon whom notices or orders of the Commissioner or process may be served; and any changes or amendments in the foregoing.

(4) Any residual market mechanism, plan, or agreement to implement such a mechanism, and any amendments thereto, shall be submitted in writing to the Commissioner for consideration and approval, together with such information as the Commissioner may reasonably require. The Commissioner shall approve only such agreements as are found to contemplate the use of rates that meet the standards prescribed by this chapter and activities and practices that are not unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter. At any time after such agreements are in effect, the Commissioner may review the activities and practices of the parties to such agreements and if, after a hearing, the Commissioner finds that any such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter, the Commissioner shall issue a written order specifying in what respects such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter and require the discontinuance of such activity or practice or revoke approval of any such agreement.
8 V.S.A. § 7115 — VT Code / Title 8 / Chapter 147 / Section 7115
§ 7115. Jurisdiction; appeals
Status: in_force

(a) The Commissioner shall have exclusive regulatory jurisdiction with respect to the review and approval or denial of any plan.

(b) Any party aggrieved by a final order of the Commissioner may appeal that order to the Vermont Supreme Court under 3 V.S.A. § 815.
8 V.S.A. § 4098c — VT Code / Title 8 / Chapter 107 / Section 4098c
§ 4098c. Covered services provided by naturopathic physicians
Status: in_force

(a) A health insurance plan shall provide coverage for medically necessary health care services covered by the plan when provided by a naturopathic physician licensed in this State for treatment within the scope of practice described in 26 V.S.A. chapter 81 and shall recognize naturopathic physicians who practice primary care to be primary care physicians.

(b) Health care services provided by naturopathic physicians may be subject to reasonable deductibles, co-payment and coinsurance amounts, and fee or benefit limits consistent with those applicable to other primary care physicians under the plan, as well as practice parameters, cost-effectiveness and clinical efficacy standards, and utilization review consistent with any applicable rules published by the Department of Financial Regulation. Any amounts, limits, standards, and review shall not function to direct treatment in a manner unfairly discriminative against naturopathic care, and collectively shall be not more restrictive than those applicable under the same plan to care or services provided by other primary care physicians, but may allow for the management of the benefit consistent with variations in practice patterns and treatment modalities among different types of health care professionals.

(c) A health insurance plan may require that the naturopathic physician's services be provided by a licensed naturopathic physician under contract with the insurer or shall be covered in a manner consistent with out-of-network provider reimbursement practices for primary care physicians; however, this shall not relieve a health insurance plan from compliance with the applicable network adequacy requirements adopted by the Commissioner by rule.

(d) Nothing contained in this section shall be construed as impeding or preventing either the provision or the coverage of health care services by licensed naturopathic physicians, within the lawful scope of naturopathic practice, in hospital facilities on a staff or employee basis.

(e) This section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 32104 — VT Code / Title 8 / Chapter 222 / Section 32104
§ 32104. Investments
Status: in_force

(a) A Vermont credit union may invest its assets prudently in accordance with the best judgment of its governing body, subject to the limitations set forth in this section and in the credit union's adopted investment policy.

(b) A Vermont credit union's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following:

(1) investment quality parameters;

(2) investment mix and diversification;

(3) investment maturities; and

(4) delegation of authority to officers and committees responsible for administering the portfolio.

(c) Funds not used in loans to members may be invested:

(1) in loans to or in shares or deposits of other credit unions and central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law;

(2) in the capital shares, obligations, or preferred stock issues of any agency or an association organized either as a stock company, mutual association, or membership corporation, provided the membership or stockholdings, as the case may be, of such agency or association are primarily confined or restricted to credit unions or organizations of credit unions and provided the purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations;

(3) in shares of a cooperative society organized under the laws of this State or of the laws of the United States in the total amount not exceeding 10 percent of the shares, deposits, and surplus of the credit union;

(4) in loans to any credit union association or corporation, national or state, of which the credit union is a member, except that the investments shall be limited to two percent of the assets of the credit union;

(5) in any investment legal for financial institutions as they are defined in subdivision 11101(32) of this title, but in no event common stock.
8 V.S.A. § 4471 — VT Code / Title 8 / Chapter 121 / Section 4471
§ 4471. Articles of incorporation, constitution, and laws; amendments
Status: in_force

(a) A domestic society may amend its articles of incorporation, constitution, or laws in accordance with the provisions thereof by action of its supreme legislative or governing body at any regular or special meeting of the society or, if its articles of incorporation, constitution, or laws so provide, by referendum. The referendum may be held in accordance with the provisions of its articles of incorporation, constitution, or laws by the vote of the voting members of the society, by the vote of delegates or representatives of voting members, or by the vote of local lodges or branches. No amendment submitted for adoption by referendum may be adopted unless, within six months from the date of its submission, a majority of all of the voting members of the society have signified their consent to the amendment by one of the methods specified in this section.

(b) No amendment to the articles of incorporation, constitution, or laws of any domestic society may take effect unless approved by the Commissioner, who shall approve the amendment if the Commissioner finds that it has been duly adopted and is not inconsistent with any requirement of the laws of this State or with the character, objects, and purposes of the society. Unless the Commissioner disapproves an amendment within 60 days after its filing, the amendment shall be considered approved. The approval or disapproval of the Commissioner shall be in writing and mailed to the secretary or corresponding officer of the society at its principal office. If the Commissioner disapproves the amendment, the Commissioner shall state the reasons for the disapproval in the written notice.

(c) Within 90 days from the approval thereof by the Commissioner of Financial Regulation, all amendments, or a synopsis thereof, shall be furnished to all members of the society either by mail or by publication in full in the official organ of the society. The affidavit of any officer of the society or of anyone authorized by it to mail any amendments or synopsis thereof, stating facts that show that they have been duly addressed and mailed, shall be prima facie evidence that the amendments or synopsis thereof have been furnished the addressee.

(d) Every foreign or alien society authorized to do business in this State shall file with the Commissioner of Financial Regulation a duly certified copy of all amendments of, or additions to, its articles of incorporation, constitution, or laws within 90 days after the enactment of same.

(e) Printed copies of the constitution or laws as amended, certified by the secretary or corresponding officer of the society, shall be prima facie evidence of the legal adoption thereof.
8 V.S.A. § 7156 — VT Code / Title 8 / Chapter 149 / Section 7156
§ 7156. Sales practices for wellness programs
Status: in_force

(a) A pet insurer or producer shall not market a wellness program as pet insurance.

(b) If a wellness program is sold by a pet insurer or producer it shall be subject to the following requirements:

(1) The purchase of the wellness program shall not be a requirement to the purchase of pet insurance.

(2) The costs of the wellness program shall be separate and identifiable from any pet insurance policy sold by a pet insurer or producer.

(3) The terms and conditions for the wellness program shall be separate from any pet insurance policy sold by a pet insurer or producer.

(4) The products or coverages available through the wellness program shall not duplicate products or coverages available through the pet insurance policy.

(5) The advertising of the wellness program shall not be misleading and shall be in accordance with the requirements of this subsection.

(6) A pet insurer or producer shall clearly disclose the following to consumers, printed in 12-point boldface type:

(A) that wellness programs are not insurance;

(B) the address and customer service telephone number of the pet insurer or producer or broker of record; and

(C) the Department of Financial Regulation's mailing address, toll-free telephone number, and website address.

(7) Coverages included in the pet insurance policy contract described as “wellness” benefits are insurance.
8 V.S.A. § 11605 — VT Code / Title 8 / Chapter 201 / Section 11605
§ 11605. Commissioner's coordination of enforcement and corrective action with home state
Status: in_force

The Commissioner shall promptly give notice to the home state supervisory agency of each enforcement or corrective action proposed to be undertaken against a state financial institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving such enforcement action.
8 V.S.A. § 30803 — VT Code / Title 8 / Chapter 220 / Section 30803
§ 30803. Hearings on applications; decisions; general good standard
Status: in_force

(a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion.

(b) After consideration of all relevant matters presented in the application, in any written comments, in any department investigation, and at any hearing, the Commissioner shall issue a decision approving or disapproving the application.

(c) If the Commissioner's decision is favorable, a certificate of approval shall issue with the decision. If the Commissioner's decision is not favorable, the Commissioner shall provide the reasons for the disapproval.

(d) No credit union shall commence operations; open an office; or effectuate a merger, acquisition, conversion, reorganization, or dissolution; amend its bylaws or organizational documents; or take any other similar action without first securing a certificate of approval.

(e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont.

(f) In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors:

(1) the character, ability, and overall sufficiency of the management, including directors or organizers of the credit union;

(2) the adequacy of capital and financial resources of the credit union;

(3) the competitive abilities and future prospects of the credit union;

(4) the convenience and needs of the market area or areas to be served;

(5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served;

(6) the effect on the applicant's members;

(7) if an existing credit union, whether the proposed transaction contributes to the financial strength and success of the credit union;

(8) the fairness and equities involved in any conversion, merger, or acquisition;

(9) whether the credit union's proposal conforms to Vermont law; and

(10) such other aspects of the proposed transaction as the Commissioner deems advisable.
8 V.S.A. § 4067 — VT Code / Title 8 / Chapter 107 / Section 4067
§ 4067. Application of subchapter
Status: in_force

(a) Unless otherwise specified and to the extent not inconsistent with federal law, the benefits required in this subchapter:

(1) apply only to major medical insurance plans;

(2) may be subject to deductibles, co-payment and coinsurance amounts, fee or benefit limits, practice parameters, and utilization review consistent with any applicable rules and guidance adopted by the Department of Financial Regulation; and

(3) do not apply to Vermont Medicaid.

(b) A health insurer may require benefits mandated in this subchapter to be provided by a licensed health care provider under contract with the health insurer; provided, however, that this provision shall not be construed to relieve a health insurance plan from complying with the applicable network adequacy requirements adopted by the Commissioner by rule.
8 V.S.A. § 32702 — VT Code / Title 8 / Chapter 222 / Section 32702
§ 32702. Expansion of services
Status: in_force

A CUSO shall not expand its services without the prior written approval of the Commissioner. A CUSO shall file a written notice with the Commissioner setting forth its intention to expand its services, a description of the proposed expanded services, an explanation of how the proposed expansion is related to credit union services, and any other information that the Commissioner may require.
8 V.S.A. § 6034f — VT Code / Title 8 / Chapter 141 / Section 6034f
§ 6034f. Annual report; books and records
Status: in_force

(a) For purposes of subsection 6007(b) of this chapter:

(1) Each sponsored captive insurance company shall annually file with the Commissioner such financial reports as the Commissioner requires, which shall include accounting statements detailing the financial experience of each protected cell.

(2) Unless otherwise approved in advance by the Commissioner, a sponsored captive insurance company shall maintain its books, records, documents, accounts, vouchers, and agreements in this State. A sponsored captive insurance company shall make its books, records, documents, accounts, vouchers, and agreements available for inspection by the Commissioner at any time. A sponsored captive insurance company shall keep its books and records in such manner that its financial condition, affairs, and operations can be readily ascertained and so that the Commissioner may readily verify its financial statements and determine its compliance with this chapter.

(3) Unless otherwise approved in advance by the Commissioner, all original books, records, documents, accounts, vouchers, and agreements shall be preserved and kept available in this State for the purpose of examination and inspection and until such time as the Commissioner approves the destruction or other disposition of such books, records, documents, accounts, vouchers, and agreements. If the Commissioner approves the keeping of the items listed in this subdivision outside this State, the sponsored captive insurance company shall maintain in this State a complete and true copy of each such original. Books, records, documents, accounts, vouchers, and agreements may be photographed, reproduced on film, or stored and reproduced electronically.
8 V.S.A. § 4052 — VT Code / Title 8 / Chapter 107 / Section 4052
§ 4052. Blanket health insurance
Status: in_force

(a) Blanket health insurance is a form of health insurance that, to the extent permitted under federal law, is supplemental to major medical health insurance or provides coverage other than the payment of all or a portion of the cost of health care services or products, and that covers special groups of persons as follows:

(1) under a policy or contract issued to any common carrier, which shall be deemed the policyholder, covering a group defined as all persons who may become passengers on such common carrier;

(2) under a policy or contract issued to an employer, who shall be deemed the policyholder, covering any group of employees defined by reference to exceptional hazards incident to such employment;

(3) under a policy or contract issued to a public school, independent school, or approved education program, as those terms are defined in 16 V.S.A. § 11; to a postsecondary school, as defined in 16 V.S.A. § 176(b)(1); or to a prequalified private prekindergarten provider, as defined in 16 V.S.A. § 829(a)(3), or to the head or principal of the school, program, or provider, who or which shall be deemed the policyholder, covering students or teachers, or both;

(4) under a policy or contract issued in the name of any volunteer fire department, emergency medical services provider, or other such volunteer group, which shall be deemed the policyholder, covering all of the members of the department or group in connection with their department or group activities; or

(5) under a policy or contract issued to any other substantially similar group that, in the discretion of the Commissioner and after the prior approval by the Commissioner of the group, may be subject to the issuance of a blanket health policy or contract.

(b)(1) No blanket health insurance policy shall contain any provision relating to notice of claim, proofs of loss, time of payment of claims, or time within which legal action must be brought upon the policy that, in the opinion of the Commissioner, is less favorable to the persons insured than would be permitted by the provisions set forth in section 4029 of this title.

(2) An individual application shall not be required from a person covered under a blanket health policy or contract, nor shall it be necessary for the insurer to furnish each person a certificate.

(3) All benefits under any blanket health policy shall, unless for hospital and physician service or surgical benefits, be payable to the person insured, or to the person's designated beneficiary or beneficiaries, or to the person's estate, except that if the person insured is a minor, the benefits may be made payable to the minor's parent, guardian, or other person actually supporting the minor.

(4) Nothing in this section shall be deemed to affect the legal liability of policyholders for the death of, or injury to, any members of the group.

(c) No blanket health insurance policy that provides coverage for the payment of all or a portion of the cost of health care services or products shall contain any provision that does not comply with a requirement of this title, or a rule adopted pursuant to this title applicable to health insurance, other than those requirements applicable to nongroup health insurance or small group health insurance. The Commissioner may waive the application to a blanket insurance policy of one or more of the health insurance requirements of this title, or a rule adopted pursuant to this title, if the requirement is not relevant to the types of risks and duration of risks insured against in the blanket insurance policy. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4515a — VT Code / Title 8 / Chapter 123 / Section 4515a
§ 4515a. Form and rate filing; filing fees
Status: in_force

Every contract or certificate form, or amendment thereof, including the rates proposed to be charged by the corporation, shall be filed with the Commissioner or the Green Mountain Care Board established in 18 V.S.A. chapter 220, as appropriate, for the Commissioner's or the Board's approval prior to issuance or use. Prior to approval, there shall be a public comment period pursuant to section 4026 of this title. In addition, each such filing shall be accompanied by payment to the Commissioner or the Board, as appropriate, of a nonrefundable fee of $150.00 and the plain language summary of rate increases pursuant to section 4026 of this title.
8 V.S.A. § 4074 — VT Code / Title 8 / Chapter 107 / Section 4074
§ 4074. Treatment of inherited metabolic disorders
Status: in_force

(a) As used in this section:

(1) “Inherited metabolic disorder” means a disorder caused by an inherited abnormality of body chemistry for which the State screens newborn infants.

(2) “Low protein modified food product” means a food product that is specifically formulated to have less than one gram of protein per serving and is intended to be used under the direction of a health care professional for the dietary treatment of a metabolic disorder.

(3) “Medical food” means an amino acid modified preparation that is intended to be used under the direction of a health care professional for the dietary treatment of an inherited metabolic disorder.

(b) A health insurance plan shall provide coverage for medical foods prescribed for medically necessary treatment for an inherited metabolic disorder.

(c) Coverage for low protein modified food products prescribed for medically necessary treatment of an inherited metabolic disorder shall be at least $2,500.00 during any continuous period of 12 months for any covered individual. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2701 — VT Code / Title 8 / Chapter 81 / Section 2701
§ 2701. Definitions
Status: in_force

As used in this chapter:

(1) “Account” means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union.

(2) “Financial institution” means an institution as defined in subdivision 11101(32) of this title.

(3) “Gift certificate” means a record evidencing a promise made for consideration by the seller or issuer of the record that money, goods, or services will be provided to the holder of the record for the value shown in the record. A “gift certificate” includes a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a prepaid access card or certificate; a store card; or a similar record or card. A gift certificate does not include an access device such as a debit card, code, or other means of access to a consumer's account regularly maintained at a financial institution or credit union that may be used by the consumer to access the funds in his or her account to initiate a withdrawal or to initiate an electronic funds transfer from the consumer's account.

(4) “Loyalty, award, or promotional gift certificate” means a gift certificate that is issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in connection with a loyalty, award, or promotional program and that is redeemable upon presentation to one or more merchants for goods or services or that is usable at automated teller machines.

(5) “Paid value” means the value of any money or other thing of value given in exchange for a gift certificate.

(6) “Promotional value” means any value shown on a gift certificate in excess of the paid value of the gift certificate.
8 V.S.A. § 3802 — VT Code / Title 8 / Chapter 103 / Section 3802
§ 3802. Group contracts must meet group requirements
Status: in_force

(a) No life insurance policy shall be delivered or issued for delivery in this State insuring the lives of more than one individual unless to one of the groups as provided for in sections 3803-3810a of this title, and unless in compliance with the other applicable provisions of this subchapter.

(b) Subsection (a) of this section shall not apply to life insurance policies:

(1) insuring only individuals related by blood, civil marriage, or legal adoption;

(2) insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or

(3) insuring only individuals otherwise having an insurable interest in each other's lives.
8 V.S.A. § 7072 — VT Code / Title 8 / Chapter 145 / Section 7072
§ 7072. Recovery of premiums owed
Status: in_force

(a)(1) An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, or the inception of the receivership, whichever is sooner, whether earned or unearned, as shown on the records of the insurer. The liquidator shall also have the right to recover from such person any part of an unearned premium that represents commission of such person. Credits or setoffs, or both shall not be allowed to an agent, broker, or premium finance company for any amounts advanced to the insurer by the agent, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured.

(2) An insured shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, or the inception of the receivership, whichever is sooner, as shown on the records of the insurer.

(b) Upon satisfactory evidence of a violation of this section, the Commissioner may pursue either one or both of the following courses of action:

(1) Suspend or revoke or refuse to renew the licenses of such offending party or parties.

(2) Impose a penalty of not more than $1,000.00 for each and every act in violation of this section by said party or parties.

(c) Before the Commissioner shall take any action as set forth in subsection (b) of this section, he or she shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation and fixing a time and place, at least ten days thereafter, when a hearing on the matter shall be held. After hearing, or upon failure of the accused to appear at the hearings, the Commissioner, if he or she shall find a violation, shall impose one or both of the penalties provided by subsection (b) of this section as he or she deems advisable.

(d) When the Commissioner shall take action in any or all of the ways set out in subsection (b) of this section, the party aggrieved may appeal the Commissioner's decision to the Supreme Court.
8 V.S.A. § 31201 — VT Code / Title 8 / Chapter 221 / Section 31201
§ 31201. Bylaws; amendment of bylaws
Status: in_force

(a) The organizers applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include at least the following:

(1) the name of the credit union, which name shall comply with the requirements of section 31202 of this title;

(2) the field of membership of the credit union and the qualifications for membership;

(3) the par value of shares;

(4) the number of directors, supervisory committee members, and advisory directors, if applicable, the length of terms they serve, and the permissible term length of any interim director or supervisory committee member and procedures for election or appointment;

(5) any qualification for eligibility to serve on the credit union's governing body or supervisory committee;

(6) the frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board and supervisory committee are to be notified of meetings;

(7) the powers and duties of board officers;

(8) the manner in which a credit committee, credit manager, loan officer, or any combination thereof shall be responsible for the credit functions of the credit union;

(9) the timing and manner of conducting the annual membership meeting and the provisions for voting;

(10) the manner in which members may call a special membership meeting;

(11) the manner in which members are to be notified of membership meetings;

(12) the number of members constituting a quorum at a membership meeting;

(13) conditions for payment on, receipt of, or withdrawal of shares and deposits;

(14) provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and

(15) any other provision that is not inconsistent with this chapter and such other matters as the governing board deems necessary.

(b) The bylaws may be amended as provided in the bylaws. Written notice of the meeting and text of the proposed amendment, or a summary of the proposed amendment with a notice that a copy of the proposed amendment is available upon request, shall be hand-delivered or mailed to each director at least seven business days prior to any directors' meeting to approve such amendment and shall be given to each member in the manner set forth in section 31408 of this title. Notice to a director may be given electronically if the director has specifically requested or consented to electronic notification of meetings.

(c) The credit union shall file with the Commissioner, within 10 days after its adoption, one copy of any proposed amendment. Any amendment to the bylaws of a credit union shall become effective only upon the written approval of the Commissioner.
8 V.S.A. § 8102 — VT Code / Title 8 / Chapter 155 / Section 8102
§ 8102. Acquisitions and dispositions of assets
Status: in_force

(a)(1) For the purposes of this chapter, asset acquisition shall include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.

(2) For the purposes of this chapter, asset disposition shall include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition.

(b) The following information is required to be disclosed in any report of a material asset acquisition or disposition:

(1) Date of the transaction.

(2) Manner of acquisition or disposition.

(3) Description of the assets involved.

(4) Nature and amount of the consideration given or received.

(5) Purpose of, or reason for, the transaction.

(6) Manner by which the amount of consideration was determined.

(7) Gain or loss recognized or realized as a result of the transaction.

(8) Identity of each person from whom the assets were acquired or to whom they were disposed.

(c) Materiality. No acquisition or disposition of assets need be reported pursuant to section 8101 of this title if the acquisition or disposition is not material. For purposes of this chapter, a material asset acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or asset disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring, not in the ordinary course of business, and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent annual statement filed with the Department under section 3561 of this title.

(d) Insurers are required to report material asset acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or a 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000.00 total direct plus assumed written premiums during the calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement is less than five percent of the insurer's capital and surplus.
8 V.S.A. § 20103 — VT Code / Title 8 / Chapter 210 / Section 20103
§ 20103. Retention of capital assets at holding company level
Status: in_force

With the approval of the Commissioner, the plan of reorganization of a mutual or cooperative financial institution may provide for the retention of capital assets at the mutual holding company level, provided such retention will not cause the mutual holding company subsidiary financial institution to fail to meet any applicable capital adequacy requirement prescribed by state or federal laws or regulations.
8 V.S.A. § 14101 — VT Code / Title 8 / Chapter 204 / Section 14101
§ 14101. Applicability of chapter
Status: in_force

The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 202 and 203 of this title and branches of any state or foreign financial institution authorized under section 15202 or 15203 of this title. The powers, privileges, duties, and restrictions conferred and imposed in the organizational documents or act of incorporation of any commercial bank, savings bank, savings and loan association, bank and trust company, or trust subsidiaries organized under the prior laws of this State are abridged, enlarged, or modified so that each such charter or act of incorporation conforms to this title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights, and privileges and is subject to the duties, restrictions, and liabilities conferred and imposed by this title.
8 V.S.A. § 3767 — VT Code / Title 8 / Chapter 103 / Section 3767
§ 3767. Calculation of adjusted premiums; industrial policies
Status: in_force

(a) This section does not apply to industrial policies issued on or after the operative date of section 3768 of this subchapter. In the case of industrial policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Commissioners' 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits provided that such rate of interest shall not exceed three and one-half percent per annum, except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after April 12, 1973, and prior to January 1, 1980, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after January 1, 1980, except that for any single premium whole life or endowment insurance policy, a rate of interest not exceeding six and one-half percent per annum may be used. In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners' 1961 Industrial Extended Term Insurance Table. For insurance issued on a substandard basis, the calculations of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Commissioner.

(b) After the effective date of this section, any company may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1968. After the filing of such notice, upon the specified date, which shall be the operative date of this section for that company, this section shall become operative with respect to the industrial policies thereafter issued by the company. If a company makes no election, the operative date of this section for the company shall be January 1, 1968.
8 V.S.A. § 15205 — VT Code / Title 8 / Chapter 205 / Section 15205
§ 15205. Out-of-state activities by Vermont financial institutions
Status: in_force

(a) Subject to subsection (b) of this section, a Vermont financial institution may maintain or conduct the following offices or activities in another state:

(1) a temporary agency;

(2) an office used solely for internal operations of the institution to which the public is not admitted for the conduct of financial institution business;

(3) an automated teller machine owned by a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts;

(4) loan production;

(5) foreign exchange services;

(6) trust activities; or

(7) any other financial institution-related activity that the host state determines may be maintained or conducted in such state.

(b) The Vermont financial institution shall provide the Commissioner with written evidence that the host state approved, did not object to, or otherwise allows the Vermont financial institution to maintain the office or conduct in the host state the activity described in subsection (a) of this section. In order to engage in trust activities in the host state, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title.

(c) Nothing in this section shall be deemed to permit a Vermont financial institution to solicit or accept deposits, pay checks, or lend money within the host state, unless it is otherwise authorized to engage in such activity in the host state.
8 V.S.A. § 4070 — VT Code / Title 8 / Chapter 107 / Section 4070
§ 4070. Hearing aid coverage in large group health insurance plans
Status: in_force

(a) As used in this section:

(1) “Hearing aid” means any small, wearable electronic instrument or device designed and intended for the ear for the purpose of aiding or compensating for impaired human hearing and any related parts, attachments, or accessories, including earmolds and associated remote microphones that pair with hearing aids to improve word comprehension in difficult listening situations in live or telecommunication settings. The term does not include large-audience assisted listening devices, such as those designed for auditoriums, or stand-alone assisted listening devices that can function without a hearing aid.

(2) “Hearing aid professional services” means the practice of fitting, selecting, dispensing, selling, or servicing hearing aids, or a combination, including:

(A) evaluation for a hearing aid;

(B) fitting of a hearing aid;

(C) programming of a hearing aid;

(D) hearing aid repairs;

(E) follow-up adjustments, servicing, and maintenance of a hearing aid;

(F) ear mold impressions; and

(G) auditory rehabilitation and training.

(3) “Hearing care professional” means an audiologist or hearing aid dispenser licensed under 26 V.S.A. chapter 67, a physician licensed under 26 V.S.A. chapter 23 or 33, a physician assistant licensed under 26 V.S.A. chapter 31, or an advanced practice registered nurse licensed under 26 V.S.A. chapter 28, working within that professional's scope of practice.

(4) “Large group health insurance plan” means a major medical insurance plan that meets the requirements of section 4041 of this title but that is not:

(A) a qualified health benefit plan or reflective health benefit plan offered in accordance with 33 V.S.A. chapter 18, subchapter 1; or

(B) a health benefit plan offered by an intermunicipal insurance association to one or more entities providing educational services pursuant to 24 V.S.A. chapter 121, subchapter 6.

(b)(1) A large group health insurance plan shall cover the cost of a hearing aid for each ear and the associated hearing aid professional services when the hearing aid or aids are prescribed, fitted, and dispensed by a hearing care professional. The coverage shall include hearing aid batteries when prescribed by a hearing care professional.

(2) A large group health insurance plan may limit coverage to not more than one hearing aid per ear every three years, except that a plan shall cover the cost of one or more new hearing aids for a covered individual prior to the expiration of the three-year period based on a hearing care professional's determination that a new hearing aid for one or both ears is medically necessary.

(c)(1) Subject to the limitations set forth in subdivision (b)(2) of this section, the coverage provided by a large group health insurance plan for hearing aids and associated services shall be limited only by medical necessity.

(2) A covered individual may select a hearing aid that exceeds the limits set forth in subdivision (1) of this subsection and pay the additional cost.

(d) The coverage required by this section shall not be subject to a deductible, co-payment, or coinsurance provision that is less favorable to a covered individual than the deductible, co-payment, or coinsurance provisions that apply generally to other nonprimary care items and services under the large group health insurance plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 11503 — VT Code / Title 8 / Chapter 201 / Section 11503
§ 11503. Examinations by federal regulatory agencies; departmental participation
Status: in_force

Where an examination is normally conducted by the Department jointly with a federal regulatory authority, the Commissioner, at such times as the Commissioner deems necessary or appropriate because of departmental fiscal restraints, may reduce or eliminate the Department's participation in such examination. Where the Commissioner determines such reductions are necessary or appropriate, the Commissioner is authorized to rely on the examination report of the federal regulatory authority as the basis for exercising his or her powers and discharging his or her responsibilities under this title.
8 V.S.A. § 19110 — VT Code / Title 8 / Chapter 209 / Section 19110
§ 19110. Costs and expenses
Status: in_force

Costs and expenses incurred by the Commissioner in the exercise of powers given under sections 19101 through 19109 of this title may be assessed by the Commissioner against the Vermont financial institutions concerned and, when so assessed, shall be paid by those financial institutions.
8 V.S.A. § 31507 — VT Code / Title 8 / Chapter 221 / Section 31507
§ 31507. Standards
Status: in_force

For purposes of this subchapter, in the absence of standards otherwise prescribed by the Commissioner, a credit union shall follow the standards established by the National Credit Union Administration (NCUA). In the event standards established by the NCUA require the credit union to accumulate or maintain accounts in an amount in excess of the standard established by the Commissioner, the credit union shall accumulate and maintain such accounts in a manner sufficient to satisfy the requirements of the NCUA.
8 V.S.A. § 32707 — VT Code / Title 8 / Chapter 222 / Section 32707
§ 32707. Bond
Status: in_force

Each credit union service organization and each of its directors, officers, managers, general partners, employees, and authorized agent of a CUSO who has charge or possession of the funds, securities, or other assets of such CUSO shall be bonded by a surety company authorized to do business in this State. Such bond shall be in favor of the CUSO and in such amount as is approved by the governing body of the CUSO. The Commissioner may require the amount of the bond to be increased. A copy of each bond and any renewal thereof shall be promptly filed with the Commissioner.
8 V.S.A. § 31704 — VT Code / Title 8 / Chapter 221 / Section 31704
§ 31704. Purposes
Status: in_force

A corporate credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to:

(1) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

(2) act as an intermediary for credit union funds between members and other corporate credit unions;

(3) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

(4) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions; and

(5) perform such other financial services of benefit to its members that are authorized by the Commissioner.
8 V.S.A. § 30202 — VT Code / Title 8 / Chapter 220 / Section 30202
§ 30202. Fees and Department expenses
Status: in_force

The provisions of sections 18 and 19 of this title shall apply to credit unions in the same manner as they apply to financial institutions. Except for fees related to the formation of a credit union, formation of a credit union service organization, and formation of a corporate credit union, credit unions with less than $30 million in assets shall not be charged more than $100.00 per service for the services described in subsection 19(a) of this title.
8 V.S.A. § 4518 — VT Code / Title 8 / Chapter 123 / Section 4518
§ 4518. Tax exemption
Status: in_force

A hospital service corporation shall be exempt from all forms of taxation except the health care claims tax assessed pursuant to 32 V.S.A. § 10402.
8 V.S.A. § 10302 — VT Code / Title 8 / Chapter 200 / Section 10302
§ 10302. Automated teller machines
Status: in_force

(a) The owner of an automated teller machine or other remote service unit located or to be located in this State shall, using a form prescribed by the Commissioner:

(1) provide the ownership and location of each machine or unit at least 30 days prior to the activation of the machine or unit;

(2) obtain Commissioner approval of the form, content, timing, and location of all disclosures required by subsection (b) of this section prior to their use; and

(3) notify the Commissioner of the deactivation of any machine or unit within 30 days after its deactivation.

(b) The owner of an automated teller machine or other remote service unit located or to be located in this State shall disclose prominently and conspicuously, using as high a contrast or resolution as any other display or graphics on the machine or unit, prior to the point at which a consumer using the machine or unit is irrevocably committed to completing any transaction:

(1) on or at the location of each machine or unit, or on the first screen of such machine or unit, the name, address, and telephone number of the owner of the machine or unit and the days, time, and means by which a consumer can contact the owner for consumer assistance; and

(2) on the screen of each machine or unit, the amount of the fees or charges that the owner will assess to the consumer for the transaction, a clear explanation that the fees or charges are imposed by the owner of the machine or unit in connection with the consumer's transaction and are in addition to any fees or charges that may be imposed by the issuer of a consumer's card, and the method by which the consumer may cancel the transaction to avoid imposition of the fees or charges.

(c) The Commissioner shall act on complete applications for approval of disclosures required by subsection (b) of this section within 30 days after receipt. The absence of full ownership and location information for each machine or unit that will use the disclosures will result in return of the application as incomplete.

(d) To ensure adequate consumer protection, the Commissioner may by order or by rule specify additional minimum disclosure standards for automated teller machines or other remote service units, including the form, content, timing, and location of such disclosures.

(e) The Commissioner may impose on the owner of an automated teller machine or other remote service unit an administrative penalty of not more than $1,000.00 for each day's failure of the owner to apply to the Commissioner for approval of disclosures required under this section, for each day's failure of the owner to use disclosures approved by the Commissioner, or for each day's continuing violation of an order of the Commissioner relating to the disclosures required by this section.

(f) In addition to an automated teller machine or other remote service unit owned by a financial institution or credit union, the provisions of this section shall apply to such machine or unit not owned by a financial institution or credit union, except it shall not include a money transmission kiosk governed by chapter 79 of this title or a point-of-sale terminal owned or operated by a merchant who does not charge a fee for the use of the point-of-sale terminal.

(g) The activities of an automated teller machine or other remote service unit whose owner is not a financial institution or credit union shall be limited to cash dispensing or the offer or sale of nonbanking services and products.
8 V.S.A. § 2236a — VT Code / Title 8 / Chapter 73 / Section 2236a
§ 2236a. Extent of assignment; service upon employer
Status: in_force

Under any such assignment or order for the payment of future salary, wages, commissions, or other compensation for services given as security for a loan made by any licensee under this chapter, a sum not to exceed 10 percent of the borrower's salary, wages, commissions, or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time of each payment to the borrower of such salary, wages, commissions, or other compensation for services, from the time that a copy of such assignment, verified by the oath of the licensee or the licensee's agent, together with a similarly verified statement of the amount unpaid upon such loan, is served upon the employer.
8 V.S.A. § 4048d — VT Code / Title 8 / Chapter 107 / Section 4048d
§ 4048d. Extension of benefits
Status: in_force

(a) Each group health insurance policy or subscriber contract shall provide a reasonable extension of benefits in the event that the employer or member is in a condition of total disability on the date of termination of the group policy or contract in accordance with the provisions of this section.

(b) A policy or contract providing benefits for loss of time from work or specific indemnity during hospital confinement shall provide that termination of the policy or contract during a loss of time or confinement shall have no effect on benefits payable for the loss of time or confinement.

(c) A policy or contract providing hospital or medical expense coverage benefits shall provide an extension of benefits of at least 12 months under major medical insurance coverage and at least 90 days under other types of hospital or medical expense coverage.

(d) The provisions of a policy or contract relating to extension of benefits or accrued liability shall be described in the policy or contract as well as in group insurance certificates. The benefits payable during a period of extension or accrued liability may be subject to the policy's or contract's regular benefit limits.

(e) Nothing in this section shall be construed to require an extension of dental benefits. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3700 — VT Code / Title 8 / Chapter 103 / Section 3700
§ 3700. Statutory purposes
Status: in_force

The statutory purpose of the exemption for annuity considerations in section 3718 of this title is to avoid reciprocity from other states.
8 V.S.A. § 4035 — VT Code / Title 8 / Chapter 107 / Section 4035
§ 4035. Policies not affected
Status: in_force

Nothing in sections 4018–4020, 4023, 4028–4032, 4034, 4036, and 4037 of this title shall apply to or affect:

(1) any policy of workers' compensation insurance or any policy of liability insurance, with or without supplementary coverage;

(2) any policy or contract of reinsurance;

(3) any blanket or group policy of insurance enumerated in sections 4041–4043 and 4052 of this title, except as otherwise provided in those sections; or

(4) life insurance, endowment, or annuity contracts, or contracts supplemental to those contracts, that contain only such provisions relating to accident and sickness insurance as:

(A) provide additional benefits in case of death or dismemberment or loss of sight by accident; or

(B) operate to safeguard the contracts against lapse or to give a special surrender value or special benefit or an annuity in the event that the insured or annuitant becomes totally and permanently disabled, as defined by the contract or supplemental contract. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4108 — VT Code / Title 8 / Chapter 109 / Section 4108
§ 4108. Filing, approval, and withdrawal of forms
Status: in_force

(a) All forms of policies or contracts, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders shall be filed with the Commissioner for approval prior to issuance or use by the insurer. Each such filing shall be accompanied by a payment to the Commissioner of a nonrefundable fee of $50.00 per filing submission.

(b) The Commissioner shall, within 30 days after the filing of any such policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders, disapprove any such form if the benefits provided therein are not reasonable in relation to the premium charge, or if it contains provisions that are unjust, unfair, inequitable, misleading, deceptive, or encourage misrepresentation of the coverage, or are contrary to any provision of the insurance law or of any rule or regulation promulgated thereunder.

(c) If the Commissioner notifies the insurer that the form is disapproved, it is unlawful thereafter for such insurer to issue or use such form. In such notice, the Commissioner shall specify the reason for his or her disapproval and state that a hearing will be granted within 20 days after request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance, nor any application, endorsement, or rider, shall be issued or used until the expiration of 30 days after it has been so filed, unless the Commissioner shall give his or her prior written approval thereto.

(d) The Commissioner may, at any time after a hearing held not less than 20 days after written notice to the insurer, withdraw his or her approval of any such form on any ground set forth in subsection (b) above. The written notice of such hearing shall state the reason for the proposed withdrawal.

(e) It is not lawful for the insurer to issue such forms or use them after the effective date of such withdrawal.

(f) Any order or final determination of the Commissioner under the provisions of this section shall be subject to judicial review.
8 V.S.A. § 3612 — VT Code / Title 8 / Chapter 101 / Section 3612
§ 3612. Definitions
Status: in_force

As used in this subchapter:

(1) “Account” means any one of the three accounts created under section 3613 of this title.

(2) “Association” means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title.

(3) “Commissioner” means the Commissioner of Financial Regulation.

(4) “Covered claim” means an unpaid claim, including a claim for unearned premiums:

(A) that is asserted against an insurer that becomes an insolvent insurer after the effective date of this chapter or against the insured of such an insurer;

(B) that arises out of and is in an amount not in excess of the applicable limits of an insurance policy to that this subchapter applies;

(C)(i) where the claimant or insured is a resident of this State at the time of the insured event; or

(ii) where the claim arises from property permanently located in this State;

(D) that does not include a claim for services rendered to or for the insolvent insurer; and

(E) that does not include any amount due any reinsurer, insurer, insurance pool, or underwriting association, provided that claims that would be covered claims but for this subdivision may be filed directly with the receiver of the insolvent insurer and shall not be asserted against an insured of the insolvent insurer.

(5) “Insolvent insurer” means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:

(A) licensed to transact insurance in this State either at the time the policy was issued or when the insured event occurred; and

(B) against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile.

(6) “Member insurer” means any person who:

(A) writes any kind of insurance to which this subchapter applies, including the exchange of reciprocal or interinsurance contracts; and

(B) is licensed to transact business in this State.

(7) “Net direct written premiums” means direct gross premiums written in this State on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.

(8) “Person” means any individual, corporation, partnership, association, or voluntary organization.
8 V.S.A. § 3801 — VT Code / Title 8 / Chapter 103 / Section 3801
§ 3801. Scope of subchapter-Short title
Status: in_force

This subchapter applies only to group life insurance and may be known and cited as the “Group Life Insurance Law.”
8 V.S.A. § 7128 — VT Code / Title 8 / Chapter 148 / Section 7128
§ 7128. Travel administrators
Status: in_force

(a) A person shall not act or represent themself as a travel administrator for travel insurance in this State unless that person:

(1) is a licensed property and casualty insurance producer in this State for activities permitted under that producer license;

(2) holds a valid managing general agent license in this State; or

(3) holds a valid third-party administrator license in this State.

(b) A travel administrator and its employees are exempt from the licensing requirements of section 4803 of this title for travel insurance it administers.

(c) An insurer is responsible for the acts of a travel administrator administering travel insurance underwritten by the insurer and is responsible for ensuring that the travel administrator maintains all books and records relevant to the insurer to be made available by the travel administrator to the Commissioner upon request.
8 V.S.A. § 4211 — VT Code / Title 8 / Chapter 113 / Section 4211
§ 4211. Volunteer drivers
Status: in_force

(a) An insurer may not refuse to issue motor vehicle liability insurance to an applicant solely because the applicant is a volunteer driver. An insurer may not impose a surcharge or otherwise increase the rate for a motor vehicle policy solely on the basis that the named insured, a member of the insured's household, or a person who customarily operates the insured's vehicle is a volunteer driver.

(b) As used in this section, “volunteer driver” means a person who provides services, including transporting individuals or goods, without compensation above mileage expenses to a charitable organization or nonprofit corporation established under Title 11B, pursuant to a written agreement.

(c) This section does not prohibit an insurer from refusing to renew, imposing a surcharge on, or otherwise raising the rate for a motor vehicle liability insurance policy based upon factors other than the volunteer status of the insured driver.
8 V.S.A. § 31405 — VT Code / Title 8 / Chapter 221 / Section 31405
§ 31405. Suspension of services
Status: in_force

A credit union may suspend or limit the use of services to credit union members who have caused a loss to the credit union, who have violated the membership agreement or any policy adopted by the governing body, or who are physically or verbally abusive to credit union members or staff. Members with suspended or limited services may maintain a share account and may continue to vote at annual and special membership meetings.