8 V.S.A. § 3965 — VT Code / Title 8 / Chapter 105 / Section 3965
§ 3965. Appraisers' award and expenses
Status: in_force

An award in writing of any two appraisers, when filed with the Commissioner, shall determine the sound value of the building. Each of the two appraisers first appointed shall be paid by the party nominating him or her and the third appraiser shall be paid by the parties equally.
8 V.S.A. § 2903 — VT Code / Title 8 / Chapter 85 / Section 2903
§ 2903. Bond
Status: in_force

(a) Prior to issuance of a license, the applicant shall file with the Commissioner and shall keep in force thereafter for as long as the license remains in effect, a bond in a form and substance to be approved by the Commissioner in which the applicant shall be the obligor, in the amount of $100,000.00 or in such sum as the Commissioner may require. The aggregate liability for any and all claims on any bond shall in no event exceed the sum thereof. No surety obligation on a bond shall be terminated unless at least 60 days' prior written notice is given by the surety to the obligor and the Commissioner. When one person is issued licenses to conduct the licensed activity at more than one office, the Commissioner may accept a single bond covering all such offices. The bond shall run to the State for the use of the State and of any person or persons who may have a cause of action against the obligor of such bond under the provisions of this chapter. Such bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this chapter and of all rules and regulations lawfully made by the Commissioner hereunder, and will pay to the State and to any such person or persons any and all monies that may become due or owing to the State or to such person or persons from such obligor under and by virtue of the provisions of this chapter.

(b) When an action is commenced on a licensee's bond, the Commissioner may require the filing of a new bond. Immediately upon recovery upon any action on the bond, the licensee shall file a new bond.

(c) Notwithstanding subsections (a) and (b) of this section, the Commissioner may waive or modify the requirement for or the amount of a bond or accept other appropriate means of ensuring the financial responsibility of a licensee.
8 V.S.A. § 6005 — VT Code / Title 8 / Chapter 141 / Section 6005
§ 6005. Dividends
Status: in_force

No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner. Notwithstanding the provisions of 11B V.S.A. chapter 13, a captive insurance company or incorporated protected cell organized under the provisions of Title 11B may make such distributions as are in conformity with its purposes and approved by the Commissioner.
8 V.S.A. § 4813g — VT Code / Title 8 / Chapter 131 / Section 4813g
§ 4813g. License
Status: repealed

(a) An insurance producer may receive qualification for a license and an appointment in one or more of the following lines of authority:

(1) Life: insurance coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.

(2) Accident and health or sickness: insurance coverage for sickness, bodily injury, or accidental death, and may include benefits for disability income.

(3) Property: insurance coverage for the direct or consequential loss or damage to property of every kind.

(4) Casualty: insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property.

(5) Variable life and variable annuity products: insurance coverage provided under variable life insurance contracts and variable annuities.

(6) Personal lines: property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes.

(7) Any other line of insurance permitted under State laws or regulations.

(b) An insurance producer license shall remain in effect unless revoked or suspended as long as the fee set forth in section 4800 of this title is paid and education requirements for resident individual producers are met by the due date.

(c) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance (for example, including a long-term medical disability) may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.

(d) [Repealed.]
8 V.S.A. § 4511 — VT Code / Title 8 / Chapter 123 / Section 4511
§ 4511. Purposes and definition
Status: in_force

A corporation may be organized for the purpose of establishing, maintaining, and operating a nonprofit hospital service plan through which hospital care may be provided by a hospital maintained by a corporation organized for hospital purposes to members of the public who become subscribers to the plan under a contract that entitles each subscriber to certain hospital care. As used in this chapter, the term “hospital service corporation” includes any corporation organized under the provisions of this chapter and also any unincorporated association furnishing hospital, medical, surgical, or nursing services, or any combination of these, to subscribers or members, except as provided in section 4519 of this title.
8 V.S.A. § 4032 — VT Code / Title 8 / Chapter 107 / Section 4032
§ 4032. Order of standard policy provisions
Status: in_force

The provisions specified in sections 4029 and 4030 of this title, or any corresponding provisions used in lieu of those provisions as permitted by those sections, shall either be printed in the same order as the provisions are set forth in those sections or, at the option of the health insurer, any such provision may appear as a unit in any part of the policy, with other provisions to which it may be logically related, provided the resulting policy shall not be in whole or in part unintelligible, uncertain, ambiguous, abstruse, or likely to mislead a person to whom the policy is offered, delivered, or issued. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4185 — VT Code / Title 8 / Chapter 112 / Section 4185
§ 4185. Examination; annual report
Status: in_force

The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit to the Commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner and a report of its activities during the preceding calendar year. Upon request of a member insurer, the Association shall provide the member insurer with a copy of the report.
8 V.S.A. § 13403 — VT Code / Title 8 / Chapter 203 / Section 13403
§ 13403. Powers and duties of the governing body
Status: reserved

(a) The governing body may exercise any and all powers of an institution not expressly reserved to the corporators or members by this title or by the institution's organizational documents or internal governance documents.

(b) The governing body shall see that all funds of the institution are invested only in accordance with section 14107 of this title.

(c) The governing body may, in its discretion and so far as is consistent with its duties, appoint an executive committee from its members, such committee to conduct the business of the institution between meetings of the governing body, provided that all transactions of such executive committee shall be reported to the governing body at its next meeting and incorporated into the records of such meetings.

(d) The governing body shall require security for the fidelity and faithful performance of duties by the officers, employees, and agents of the financial institution, in such amount as the governing body shall deem necessary or as the Commissioner may require. Such security shall consist of a bond executed by one or more surety companies authorized to transact business in this State. The Commissioner may increase such amount from time to time as circumstances may require. The expense of such bond shall be assumed by the institution.

(e) The governing body shall also direct and require suitable insurance protection to the financial institution against burglary, robbery, theft, and other similar insurable hazards to which the financial institution may be exposed in the operation of its business on the premises or elsewhere.

(f) The governing body shall be responsible for prescribing at least once in each year the amount or penal sum of those bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazards. That action shall be recorded in the minutes of the governing body. The Commissioner may require a financial institution to furnish an attested duplicate of the bonds and policies required by this section.

(g) The Commissioner may require a Vermont financial institution to secure additional bonds or insurance.
8 V.S.A. § 4141 — VT Code / Title 8 / Chapter 111 / Section 4141
§ 4141. Capital of foreign fidelity and surety companies
Status: in_force

A foreign stock fidelity and surety company shall not do business in this State unless it has a paid up and unimpaired capital, exclusive of stockholders' obligations, of not less than $400,000.00.
8 V.S.A. § 32206 — VT Code / Title 8 / Chapter 222 / Section 32206
§ 32206. Deposits of minors; exemption from trustee process
Status: in_force

The provisions of section 14206 of this title governing deposits of minors and exemption from trustee process shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 4854 — VT Code / Title 8 / Chapter 132 / Section 4854
§ 4854. Subscribers' share in assets
Status: in_force

Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premium, savings, or credits then standing on subscribers' account, shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to a reasonable formula that the Commissioner approves.
8 V.S.A. § 4071 — VT Code / Title 8 / Chapter 107 / Section 4071
§ 4071. Gender-affirming health care services
Status: in_force

(a) As used in this section, “gender-affirming health care services” has the same meaning as in 1 V.S.A. § 150.

(b)(1) A health insurance plan shall provide coverage for gender-affirming health care services that:

(A) are medically necessary and clinically appropriate for the individual's diagnosis or health condition; and

(B) are included in the State's essential health benefits benchmark plan.

(2) Nothing in this section shall prohibit a health insurance plan from providing greater coverage for gender-affirming health care services than is required under this section.

(c) Cost sharing. A health insurance plan shall not impose greater coinsurance, co-payment, deductible, or other cost-sharing requirements for coverage of gender-affirming health care services than apply to the diagnosis and treatment of any other physical or mental condition under the plan.

(d) 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. The coverage provided pursuant to this section by Medicaid and other public health care assistance programs shall comply with any requirements imposed on such coverage by the Centers for Medicare and Medicaid Services. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2100 — VT Code / Title 8 / Chapter 72 / Section 2100
§ 2100. Application of chapter
Status: in_force

(a) Except as otherwise provided in this part, this chapter applies to a person doing or soliciting business in this State as described in this part.

(b) This chapter does not apply to:

(1) development credit corporations subject to chapter 65 of this title; or

(2) independent trust companies subject to chapter 77 of this title.
8 V.S.A. § 3542 — VT Code / Title 8 / Chapter 101 / Section 3542
§ 3542. Grounds for disapproval
Status: in_force

The Commissioner shall disapprove any form filed under this subchapter or withdraw any previous approval thereof, only on one or more of the following grounds:

(1) if it is in any respect in violation of or does not comply with this act;

(2) if it contains or incorporates by reference, where such incorporation is otherwise permissible, any inconsistent, ambiguous, or misleading clauses, or exceptions and conditions that deceptively affect the risk purported to be assumed in the general coverage of the contract;

(3) if it has any title, heading, or other indication of its provisions that is misleading;

(4) if it is printed or otherwise reproduced in such manner as to render any provision of the form substantially illegible.
8 V.S.A. § 4843 — VT Code / Title 8 / Chapter 132 / Section 4843
§ 4843. Services of process; judgment
Status: in_force

(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his or her principal office.

(b) Any judgment based upon legal process so served shall be binding upon each of the insurer's subscribers as their respective interests may appear, but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber.
8 V.S.A. § 4593 — VT Code / Title 8 / Chapter 125 / Section 4593
§ 4593. Reciprocal provisions
Status: in_force

A corporation organized under the laws of another state or country that, except as to state of organization, is a medical service corporation as defined by section 4583 of this title, and that the Commissioner finds has fully complied with the laws of such other state or country, shall be entitled to do business within this State subject to the provisions of this chapter after obtaining a permit as provided by section 4584 of this title. However, such a corporation organized under the laws of another state or country shall not be entitled to such permit, or to do business in this State unless such other state or country grants substantially similar rights and privileges to medical service corporations organized under the laws of this State. The Commissioner shall determine whether rights and privileges granted by other states or countries are substantially similar to those granted by this State, and his or her determination shall be final.
8 V.S.A. § 3718 — VT Code / Title 8 / Chapter 103 / Section 3718
§ 3718. Annuity considerations
Status: repealed

Insurers shall be subject to taxation according to the provisions of Title 32; provided, however, that no tax shall be due or payable as to considerations received for annuity contracts. Payment by an insurer of the tax as in Title 32 required shall be in lieu of all taxes imposed by the State upon premiums or upon income, and of franchise, privilege, or other taxes measured by income of the insurer. The provisions of this section shall not be modified or repealed by any law of general application hereafter enacted unless expressly referred to or expressly repealed therein.
8 V.S.A. § 3791i — VT Code / Title 8 / Chapter 103 / Section 3791i
§ 3791i. Minimum reserves
Status: in_force

(a) In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1968 be less than the aggregate reserves calculated in accordance with the methods set forth in sections 3791g, 3791h, 3791k, and 3791l of this subchapter and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.

(b) In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section 3791c of this subchapter.
8 V.S.A. § 4083 — VT Code / Title 8 / Chapter 107 / Section 4083
§ 4083. Services for victims of sexual assault
Status: in_force

(a) As used in this section, “sexual assault examination” means either or both of the following:

(1) a physical examination of the patient, documentation of biological and physical findings, and collection of evidence; and

(2) treatment of the patient's injuries; providing care for sexually transmitted infections; assessing pregnancy risk; discussing treatment options, including reproductive health services, screening for the human immunodeficiency virus, and prophylactic treatment when appropriate; and providing instructions and referrals for follow-up care.

(b) A health insurance plan shall not impose any co-payment or coinsurance or, to the extent permitted under federal law, deductible or other cost-sharing requirement for the sexual assault examination of a victim of alleged sexual assault for health care services associated with specific procedure codes identified in a memorandum of understanding between the health insurer and the Vermont Center for Crime Victim Services. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4245 — VT Code / Title 8 / Chapter 113 / Section 4245
§ 4245. Insurers to participate in Plan
Status: in_force

After approval of or preparation and promulgation of the Plan, every insurer licensed to transact business in this State shall participate in the Plan according to its provisions as described in section 4241 of this title. (1969, No. 63, § 6.)
8 V.S.A. § 31502 — VT Code / Title 8 / Chapter 221 / Section 31502
§ 31502. Regular reserve account
Status: in_force

(a) Every credit union shall accumulate and maintain a regular reserve account that shall be held to meet losses until the credit union is dissolved, when it may be distributed among the members. The regular reserve account shall be accumulated and regulated pursuant to standards established by the Commissioner, as the same may be amended from time to time.

(b) Any sums recovered on items previously charged to the regular reserve account shall be credited to the regular reserve account.

(c) Except as permitted under subsection 31506(b) of this title, the governing body of a credit union shall not transfer any part of the regular reserve account to the undivided earnings account without the prior written approval of the Commissioner.
8 V.S.A. § 3967 — VT Code / Title 8 / Chapter 105 / Section 3967
§ 3967. Effect on rate
Status: in_force

The rate charged for a fire insurance policy covering a building valued in accordance with the provisions of section 3964 of this title shall not be increased above the rate fixed for the same form of policy, containing or having attached thereto a coinsurance clause, where no request has been made to have the value of the property fixed.
8 V.S.A. § 2203a — VT Code / Title 8 / Chapter 73 / Section 2203a
§ 2203a. Additional bond; liquid assets to be maintained
Status: in_force

(a) If the Commissioner finds at any time that a licensee's bond is insecure, exhausted, insufficient, or otherwise doubtful, the Commissioner shall require one or more additional bonds meeting the standards set forth in section 2203 of this title. The licensee shall file the bond within 10 days of the Commissioner's written demand to do so.

(b) Every licensee, except as set forth in subsection (c) of this section, shall maintain at all times assets in amounts as set forth in section 2203 of this title, or in such greater amount deemed necessary by the Commissioner. Assets must be either in liquid form available for the operation of or actually used in the conduct of such business at the location specified in the license.

(c) Every licensee making commercial loans shall maintain liquid assets in an amount deemed necessary by the Commissioner, but in no event less than $50,000.00.
8 V.S.A. § 31401 — VT Code / Title 8 / Chapter 221 / Section 31401
§ 31401. Field of membership
Status: in_force

(a)(1) Except as provided in subdivision (2) of this subsection, the field of membership of a credit union is limited to:

(A) a single common bond membership;

(B) a multiple common bond membership;

(C) persons or organizations within one or more well-defined communities, neighborhoods, municipalities, or counties; or

(D) any combination of subdivisions (A), (B), or (C).

(2) Within the field of membership of a credit union, members may include:

(A) members of the immediate family or household of all members of the credit union included under subdivision (1)(A), (B), (C), or (D) of this subsection;

(B) organizers and employees of such credit union;

(C) the surviving spouse or party to a civil union of a deceased member of such credit union; and

(D) notwithstanding any change in employment, occupation, residence, or other condition initially controlling the eligibility for membership in any credit union, any person properly admitted to membership in a credit union who may continue membership during such person's lifetime.

(3) The field of membership may include associations and organizations of individuals, the majority of whom are eligible for membership in such credit union, partnerships in which the majority of the partners are individuals who are eligible for membership in such credit union, corporations in which the majority of shareholders are individuals who are eligible for membership in such credit union, and such entities in which a majority of the employees are individuals who are eligible for membership in such credit union.

(b)(1) The Commissioner may approve an amendment to the bylaws of a credit union to expand its field of membership if the Commissioner finds that:

(A) the credit union has not engaged in any material unsafe or unsound practice during the one-year period preceding the date on which the proposed amendment is filed with the Commissioner;

(B) the credit union maintains its net worth in accordance with subchapter 5 of this chapter; and

(C) the credit union has the administrative capability to serve the proposed membership group and the financial resources to meet the need for additional staff and assets to serve the new membership group.

(2) The Commissioner may approve an amendment to the bylaws of a credit union to change its field of membership whenever the Commissioner determines that continued operation of the credit union without the proposed amendment may result in liquidation or merger of such credit union.
8 V.S.A. § 10502 — VT Code / Title 8 / Chapter 200 / Section 10502
§ 10502. Definitions relating to basic banking
Status: in_force

As used in sections 10501 through 10504 of this title, the following terms shall have the following meanings:

(1) “Basic checking account” means a deposit account on which the consumer is permitted to make payments or transfers by check, money order, or other negotiable instruments and that is maintained by such person for personal, family, or household purposes.

(2) “Basic savings account” means a savings account or statement savings that is maintained by such person for personal, family, or household purposes.

(3) “Consumer” means a natural person.
8 V.S.A. § 4181 — VT Code / Title 8 / Chapter 112 / Section 4181
§ 4181. Duties and powers of the Commissioner
Status: in_force

(a) In addition to the duties and powers enumerated elsewhere in this chapter, the Commissioner shall:

(1) Upon the request of the Board of Directors, provide the Association with a statement of the premiums in Vermont and in any other appropriate states for each member insurer.

(2) Notify the Board of Directors of the existence of an impaired or insolvent insurer not later than three days after a determination of impairment or insolvency is made or the Commissioner receives notice of impairment or insolvency.

(3) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with such demand shall not excuse the Association from the performance of its powers and duties under this chapter.

(4) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator. If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commissioner shall be appointed conservator.

(b) The Commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact business in Vermont of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a forfeiture on any member insurer that fails to pay an assessment when due. Such forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $500.00 per month.

(c) A final action of the Board of Directors or the Association may be appealed to the Commissioner by a member insurer if such appeal is taken within 60 days following its receipt of notice of the final action being appealed. A final action or order of the Commissioner shall be subject to judicial review in the Vermont Supreme Court.

(d) The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.
8 V.S.A. § 14302 — VT Code / Title 8 / Chapter 204 / Section 14302
§ 14302. Real estate loans
Status: reserved

(a) Clear title. All loans secured by mortgages on real estate shall be supported by written evidence satisfactory to the financial institution that title to the security is marketable and the lien is valid and enforceable. A mortgage on lands subject to lease under which rents are reserved to the owner, with all of the owner's rights and options under the lease collaterally assigned to the financial institution as security or a mortgage upon lands impressed with a public use, sometimes known as lease, society, or glebe lands, but held under a durable lease, shall not be deemed to be subordinate to such lease or public use.

(b) Appraised value. The appraisal of real estate securing a federally related transaction entered into by a financial institution shall comply with the regulations of the Federal Deposit Insurance Corporation, as amended and codified at 12 C.F.R. Part 323. The appraisal of real estate securing a nonfederally related transaction entered into by a financial institution shall comply with the federal supervisory agencies' interagency guidelines, as amended.

(c) Servicing of loans. A financial institution may contract with another financial institution, corporation, or association whose transactions are in whole or in part the handling and servicing of mortgage loans, to handle and service loans in its behalf. Whenever such a contract is made, the financial institution shall not lose or suffer any impairment of any right of deduction or offset it might have against any one liable for the mortgage debt.

(d) Home loan escrow accounts. Any financial institution that requires a home loan escrow account to be established and maintained by a borrower shall follow the provisions of section 10404 of this title.

(e) Loans insured or guaranteed by federal law. Any mortgage on real estate given to secure a loan insured or guaranteed by the federal housing commissioner, the administrator of Veterans Affair's or the administrator of the Small Business Administration, under the National Housing Act, the Servicemen's Readjustment Act of 1944 or the Small Business Act, respectively, as amended, shall not be subject to the provisions of any law of this State prescribing the nature, amount, or form of security, or manner of repayment, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting the period or principal amount of which loans may be made, or prescribing or limiting the interest that may be charged or other charges that may be made or taken upon any loan or advance of credit.
8 V.S.A. § 2534 — VT Code / Title 8 / Chapter 79 / Section 2534
§ 2534. Money laundering reports
Status: in_force

A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely filing of a complete and accurate report required under this section with the appropriate federal agency is deemed compliance with the requirements of this section.
8 V.S.A. § 2520 — VT Code / Title 8 / Chapter 79 / Section 2520
§ 2520. Applicability of subchapters
Status: in_force

The following subchapters of this chapter shall not apply to persons licensed under this subchapter: subchapter 4 (authorized delegates of money transmitters), subchapter 5 (reporting and records for money transmitters), subchapter 6 (prudential standards for money transmitters), subchapter 9 (timely transmission, refunds, and disclosures by money transmitters), and subchapter 10 (virtual currency).
8 V.S.A. § 2563 — VT Code / Title 8 / Chapter 79 / Section 2563
§ 2563. Notice
Status: in_force

Every licensee or authorized delegate shall disclose on their website and mobile application the name of the Department and a current link to the Vermont Banking Consumer Complaint Form accompanied by statements conveying that, should the licensee's customers have a complaint about the licensee's money transmission services they should first contact the licensee using contact information supplied by the licensee and, if the complaint remains unresolved, they can submit a complaint to the Department using the form.
8 V.S.A. § 3707 — VT Code / Title 8 / Chapter 103 / Section 3707
§ 3707. Disability benefits
Status: in_force

Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all policies or contracts providing benefits on account of the insured's disability that are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt of the insured, and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use.
8 V.S.A. § 11602 — VT Code / Title 8 / Chapter 201 / Section 11602
§ 11602. Power of Commissioner to impose corrective action
Status: in_force

(a) The Commissioner may, in addition to any other power exercisable by the Commissioner under the provisions in this title, require a Vermont financial institution or state financial institution with a branch in this State to:

(1) maintain its accounts in accordance with such rules as he or she may prescribe having regard to the size of the organization;

(2) observe methods and standards that he or she may prescribe for determining the value of various types of assets;

(3) charge off or sell the whole or part of an asset that was acquired in violation of the financial institutions' investment policy or an order of the Commissioner;

(4) write down an asset to its market value;

(5) record liens and other interests in property;

(6) obtain a financial statement from a borrower to the extent that the financial institution can do so;

(7) obtain insurance against damage to real estate taken as security;

(8) search, or obtain insurance of, the title to real estate taken as security; and

(9) maintain adequate insurance against such other risks as the Commissioner may deem necessary and appropriate for the protection of depositors and the public.

(b) Any order of the Commissioner issued under this section shall be subject to subsection 11601(c) of this title.
8 V.S.A. § 3791e — VT Code / Title 8 / Chapter 103 / Section 3791e
§ 3791e. Computation of minimum standard for annuities
Status: in_force

(a) Except as provided in section 3791f of this subchapter, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the effective date of this section and for annuities and pure endowments purchased on or after the operative date under group annuity and pure endowment contracts, shall be the Commissioner's reserve valuation methods defined in sections 3791g and 3791h of this subchapter and the following tables and interest rates:

(1) for individual annuity and pure endowment contracts issued prior to January 1, 1980, excluding any disability and accidental death benefits in those contracts: the 1971 Individual Annuity Mortality Table, or any modification of this table approved by the Commissioner, and six percent interest for single premium immediate annuity contracts and four percent interest for all other individual annuity and pure endowment contracts;

(2) for individual single premium immediate annuity contracts issued on or after January 1, 1980, excluding any disability and accidental death benefits in those contracts: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the NAIC that is approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for these contracts, or any modification of these tables approved by the Commissioner, and seven and one-half percent interest;

(3) for individual annuity and pure endowment contracts issued on or after January 1, 1980, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in those contracts: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the NAIC, that is approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for those contracts, or any modification of these tables approved by the Commissioner, and five and one-half percent interest for single premium deferred annuity and pure endowment contracts and four and one-half percent interest for all other individual annuity and pure endowment contracts;

(4) for annuities and pure endowments purchased prior to January 1, 1980, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts: the 1971 Group Annuity Mortality Table or any modification of this table approved by the Commissioner, and six percent interest; and

(5) for annuities and pure endowments purchased on or after January 1, 1980, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts: the 1971 Group Annuity Mortality Table, or any group annuity mortality table adopted after 1980 by the NAIC approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for annuities and pure endowments, or any modification of these tables approved by the Commissioner, and seven and one-half percent interest.

(b) After April 12, 1973, 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, 1979, which shall be the operative date of this section for that company. If a company makes no election, the operative date of this section for that company shall be January 1, 1979.
8 V.S.A. § 31308 — VT Code / Title 8 / Chapter 221 / Section 31308
§ 31308. Duties of officers, directors, and committee members
Status: in_force

(a) All officers, directors, and members of any committees of a credit union subject to the laws of this State under this title shall comply with the standards for such officers and directors established under Title 11B. Members of committees of credit unions shall comply with the same standards as directors.

(b) All officers, directors, and members of the supervisory or credit committees of a credit union subject to the laws of this State under this title shall administer the affairs of the credit union fairly and impartially and without discrimination in favor of or against any particular member.

(c) All executive officers, directors, and committee members shall comply with the conflict of interest standards established pursuant to section 31313 of this title.
8 V.S.A. § 2230 — VT Code / Title 8 / Chapter 73 / Section 2230
§ 2230. Rate of interest
Status: in_force

(a) Every licensee may charge, contract for, and receive thereon interest, calculated according to the actuarial method as set forth in 9 V.S.A. § 41a(d), not exceeding the rates permitted by 9 V.S.A. chapter 4, except that the rate of interest on loans secured by motor vehicles, mobile homes, travel trailers, aircraft, watercraft and farm equipment may not exceed the rate permitted by 9 V.S.A. § 41a(b)(4).

(b) Interest may be charged, contracted for, and received at the single annual percentage rate that would earn the same interest as the graduated rates when the loan is paid according to its agreed terms and the calculations are made according to the actuarial method. Interest shall not be paid, deducted, received, or added to principal in advance, except that the advance collection of interest for a period not to exceed 30 days shall be permitted upon the origination of a mortgage loan. Except for loans made pursuant to section 2216 of this title, the maximum interest permitted on loans made under this chapter shall be computed on the basis of the number of days actually elapsed. For the purpose of these computations, a year is any period of 365 consecutive days and 366 days during a leap year.

(c) No licensee shall induce or permit any person jointly or severally to become obligated, directly or contingently or both, under more than one contract of loan made under this section at the same time, for the purpose of obtaining a higher rate of interest than would otherwise be permitted by law.

(d) This section shall not apply to commercial loans.
8 V.S.A. § 6034h — VT Code / Title 8 / Chapter 141 / Section 6034h
§ 6034h. Conversion into protected cell
Status: in_force

(a)(1) Subject to the prior written approval of the Commissioner, a captive insurance company domiciled in this State and organized as an agency captive insurance company, association captive insurance company, industrial insured captive insurance company, pure captive insurance company, risk retention group, or special purpose financial insurance company may be converted into an unincorporated protected cell.

(2) Any such conversion shall be subject to subchapters 1 and 4 of this chapter, as applicable, as well as to a plan or plans of operation approved by the Commissioner, without affecting the converted entity's assets, rights, benefits, obligations, or liabilities.

(b) Any such conversion shall be deemed for all purposes to be a continuation of such converted entity's existence together with all of its assets, rights, benefits, obligations, and liabilities as a new protected cell. Any such conversion shall be deemed to occur without any transfer or assignment of any such assets, rights, benefits, obligations, or liabilities and without the creation of any reversionary interest in, or impairment of, any such assets, rights, benefits, obligations, and liabilities.

(c) Any such conversion shall not be construed to limit any rights or protections applicable to any converted entity under this subchapter or under subchapter 1 or 4 of this chapter, as applicable, that existed immediately prior to the date of such conversion.

(d)(1) Any entity converting into a protected cell pursuant to this section shall perform such conversion in accordance with:

(A) the provisions of 11A V.S.A. chapter 11 if the converted entity was a corporation;

(B) the provisions of 11 V.S.A. chapter 25, subchapter 10 if the converted entity was a limited liability company; or

(C) the provisions applicable to any other type of entity permissible under Vermont law if the converted entity was such an entity.

(2) As used in this subsection (d), a protected cell that is not an incorporated protected cell shall be considered an “organization” as that term is defined in 11A V.S.A. § 11.01 and 11 V.S.A. § 4141, an “other insurer” as that term is defined in 8 V.S.A. § 6020, and an “entity” as that term is defined in 11C V.S.A. § 102.
8 V.S.A. § 8310 — VT Code / Title 8 / Chapter 159 / Section 8310
§ 8310. Foreign insurers
Status: in_force

(a) A foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner a risk-based capital report for the calendar year just ended. The requested report shall be filed not later than the later of 15 days from the receipt of notice to file the report with this State or the filing date provided in subsection 8302(a) of this title.

(b) A foreign insurer shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.

(c) Upon the occurrence of an event under section 8303 (company action level event), 8304 (regulatory action level event), or 8305 (authorized control level event) of this title with respect to any foreign insurer as determined under the risk-based capital statute applicable in the state of domicile of the insurer or, if no risk-based capital statute is in force in that state, under the provisions of this chapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under that state's risk-based capital statute or, if no risk-based capital statute is in force in that state, then under section 8303 of this title, the Commissioner may require the foreign insurer to file a risk-based capital plan with the Commissioner. The failure of the foreign insurer to file a risk-based capital plan shall be grounds to order the insurer to cease and desist from writing new insurance business in this State.

(d) The Commissioner may make application to the Washington Superior Court for an order under chapter 145 of this title for the liquidation of property of the insurer found in this State in the event the insurer has not been placed under such an order in its state of domicile after reporting an event under section 8305 or 8306 of this title. The occurrence of an event under sections 8305 and 8306 of this title shall be considered adequate grounds for the application. The Commissioner may order an insurer reporting an event under section 8305 or 8306 to cease and desist from writing new business in this State.
8 V.S.A. § 36102 — VT Code / Title 8 / Chapter 226 / Section 36102
§ 36102. Involuntary merger of credit union
Status: in_force

(a) Notwithstanding any other provision of law, the Commissioner may initiate the involuntary merger of a credit union that is insolvent or is in danger of insolvency or is operating in an unsafe or unsound manner with any other credit union or may authorize a credit union to purchase any of the assets of or assume any of the liabilities of any other credit union that is insolvent or in danger of insolvency or is operating in an unsafe or unsound manner if the Commissioner is satisfied that:

(1) an emergency requiring expeditious action exists with respect to such other credit union;

(2) other alternatives are not reasonably available; and

(3) the public interest would best be served by approval of such merger, consolidation, purchase, or assumption.

(b) The credit union may request a stay of the involuntary merger by appealing to the Washington Superior Court.

(c)(1) Notwithstanding any other provision of law, the Commissioner may authorize an institution whose deposits or accounts are insured to purchase any of the assets of or assume any of the liabilities of a credit union that is insolvent or in danger of insolvency or is operating in an unsafe or unsound manner.

(2) For purposes of the authority contained in this section, insured share and deposit accounts of the credit union may, upon consummation of the purchase and assumption, be converted to insured deposits or other comparable accounts in the acquiring institution, and the Commissioner and the insuring organization shall be absolved of any liability to the credit union's members with respect to those accounts.

(d) Notwithstanding any other provision of law, the Commissioner may waive the need for a membership vote of both the acquired and continuing credit union to approve the involuntary merger and may waive the requirement that the governing body of the acquired credit union approve the involuntary merger.
8 V.S.A. § 3471 — VT Code / Title 8 / Chapter 101 / Section 3471
§ 3471. Mortgages on real and personal property as liens; priorities
Status: in_force

Any mortgages acquired by an insurer on real or personal property so written as to secure a present debt and any future advances by the mortgagee or an assignee shall be a lien upon the mortgaged property for the full amount of debt directly created between the mortgagor and the mortgagee and between the mortgagor and an assignee of the mortgagee subsequent to assignment, due to the mortgagee or assignee at any given time provided that if the mortgaged property includes a homestead, the spouse of the mortgagor must consent in writing to the creation of any subsequent indebtedness. Any such mortgage may be assigned for the full amount due thereon at the time of such assignment. A subsequent mortgage on the same premises shall be inferior to the first mortgage unless the second mortgagee in writing notifies the first mortgagee of the incidence of his or her mortgage, in which case indebtedness created by the mortgagor to the first mortgagee subsequent to such notice shall be inferior to the lien of the second mortgagee. In any conflict with other provisions of Vermont statutes this section shall control.
8 V.S.A. § 2406 — VT Code / Title 8 / Chapter 77 / Section 2406
§ 2406. Reciprocity
Status: in_force

(a) An independent trust company organized under the laws of a jurisdiction other than Vermont shall be authorized to engage in a trust business in this State, to the same extent and under the same conditions that an independent trust company formed in this State may operate in such other jurisdiction. The independent trust company organized under the laws of a jurisdiction other than Vermont must obtain the Commissioner's written authorization before it may engage in a trust business in this State.

(b) For purposes of this section, an independent trust company organized under the laws of a jurisdiction other than Vermont shall mean an entity that is organized and regulated in a manner that is substantially similar to an independent trust company formed under this chapter by whatever name, but which is not a financial institution within the meaning of subdivision 11101(32) of this title.
8 V.S.A. § 3695 — VT Code / Title 8 / Chapter 101 / Section 3695
§ 3695. Supervisory colleges
Status: in_force

(a) Power of Commissioner. With respect to any insurer registered under section 3684 of this title and in accordance with subsection (c) of this section, the Commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the Commissioner with respect to supervisory colleges include the following:

(1) initiating the establishment of a supervisory college;

(2) clarifying the membership and participation of other supervisors in the supervisory college;

(3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;

(4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and

(5) establishing a crisis management plan.

(b) Expenses. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the Commissioner's participation in a supervisory college in accordance with subsection (c) of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commissioner may establish a regular assessment on the insurer for the payment of these expenses.

(c) Supervisory college. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes and as part of the examination of individual insurers in accordance with section 3686 of this chapter, the Commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The Commissioner may enter into agreements in accordance with subsection 3687(c) of this chapter providing the basis for cooperation between the Commissioner and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.
8 V.S.A. § 6017 — VT Code / Title 8 / Chapter 141 / Section 6017
§ 6017. Captive Insurance Regulatory and Supervision Fund
Status: in_force

(a)(1) There is hereby created a fund to be known as the Captive Insurance Regulatory and Supervision Fund for the purpose of providing the financial means for the Commissioner of Financial Regulation to administer this chapter, chapter 142, and chapter 142A of this title and for reasonable expenses incurred in promoting the captive insurance industry in Vermont. The transfer of 13 percent of the premium tax under subsection 6014(h) of this title and all fees and assessments received by the Department pursuant to the administration of these chapters shall be credited to this Fund. Of this amount, not more than three percent of the premium tax under section 6014 may be expended by the Agency of Commerce and Community Development, with approval of the Secretary of Administration, for promotional expenses. All fines and administrative penalties, however, shall be deposited directly into the General Fund.

(2) All payments from the Captive Insurance Regulatory and Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management, after receipt of proper documentation regarding services rendered and expenses incurred.

(b) At the end of each fiscal year, the balance in the Captive Insurance Regulatory and Supervision Fund shall be transferred to the General Fund.

(c) The Commissioner of Finance and Management may anticipate receipts to the Captive Insurance Regulatory and Supervision Fund and issue warrants based thereon.
8 V.S.A. § 2241 — VT Code / Title 8 / Chapter 73 / Section 2241
§ 2241. Prohibited acts and practices
Status: in_force

It is a violation of this chapter for a person or individual to:

(1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person;

(2) engage in any unfair or deceptive practice toward any person;

(3) obtain property by fraud or misrepresentation;

(4) solicit or enter into a contract with a borrower that provides in substance that the person or individual may earn a fee or commission through “best efforts” to obtain a loan even though no loan is actually obtained for the borrower;

(5) solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

(6) conduct any business covered by this chapter without holding a valid license as required under this chapter, to assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter, or to refer a person to, or receive a fee from, any person who must be licensed but was not licensed as of the time the licensee's services were provided;

(7) fail to make disclosures as required by this chapter and any other applicable State or federal law, including regulations thereunder;

(8) fail to comply with this chapter or rules adopted under this chapter, or fail to comply with any orders or directives from the Commissioner, or fail to comply with any other State or federal law, including the rules thereunder, applicable to any business authorized or conducted under this chapter;

(9) make, in any manner, any false or deceptive statement or representation, including with regard to the rates, points, or other financing terms or conditions for a mortgage loan, to engage in bait and switch advertising, or to represent to the public that the licensee is able to perform an activity requiring licensure unless such licensee is duly licensed or is exempt from licensure;

(10) negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Mortgage Licensing System and Registry or in connection with any investigation conducted by the Commissioner or another governmental agency;

(11) make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property;

(12) collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by this chapter;

(13) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer;

(14) fail to account truthfully for monies belonging to a party to a mortgage loan transaction;

(15) fail to identify clearly and conspicuously the licensee and the purpose of the contract in its written and oral communications with a consumer; or

(16) fail to provide the ability to opt out of any unsolicited advertisement communicated to a consumer via an email address; to initiate an unsolicited advertisement via email to a consumer more than 10 business days after the receipt of a request from such consumer to opt out of such unsolicited advertisements; or to sell, lease, exchange, or otherwise transfer or release the email address or telephone number of a consumer who has requested to opt out of future solicitations.
8 V.S.A. § 4114 — VT Code / Title 8 / Chapter 109 / Section 4114
§ 4114. Judicial review
Status: in_force

Any party to the proceeding affected by an order of the Commissioner shall be entitled to judicial review in the Supreme Court.
8 V.S.A. § 7061 — VT Code / Title 8 / Chapter 145 / Section 7061
§ 7061. Notice to creditors and others
Status: in_force

(a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:

(1) by first-class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business;

(2) by first-class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;

(3) by first-class mail to all insurance agents of the insurer;

(4) by first-class mail to all persons known or reasonably expected to have claims against the insurer including all policyholders, at their last known address as indicated by the records of the insurer; and

(5) by publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.

(b) Notice to potential claimants under subsection (a) of this section shall require claimants to file with the liquidator their claims together with proper proofs thereof under section 7075 of this title, on or before a date the liquidator shall specify in the notice. Although an earlier date may be set by the liquidator, the last day to file claims shall be no later than 18 months following the order of liquidation. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall have a duty to keep the liquidator informed of any changes of address.

(c)(1) Notice under subsection (a) of this section to agents of the insurer and to potential claimants who are policyholders shall include, where applicable, notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.

(2) The liquidator shall promptly provide to the guaranty associations such information concerning the identities and addresses of such policyholders and their policy coverages as may be within the liquidator's possession or control, and otherwise cooperate with guaranty associations to assist them in providing to such policyholders timely notice of the guaranty associations' coverage of policy benefits, including, as applicable, coverage of claims and continuation or termination of coverages.

(d) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice.
8 V.S.A. § 3694 — VT Code / Title 8 / Chapter 101 / Section 3694
§ 3694. Recovery
Status: in_force

(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer where the distribution or payment pursuant to subdivision (1) or (2) of this subsection is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c), and (d) of this section:

(1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock; or

(2) any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiaries to a director, officer, or employee.

(b) No such distribution shall be recoverable if the parent or affiliate shows that when paid such distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.

(c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments under subsection (a) of this section received by such person. Any person who otherwise controlled the insurer at the time such distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.

(d) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.

(e) To the extent that any person liable under subsection (c) of this section is insolvent or otherwise fails to pay claims due from it pursuant to such subsection, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from the person liable under subsection (c) of this section.
8 V.S.A. § 11504 — VT Code / Title 8 / Chapter 201 / Section 11504
§ 11504. Examinations; cooperative agreements
Status: in_force

(a) To the extent consistent with subsection 11505(a) of this title, the Commissioner may make such examinations of any branch established and maintained in this State pursuant to chapter 205 of this title by a state financial institution as the Commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of this State and in accordance with safe and sound banking practices. The provisions of sections 18, 19, 11501, 11502, and 11503 of this title shall apply to such examinations.

(b) The Commissioner may enter into contracts with any financial institution supervisory agency that has concurrent jurisdiction over a Vermont financial institution or a state financial institution maintaining a branch, agency, 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 branch, agency, office, or location established and maintained in this State by a state financial institution or any branch, agency, office, or location located in any host state that is established and maintained by a Vermont financial institution, 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 financial institution that has its principal place of business in a state other than this State, the Commissioner shall recognize the exclusive 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 matters.
8 V.S.A. § 2227 — VT Code / Title 8 / Chapter 73 / Section 2227
§ 2227. Conduct of unrelated business
Status: in_force

No licensee shall conduct the business of making noncommercial loans under this chapter within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as may be authorized in writing by the Commissioner upon his or her finding that the character of such other business is such that the granting of such authority would not facilitate evasions of this chapter or of the rules and regulations lawfully made hereunder.
8 V.S.A. § 7043 — VT Code / Title 8 / Chapter 145 / Section 7043
§ 7043. Confidentiality of hearings
Status: in_force

Administrative and judicial proceedings under sections 7041 and 7042 of this title, all records of the insurer, other documents, and all Department files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential except as is necessary to obtain compliance with orders of the Commissioner or the court, unless the Superior Court of Washington County, after privately hearing arguments from the parties in chambers, shall order otherwise; or unless the insurer requests that the matter be made public. Until a court order permitting the matter to be made public issues, or the issuer requests that the matter be made public, all papers filed with the Superior Court of Washington County shall be held in a confidential file.
8 V.S.A. § 3429 — VT Code / Title 8 / Chapter 101 / Section 3429
§ 3429. Rights of dissenting members or policyholders
Status: in_force

If not less than five percent of the members or policyholders in a mutual insurer, who did not vote in favor of such merger or consolidation at the meeting at which the agreement of merger or consolidation was adopted by the members or policyholders of such insurer, shall at any time within 30 days after the filing of the affidavit of notice of the adoption of the agreement of merger or consolidation as provided for in sections 3424 and 3425 of this title, file a petition with the Commissioner for a hearing upon the adoption of such agreement of merger or consolidation, the Commissioner shall order a hearing upon said petition and give notice fixing the time and place of such hearing, to the insurers that are parties to the merger or consolidation 15 days before the date of such hearing. The insurer whose policyholders file such petition shall give notice by mail to each member or policyholder of such insurer, at least 10 days before such hearing. At the time and place fixed in such notice, or at the time or times and place or places to which such hearing shall be adjourned, the Commissioner shall proceed with the hearing and make or order such examination into the affairs and condition of each of such insurers as he or she may deem proper. The Commissioner shall have the power to summon and compel the attendance and testimony of witnesses and the production of books and papers before him or her at such hearing. Any member or policyholder, as the case may be, of the insurer so petitioning may appear before the Commissioner and be heard with reference to said contract. If, upon such hearing being had, the Commissioner is not satisfied that the interests of the members or policyholders, as the case may be, of such insurer are properly protected, or if he or she finds that any reasonable objection exists to such contract, he or she shall revoke the approval already given, and the said agreement of merger or consolidation shall thereupon become null and void. The Commissioner shall have like power to revoke any approval of any such agreement of merger or consolidation if any officer, director, or employee of any insurer party to such agreement of merger or consolidation shall, after reasonable notice, fail or refuse to attend and testify at such hearing, or to produce any books or papers called for by said Commissioner.
8 V.S.A. § 7073 — VT Code / Title 8 / Chapter 145 / Section 7073
§ 7073. Domiciliary liquidator's proposal to distribute assets
Status: in_force

(a) Within 120 days of a final determination of insolvency of an insurer by a court of competent jurisdiction of this State, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshalled assets, from time to time as such assets become available, to a guaranty association or foreign guaranty association having obligations because of such insolvency. If the liquidator determines that there are insufficient assets to disburse, the application required by this section shall be considered satisfied by a filing by the liquidator stating the reasons for this determination.

(b) A proposal under subsection (a) of this section shall at least include provisions for:

(1) Reserving amounts for the payment of expenses of administration and the payment of claims of secured creditors, to the extent of the value of the security held, and claims falling within the priorities established in Classes 1 and 2 of section 7081 of this title.

(2) Disbursement of the assets marshalled to date and subsequent disbursement of assets as they become available.

(3) Equitable allocation of disbursements to each of the guaranty associations and foreign guaranty associations entitled to such disbursements.

(4) Securing by the liquidator from each of the associations entitled to disbursements pursuant to this section of an agreement to return to the liquidator such assets, together with income earned on assets previously disbursed, as may be required to pay claims of secured creditors and claims falling within the priorities established in section 7081 of this title in accordance with such priorities. A bond shall not be required of any such association.

(5) A full report to be made by each association to the liquidator accounting for all assets so disbursed to the association, all disbursements made from such assets, any interest earned by the association on such assets, and any other matter as the court may direct.

(c) The liquidator's proposal shall provide for disbursements to the associations in amounts estimated at least equal to the claim payments made or to be made thereby for which such associations could assert a claim against the liquidator and shall further provide that if the assets available for disbursement from time to time do not equal or exceed the amount of such claim payments made or to be made by the association, then disbursements shall be in the amount of available assets.

(d) The liquidator's proposal shall, with respect to an insolvent insurer writing life or health insurance or annuities, provide for disbursements of assets to any guaranty association or any foreign guaranty association covering life or health insurance or annuities or to any other entity or organization reinsuring, assuming, or guaranteeing policies or contracts of insurance under the acts creating such associations.

(e) Notice of an application under this section shall be given to the association in and to the commissioners of insurance of each of the states. Notice shall be deemed to have been given when deposited in the U.S. certified mails, first-class postage prepaid, at least 30 days prior to submission of such application to the court. Action on the application may be taken by the court, provided the notice required by this subsection has been given and provided further that the liquidator's proposal complies with the provisions of subdivisions (b)(1) and (b)(2) of this section.
8 V.S.A. § 15203 — VT Code / Title 8 / Chapter 205 / Section 15203
§ 15203. Foreign branches
Status: in_force

(a) A foreign bank not licensed by federal authorities to establish a federal branch in this State may transact business in this State only at a branch that is licensed by the Commissioner. The Commissioner may, upon receipt of an application of the foreign bank to establish a branch, issue a license to a foreign bank to conduct such business in compliance with the laws of this State if the Commissioner finds that:

(1) the foreign bank and its management are of good character and sound financial standing;

(2) the management of the foreign bank and proposed management of the branch are adequate;

(3) the convenience and needs of the persons to be served by the proposed branch will be promoted; and

(4) the foreign bank satisfies such other standards as the Commissioner may establish.

(b) The application required under this section shall be on a form approved by the Commissioner and shall contain a copy of all applicable federal approvals. Except as otherwise provided in this section, subsections 15202(b) and (d) of this title, the license, application, and operations of a branch licensed under this section shall be subject to the requirements imposed on the establishment and operation of branches of financial institutions organized under the laws of this State. Except as otherwise provided in federal law, this title or by rule or order of the Commissioner, the operations of a foreign bank at a branch in this State shall be conducted with the same rights, privileges, and powers as a financial institution incorporated under the laws of this State at the same location and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of the state to a financial institution incorporated under the laws of this State. The Commissioner may impose conditions or restrictions on the operations of a branch of a foreign bank in this State.
8 V.S.A. § 3618 — VT Code / Title 8 / Chapter 101 / Section 3618
§ 3618. Effect of paid claims
Status: in_force

(a) Any person recovering under this subchapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of his or her recovery from the Association. Every insured or claimant seeking the protection of this subchapter shall cooperate with the Association to the same extent as such person would have been required to cooperate with the insolvent insurer. The Association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except such causes of action as the insolvent insurer would have had if such sums had been paid by the insolvent insurer. In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims of the Association shall not operate to reduce the liability of insured's to the receiver, liquidator, or statutory successor for unpaid assessments.

(b) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the Association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this subchapter against the assets of the insolvent insurer. The expenses of the Association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.

(c) The Association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the Association, the expenses paid in the handling of paid or contested covered claims, estimates of anticipated claims on the Association, and estimates of the expenses of handling those anticipated claims, which shall preserve the rights of the Association against the assets of the insolvent insurer.
8 V.S.A. § 8094 — VT Code / Title 8 / Chapter 154 / Section 8094
§ 8094. Incontestability period
Status: in_force

(a) For a policy or certificate that has been in force for less than six months, an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is material to the acceptance for coverage.

(b) For a policy or certificate that has been in force for at least six months but less than two years, an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is both material to the acceptance for coverage and that pertains to the condition for which benefits are sought.

(c) After a policy or certificate has been in force for two years, it is not contestable upon the grounds of misrepresentation alone, but may be contested only upon a showing that the insured knowingly and intentionally misrepresented relevant facts relating to the insured's health.

(d) If an insurer has paid benefits under the long-term care insurance policy or certificate, the benefit payments may not be recovered by the insurer in the event that the policy or certificate is rescinded.

(e) In the event of the death of the insured, this section shall not apply to the remaining death benefit of a life insurance policy that accelerates benefits for long-term care. In this situation, the remaining death benefits under these policies shall be governed by sections 3731 and 4029 of this title. In all other situations, this section shall apply to life insurance policies that accelerate benefits for long-term care.
8 V.S.A. § 3883 — VT Code / Title 8 / Chapter 105 / Section 3883
§ 3883. Notice requirements
Status: in_force

When notice required under section 3880 or 3881 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail, certificate of mailing, or any other similar first-class mail tracking method used or approved by the U.S. Postal Service, including Intelligent Mail barcode Tracing (IMb Tracing). A certificate of mailing from the U.S. Postal Service does not include a certificate of bulk mailing.
8 V.S.A. § 31312 — VT Code / Title 8 / Chapter 221 / Section 31312
§ 31312. Vacancies
Status: in_force

A vacancy on the governing body, the supervisory committee, or any other governing-body-appointed or member-elected committee that exists due to the death, resignation, or removal of a director or committee member shall be filled by majority vote of the remaining directors, regardless of whether the remaining directors constitute a quorum. A director or committee member appointed by the governing body to fill a vacancy on a committee where the members elect the members of such committee shall hold office until the next annual meeting, at which time the members of the credit union shall vote to fill the remainder of the unexpired term.