8 V.S.A. § 2101 — VT Code / Title 8 / Chapter 72 / Section 2101
§ 2101. Definitions
Status: in_force

Except as otherwise provided in this part:

(1) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a license whether or not pursuant to an express agreement.

(2) “Commercial loan” means a loan or extension of credit that is described in 9 V.S.A. § 46(1), (2), or (4). The term does not include a loan or extension of credit secured in whole or in part by an owner-occupied, one- to four-unit dwelling.

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

(4)(A) “Control” means:

(i) the power to vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee;

(ii) the power to elect or appoint a majority of key individuals; or

(iii) the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.

(B) A person is presumed to exercise a controlling influence when the person holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee.

(C) A person presumed to exercise a controlling influence as defined by subdivision (B) of this subdivision (4) can rebut the presumption of control if the person is a passive investor.

(D) For purposes of determining the percentage of a person controlled by any other person, the person's interest shall be aggregated with the interest of any other immediate family member as defined in subdivision (9) of this section, as well as the interest of the person's mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and any other person who shares such person's home.

(5) “Depository institution” has the same meaning as in 12 U.S.C. § 1813 and includes any bank and any savings association as defined in 12 U.S.C. § 1813. The term also includes a credit union organized and regulated as such under the laws of the United States or any state.

(6) “Dwelling” has the same meaning as in 15 U.S.C. § 1602.

(7) “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation or any successor of any of these.

(8) “Holder” means:

(A) the person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession;

(B) the person in possession of a negotiable tangible document of title if the goods are deliverable either to bearer or to the order of the person in possession; or

(C) the person in control of a negotiable electronic document of title.

(9) “Immediate family member” means a spouse, child, sibling, parent, grandparent, or grandchild, aunt, uncle, nephew, niece, including stepparents, stepchildren, stepsiblings, step grandparents, step grandchildren, and adoptive relationships. The term also includes former spouses dividing property in connection with a divorce or separation.

(10) “Individual” means a natural person.

(11) “Insurance company” means an institution organized and regulated as such under the laws of any state.

(12) “Key individual” means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee, and includes persons exercising the managerial authority of a person in control of a licensee.

(13) “Licensee” means a person required to be licensed or registered under this part.

(14) “Material litigation” means a litigation that according to generally accepted accounting principles is deemed significant to an applicant's or a licensee's financial health and is required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records.

(15) “Mortgage loan” means a loan secured primarily by a lien against real estate.

(16) “Multistate licensing process” means any agreement entered into by and among state regulators relating to coordinated processing of applications for licenses, applications for the acquisition of control of a licensee, control determinations, or notice and information requirements for a change of key individuals.

(17) “Nationwide Multistate Licensing System and Registry” or “Nationwide Mortgage Licensing System and Registry” or “NMLS” means a multistate licensing system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and operated by the State Regulatory Registry LLC for the licensing and registration of nondepository financial service entities in participating state agencies, or any successor to the Nationwide Multistate Licensing System and Registry.

(18) “Person” has the same meaning as in 1 V.S.A. § 128.

(19) “Passive investor” means a person that:

(A) does not have the power to elect a majority of key individuals;

(B) is not employed by and does not have any managerial duties of the licensee or person in control of a licensee;

(C) does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and

(D) either attests to subdivisions (A), (B), and (C) of this subdivision (19) in a form and in a medium prescribed by the Commissioner or commits to the passivity characteristics of subdivisions (A), (B), and (C) of this subdivision (19) in a written document.

(20) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(21) “Residential mortgage loan” means a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on either a dwelling or residential real estate, upon which is constructed or intended to be constructed a dwelling.

(22) “Residential real estate” means real property located in this State, upon which is constructed or intended to be constructed a dwelling.

(23) “State” means a state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States, except that when capitalized the term means the State of Vermont.

(24) “Unique identifier” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.

(25) “Unsafe or unsound practice” means a practice or conduct by a person licensed to do business in this State that creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers.
8 V.S.A. § 2252 — VT Code / Title 8 / Chapter 74 / Section 2252
§ 2252. Registration; financial stability
Status: in_force

(a) A company shall not engage in the business of consumer litigation funding without first filing a registration with the Commissioner on a form prescribed by the Commissioner and submitting a registration fee and proof of financial stability.

(b) A company shall file with the Commissioner evidence of its financial stability, which shall include proof of a surety bond or irrevocable letter of credit issued and confirmed by a financial institution authorized by law to transact business in Vermont that is equal to double the amount of the company's largest funded amount in Vermont in the prior three calendar years or $50,000.00, whichever is greater.
8 V.S.A. § 5024 — VT Code / Title 8 / Chapter 138 / Section 5024
§ 5024. Conditions for placement of insurance
Status: in_force

(a) Insurance coverage, except as described in section 5025 of this chapter, shall not be placed with a surplus lines insurer unless the full amount of insurance required is not reasonably procurable from admitted insurers actually transacting that kind and class of insurance in this State; and the amount of insurance exported shall be only the excess over the amount procurable from admitted insurers actually transacting and insuring that kind and class of insurance.

(b) Notwithstanding any other provision of this section, the Commissioner may order eligible for export any class or classes of insurance coverage or risk for which he or she finds there to be an inadequate competitive market among admitted insurers either as to acceptance of the risk, contract terms, or premium or premium rate.

(c) The due diligence search for reasonably procurable insurance coverage required under subsection (a) of this section is not required for an exempt commercial purchaser, provided:

(1) the surplus lines broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may be available from an admitted insurer and may provide greater protection with more regulatory oversight; and

(2) the exempt commercial purchaser has subsequently requested in writing the surplus lines broker to procure or place such insurance from a non-admitted insurer.
8 V.S.A. § 10701 — VT Code / Title 8 / Chapter 200 / Section 10701
§ 10701. Definitions
Status: in_force

As used in this subchapter:

(1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter.

(2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that:

(A) is a loan in which the committed principal amount is secured by a mortgage on residential property owned by the borrower;

(B) is due upon sale of the property securing the loan or upon the death of the last surviving borrower or upon the borrower terminating use of the real property as a principal residence or upon the borrower's default;

(C) provides cash advances to the borrower based upon the equity or the value in the borrower's owner-occupied principal residence; and

(D) requires no payment of principal or interest until the entire loan becomes due and payable.
8 V.S.A. § 6049j — VT Code / Title 8 / Chapter 141 / Section 6049j
§ 6049j. Corporate governance; disclosure
Status: in_force

Except as otherwise provided in this section, the provisions of section 3316 of this title shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 6075 — VT Code / Title 8 / Chapter 142A / Section 6075
§ 6075. Hearing; penalties
Status: in_force

(a) If the Commissioner determines, after notice and hearing, that any person licensed under this chapter (i) has violated any provision of this chapter or rules adopted under this chapter, (ii) is not competent or trustworthy, or (iii) has engaged in any activity or has failed to do any act that if known at the time of licensing would have been grounds to refuse licensing, the Commissioner may impose one or more of the following penalties:

(1) order the revocation, suspension, or nonrenewal of the person's license;

(2) order the termination, suspension, or modification of the contract between such person and the risk retention group; or

(3) impose an administrative penalty of not less than $100.00 nor more than $1,000.00 for each violation under this chapter.

(b) In imposing any such penalty, the Commissioner shall take into account the seriousness of the violation, whether or not it was willful, and the licensee's past record of compliance with this chapter.

(c) Any hearing conducted under this chapter shall be conducted in accordance with 3 V.S.A. chapter 25.
8 V.S.A. § 4229 — VT Code / Title 8 / Chapter 113 / Section 4229
§ 4229. Penalties
Status: in_force

A person who violates a provision of this subchapter may be subject to an administrative penalty of $2,000.00 for each violation.
8 V.S.A. § 4048e — VT Code / Title 8 / Chapter 107 / Section 4048e
§ 4048e. Replacement coverage
Status: in_force

(a) General. When the group health insurance policy or subscriber contract of a health insurer replaces a policy or contract providing similar benefits of another health insurer, the liability of both health insurers shall be as provided in this section and rules adopted pursuant to this section.

(b) Liability of prior health insurer. A prior health insurer remains liable after termination of its policy or contract only to the extent of its accrued liabilities and extensions of benefits.

(c) Liability of succeeding health insurer.

(1) A succeeding health insurer shall offer a group health insurance policy or subscriber contract to replace a prior health insurer's policy or contract in accordance with the provisions of this subsection.

(2) A succeeding health insurer shall offer a policy or contract to cover all persons who:

(A) are covered or are a member of a class eligible for coverage under the prior health insurer's policy or contract on the date of termination of the prior health insurer's policy or contract; or

(B) are a member of a class eligible for coverage under the succeeding health insurer's policy or contract on the date of termination of the prior health insurer's policy or contract.

(3) The succeeding health insurer is not liable under this subsection for benefits required to be paid by the prior health insurer.

(4) When replacing a prior health insurer's plan that is not subject to section 4048d of this title, the succeeding health insurer shall, in addition to the coverage required to be offered under subdivision (2) of this subsection, offer a policy or contract that provides a level of benefit equal to the lesser of:

(A) the extension of benefits that would have been required if the prior health insurer's policy or contract was subject to section 4048d of this title; or

(B) the extension of benefits required for the succeeding health insurer's policy or contract, except that any such benefits may be reduced by benefits actually payable under the prior health insurer's plan.

(5) The preexisting condition limitation of a succeeding health insurer's policy or contract shall provide a level of benefits equal to the lesser of:

(A) the benefits of the succeeding health insurer's policy or contract determined without application of the preexisting conditions limitation; or

(B) the benefits of the prior health insurer's policy or contract.

(6) The succeeding health insurer, in applying a deductible or waiting-period provision in its policy or contract, shall give credit for the satisfaction of the same or similar provisions under the prior health insurer's policy or contract.

(7) At the succeeding health insurer's request, the prior health insurer shall furnish all information needed to determine the benefits available under the prior health insurer's policy or contract.

(d) Rules. The Commissioner shall adopt rules necessary to carry out the purposes of this section. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2530 — VT Code / Title 8 / Chapter 79 / Section 2530
§ 2530. Report of condition
Status: in_force

(a) Each licensee shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the Commissioner may prescribe.

(b) The report of condition shall include:

(1) Financial information at the licensee level.

(2) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission.

(3) A permissible investments report.

(4) Transaction destination country reporting for money received for transmission, if applicable.

(5) Any other information the Commissioner reasonably requires with respect to the licensee. The Commissioner is authorized and encouraged to use NMLS for the submission of the report required by this section.

(c) The information required by subdivision (b)(4) of this section shall only be included in a report of condition submitted within 45 days after the end of the fourth calendar quarter.
8 V.S.A. § 7006 — VT Code / Title 8 / Chapter 143 / Section 7006
§ 7006. Form of insurance premium finance agreement
Status: in_force

(a) An insurance premium finance agreement shall:

(1) be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight-point type;

(2) contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by the insured, the name and place of business of the insurance premium finance company to which payments are to be made, a brief description of the insurance contracts involved, and the amount of premiums under the insurance contracts; and

(3) set forth the following items where applicable:

(A) the total amount of the premiums;

(B) the amount of the down payment;

(C) the principal balance (the difference between subdivisions (A) and (B) of this subdivision (3));

(D) the amount of the interest;

(E) the balance payable by the insured (total of items listed in subdivisions (C) and (D) of this subdivision (3));

(F) the number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof; and

(G) the annual percentage rate of interest charged under the agreement.

(b) The items set out in subdivision (a)(3) of this section need not be stated in the sequence or order in which they appear in such subdivision (a)(3), and additional items may be included only to explain the computations made in determining the amount to be paid by the insured.
8 V.S.A. § 2575 — VT Code / Title 8 / Chapter 79 / Section 2575
§ 2575. Property interests and entitlements to virtual currency
Status: in_force

(a) A person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity that has control of virtual currency or provides virtual-currency storage to, for, or on behalf of one or more persons shall maintain custody and control of virtual currency in an identical type and amount of virtual currency sufficient to satisfy the aggregate entitlements of such persons to such identical types and amounts of virtual currency.

(b) For the purposes of subsection (a) of this section, units of virtual currency are only of an identical type and amount if such units are fungible in all respects, including having the same issuer and being identical in amount, market capitalization, circulating supply, name, U.S. dollar equivalent of virtual currency, liquidity, use, rights, restrictions, functionality, permissions, and any other material attribute.

(c) If a licensee violates subsection (a) of this section, the property interests of the persons in the virtual currency are pro rata property interests in the type of virtual currency to which the persons are entitled, without regard to the time the persons became entitled to the virtual currency or the licensee obtained control of the virtual currency.

(d) The virtual currency referred to in this section is and shall be:

(1) held for the persons entitled to the virtual currency;

(2) not property of the licensee or any person required to be licensed under this chapter;

(3) not subject to any claims, liens, or encumbrances of creditors of the licensee or any person required to be licensed under this chapter; and

(4) deemed to be a permissible investment under this chapter to the extent that there is an outstanding money transmission obligation owed to a customer in such type and amount of virtual currency.

(e) A person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity is prohibited from selling, transferring, assigning, lending, hypothecating, pledging, or otherwise using or encumbering virtual currency stored, held, controlled, or maintained by, or under the custody or control of, such licensee on behalf of another person except for the sale, transfer of ownership, or assignment of such assets at the direction of such other person.

(f) A person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity shall not directly or indirectly use or engage any other person, including any virtual-currency control-services vendor, to store or hold custody or control of any virtual currency for or on behalf of any customer in this State, unless such other person is licensed under subchapter 2 of this chapter to engage in virtual-currency business activity, a financial institution or credit union that is exempt from licensing under subdivision 2504(7) of this chapter, or a qualified custodian approved by the Commissioner by rule or order to hold virtual currency on behalf of customers in this State.

(g) Virtual currency held in violation of subsection (f) of this section shall not be deemed to be a permissible investment for purposes of satisfying a licensee's obligations under subsection 2542(a) of this chapter, but shall be deemed to be a permissible investment for purposes of subsections 2542(c)–(e) of this chapter.

(h) The Commissioner may by rule or order adopt additional consumer protections concerning virtual currency, including:

(1) rules regarding the segregation of virtual currencies and accounts held for or on behalf of customers from a licensee's own virtual currencies and assets;

(2) rules related to the custody, storage, security, ownership of, and title to permissible investments and customer virtual currencies and assets;

(3) rules related to the use of virtual-currency control service vendors or other custodians to hold custody or control of virtual currency;

(4) rules related to audit requirements for customer assets;

(5) rules setting standards, limits, prohibitions, disclosure requirements, and procedures regarding the types of virtual currencies and related services, activities, and transactions that licensees may offer in this State as may be necessary or appropriate for the protection of consumers or compliance with the terms of this chapter;

(6) rules requiring compliance with specific provisions of the Uniform Commercial Code; and

(7) any rules as may be necessary or appropriate for the protection of consumers or necessary or appropriate to effectuate the purposes of this chapter.
8 V.S.A. § 12201 — VT Code / Title 8 / Chapter 202 / Section 12201
§ 12201. Meetings
Status: in_force

(a) The governing body of a Vermont financial institution shall meet at least monthly, except as otherwise provided in this section. A governing body that has appointed an executive committee that meets during the months in which the governing body does not meet shall meet at least six times a year, including once each quarter. Minutes of executive committee meetings shall be ratified by the governing body.

(b) At least once each month and at each regular meeting, the treasurer shall prepare a financial statement showing the condition of the financial institution, which shall be recorded in a book kept for that purpose and at all times shall be open to the inspection by the governing body and the Commissioner. A record shall be made at each meeting of the transactions of the governing body and the names of the directors present.

(c) 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.

(d) 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.
8 V.S.A. § 4474 — VT Code / Title 8 / Chapter 121 / Section 4474
§ 4474. Benefits
Status: in_force

(a) A society authorized to do business in this State may provide for the payment of:

(1) death benefits in any form;

(2) endowment benefits;

(3) annuity benefits;

(4) temporary or permanent disability benefits as a result of disease or accident;

(5) hospital, medical, or nursing benefits due to sickness or bodily infirmity or accident;

(6) monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of $300.00; and

(b) Such benefits may be provided on the lives of members or upon application of a member, on the lives of the member's family, including the member, the member's spouse and minor children, in the same or separate certificates.
8 V.S.A. § 3577 — VT Code / Title 8 / Chapter 101 / Section 3577
§ 3577. Requirements for actuarial opinions
Status: in_force

(a) Each licensed insurance company shall include on or attached to its annual statement submitted under section 3561 of this title a statement of a qualified actuary, entitled “statement of actuarial opinion,” setting forth an opinion on life and health policy and claim reserves and an opinion on property and casualty loss and loss adjustment expenses reserves.

(b) The “statement of actuarial opinion” shall be treated as a public document and shall conform to the Standards of Practice promulgated by the Actuarial Standards Board of the American Academy of Actuaries, the standards of the Casualty Actuarial Society, and such additional standards as the Commissioner may establish by rule. The Commissioner by rule shall establish minimum standards applicable to the valuation of health disability, sickness, and accident plans.

(c) Opinions required by this section shall apply to all business in force, and shall be stated in form and in substance acceptable to the Commissioner as prescribed by rule.

(1) In the case of property and casualty insurance companies domiciled in this State, every company that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate Property and Casualty Annual Statement Instructions of the National Association of Insurance Commissioners (NAIC) and shall be considered as a document supporting the actuarial opinion required in subsection (a) of this section. A property and casualty insurance company licensed but not domiciled in this State shall provide the actuarial opinion summary upon request.

(2) In the case of property and casualty insurance companies, an actuarial report and underlying work papers, as required by the appropriate Property and Casualty Annual Statement Instructions of the NAIC, shall be prepared to support each actuarial opinion. If the property and casualty insurance company fails to provide a supporting actuarial report or work papers at the request of the Commissioner or if the Commissioner determines that the supporting actuarial report or work papers provided by the insurance company is otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or work papers.

(3) In the case of property and casualty insurance companies, the appointed actuary shall not be liable for damages to any person other than the insurance company and the Commissioner for any act, error, omission, decision, or conduct with respect to the actuary's opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.

(d) In the case of life insurance companies doing business in this State, the opinion shall state whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by rule are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with prior reported amounts, comply with applicable laws of this State, and comply with such further standards as the Commissioner may establish by rule.

(e) Every life insurance company shall annually include in the opinion required by this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts.

(f) In the case of an opinion required to be submitted by a foreign or alien company, the Commissioner may accept the opinion filed by that company with the insurance supervisory official of another state if the Commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this State.

(g) The Commissioner may provide by rule for a transition period for establishing any higher reserves that the qualified actuary may deem necessary in order to render the opinion required by this section.

(h) In the case of life and health insurance companies, “qualified actuary” is an individual who:

(1) is a member of good standing of the American Academy of Actuaries;

(2) is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements; and

(3) is familiar with the valuation requirements applicable to life and health insurance companies.

(i) In the case of property and casualty insurance companies, “qualified actuary” is an individual who:

(1) is a member of good standing of the Casualty Actuarial Society;

(2) is qualified to sign statements of actuarial opinion for property and casualty insurance company annual statements in accordance with the Casualty Actuarial Society qualification standards for actuaries signing such statements; and

(3) is familiar with the valuation requirements applicable to property and casualty insurance companies.

(j) The Commissioner, after notice and administrative hearing, may disqualify an actuary who has:

(1) violated any provision of, or any obligation imposed by, the insurance law or other law in the course of his or her dealings as a qualified actuary; or

(2) been found guilty of fraudulent or dishonest practices; or

(3) demonstrated his or her incompetency, lack of cooperation, or unethical behavior to act as a qualified actuary; or

(4) submitted to the Commissioner during the past five years an actuarial opinion or memorandum that the Commissioner rejected because it did not meet the provisions of this section or the standards set by the Actuarial Standards Board or the Casualty Actuarial Society; or

(5) resigned or been removed as an actuary within the past five years as a result of acts or omissions indicated in any adverse report on examination or as a result of failure to adhere to generally acceptable actuarial standards; or

(6) has failed to notify the Commissioner of any action taken by any commissioner of any other state similar to that under this subsection.

(k) Upon written application of any insurer, the Commissioner may, in his or her discretion, grant an exemption from compliance with this section if the Commissioner finds, upon review of the application, that compliance with this rule would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods.

(l) Actuarial reports, actuarial opinion summaries, work papers, and any other documents, information, or materials provided to the Department in connection with the actuarial report, work papers, or actuarial opinion summary shall be confidential by law and privileged, shall not be subject to inspection and copying under 1 V.S.A. § 316, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private litigation.

(1) This subsection shall not be construed to limit the Commissioner's authority to release documents to the Actuarial Board for Counseling and Discipline, provided the material is required for the purpose of professional disciplinary proceedings and further provided that procedures satisfactory to the Commissioner are established for preserving the confidentiality of the documents, nor shall this subsection be construed to limit the Commissioner's authority to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the Commissioner's official duties.

(2) Neither the Commissioner nor any person who receives documents, materials, or other information while acting under the authority of the Commissioner shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information under this subsection.

(3) In order to assist in the performance of the Commissioner's duties, the Commissioner may:

(A) Share documents, materials, or other information, including the confidential and privileged documents, materials, or information subject to subsection (d) of this section, with other state, federal, and international regulatory agencies, with the NAIC and its affiliates and subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information and has the legal authority to maintain confidentiality.

(B) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the NAIC and its affiliates and subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.

(4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of the disclosure to the Commissioner under this section or as a result of sharing as authorized by subdivision (3) of this subsection.
8 V.S.A. § 12301 — VT Code / Title 8 / Chapter 202 / Section 12301
§ 12301. Bonds and insurance
Status: in_force

(a) The governing body of a Vermont financial institution shall direct and require good and sufficient fidelity bonds on all active officers, employees, and agents, whether or not they draw salary or compensation, which bonds shall provide for indemnity to the financial institution on account of any losses sustained by it as the result of any dishonest or fraudulent act committed or any omission by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule, or blanket form, and the premiums shall be paid by the financial institution.

(b) 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.

(c) 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.

(d) The Commissioner may require a Vermont financial institution to secure additional bonds or insurance.
8 V.S.A. § 2507 — VT Code / Title 8 / Chapter 79 / Section 2507
§ 2507. Money transmission kiosk registration
Status: in_force

(a) A licensee shall not locate, or allow a third party to locate, a money transmission kiosk in this State that allows users of the money transmission kiosk to engage in money transmission through the licensee unless the licensee registers the money transmission kiosk and obtains the prior approval of the Commissioner for its activation.

(b) To apply for registration and approval to activate a money transmission kiosk, a licensee shall submit an application, using a form prescribed by the Commissioner, that includes the ownership and location of the money transmission kiosk, an affidavit of all businesses and services to be offered at the kiosk, the written agreement between the licensee and the owner of the money transmission kiosk if different persons, and the text of each disclosure required pursuant to subsection (c) of this section along with a description of the form, timing, and location for each disclosure.

(c) Each money transmission kiosk shall disclose prominently and conspicuously, using as high a contrast or resolution as any other display or graphics on the money transmission kiosk, prior to the point at which a user of the money transmission kiosk is irrevocably committed to completing any transaction:

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

(2) on the screen of the money transmission kiosk:

(A) for a transaction that does not involve virtual currency, the amount of the fees or charges that will be assessed to the user of the money transmission kiosk for the transaction by the licensee and by the owner of the money transmission kiosk, a clear explanation of who is imposing each fee or charge and that such fees and charges are in addition to any fees or charges that may be imposed by other entities relevant to the particular transaction, and the method by which the user may cancel the transaction to avoid the imposition of fees or charges; and

(B) for a transaction that involves virtual currency, all disclosures required pursuant to subsection 2574(c) of this chapter, a clear explanation of who is imposing each consideration to be charged for the transaction, and that such consideration is in addition to any fees or charges that may be imposed by other entities relevant to the particular transaction, and the method by which the user may cancel the transaction to avoid the imposition of the consideration and other fees or charges.

(d) Any alterations in the form, content, timing, or location of previously approved disclosures must be submitted to and approved by the Commissioner prior to their adoption and use.

(e) To ensure adequate consumer protection, the Commissioner may by rule or order specify additional minimum disclosure standards for money transmission kiosks, including the form, content, timing, and location of such disclosures.

(f) Immediately following the completion of each transaction, each money transmission kiosk shall provide the user of the money transmission kiosk with a receipt that is compliant with sections 2562 and 2574 of this chapter as applicable to the particular transaction.
8 V.S.A. § 2404 — VT Code / Title 8 / Chapter 77 / Section 2404
§ 2404. Name; multiple locations
Status: in_force

(a) An independent trust company shall file any name proposed to be used in connection with a trust business or establishing a principal office or trust office in this State pursuant to this chapter. The Commissioner shall not approve a proposed name if the Commissioner determines that the name may be misleading or likely to confuse the public, or deceptively similar to any name in use in this State.

(b) An independent trust company organized or regulated under this chapter may petition the Commissioner for permission to establish and maintain new or additional offices for the transaction of its trust business.

(c) An independent trust company shall not operate any new or additional office unless the Commissioner has determined that the establishment of the office will promote the general good of the State, applying the standards and procedures contained in subsection 2403(c) of this title, as applicable. If the Commissioner determines that the establishment will promote the general good, the Commissioner shall approve the new or additional office.
8 V.S.A. § 4831 — VT Code / Title 8 / Chapter 132 / Section 4831
§ 4831. Definitions
Status: in_force

As used in this chapter, unless the context clearly requires otherwise:

(1) “Attorney” means the attorney-in-fact of a reciprocal insurer.

(2) “Reciprocal” insurance is that resulting from an interchange among persons, known as subscribers, of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons.

(3) “Subscribers” are persons who enter into reciprocal insurance agreements under this chapter.
8 V.S.A. § 4186 — VT Code / Title 8 / Chapter 112 / Section 4186
§ 4186. Tax exemptions
Status: in_force

The Association shall be exempt from payment of all fees and all taxes levied by Vermont or any of its subdivisions, except taxes levied on real property.
8 V.S.A. § 14103 — VT Code / Title 8 / Chapter 204 / Section 14103
§ 14103. Advertising; doing business or using name unlawfully
Status: in_force

No person shall advertise or put forth any sign as a bank, banking association, or trust company, or in any way solicit or receive deposits or transact business as a bank, banking association, financial institution, or trust company, or use the word “bank,” “banking association,” or “trust company” or other similar sounding word or name unless it is a financial institution reporting to and under the supervision of the Commissioner or is authorized to conduct such business in this State under federal law, or unless the Commissioner approves the activity or word or name used in writing after giving due consideration for whether the activity, word, or name will confuse or mislead the public as to the nature of the business of the entity. However, this section shall not prevent an individual, as such, from acting in a trust capacity.
8 V.S.A. § 3619 — VT Code / Title 8 / Chapter 101 / Section 3619
§ 3619. Nonduplication of recovery
Status: in_force

(a) Any person having a claim against an insurer under any provision in an insurance policy other than policy of an insolvent insurer that is also a covered claim, shall be required to exhaust first his or her right under such policy. Any amount payable on a covered claim under this subchapter shall be reduced by the amount of any recovery under such insurance policy.

(b) Any person having a claim that may be recovered from more than one insurance guaranty association or its equivalent shall seek recovery first from the Association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, he or she shall seek recovery first from the association of the location of the property, and if it is a workers' compensation claim, he or she shall seek recovery first from the association of the residence of the claimant. Any recovery under this subchapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
8 V.S.A. § 8509 — VT Code / Title 8 / Chapter 165 / Section 8509
§ 8509. Review of Commission decisions regarding filings
Status: in_force

(a) Not later than 30 days after the Commission has given notice of a disapproved product or advertisement filed with the Commission, the insurer or third-party filer whose filing was disapproved may appeal the determination to a review panel appointed by the Commission. The Commission shall adopt rules to establish procedures for appointing such review panels and provide for notice and hearing. An allegation that the Commission, in disapproving a product or advertisement filed with the Commission, acted arbitrarily, capriciously, or in a manner that is an abuse of discretion or otherwise not in accordance with the law, is subject to judicial review in accordance with subsection 8501(e) of this chapter.

(b) The Commission shall have authority to monitor, review, and reconsider products and advertisement subsequent to their filing or approval upon a finding that the product does not meet the relevant uniform standard. Where appropriate, the Commission may withdraw or modify its approval after proper notice and hearing, subject to the appeal process in subsection (a) of this section.
8 V.S.A. § 4189 — VT Code / Title 8 / Chapter 112 / Section 4189
§ 4189. Prohibited advertisement; notice to policy owners
Status: in_force

(a) No person, including a member insurer, or agent or affiliate of a member insurer, shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio station or television station, or in any other way, any advertisement, announcement, or statement, written or oral, that uses the existence of the Insurance Guaranty Association of Vermont for the purpose of sales, solicitation, or inducement to purchase any form of insurance or other coverage covered by this chapter. However, this section shall not apply to the Vermont Life and Health Insurance Guaranty Association or any other entity that does not sell or solicit insurance or coverage by a health maintenance organization.

(b) Within 180 days after the effective date of this chapter, the Association shall prepare a summary document describing the general purposes and current limitations of this chapter and complying with subsection (c) of this section. This document shall be submitted to the Commissioner for approval. At the expiration of the 60th day after the date on which the Commissioner approves the document, a member insurer may not deliver a policy or contract to a policy owner, contract owner, certificate holder, or enrollee unless the summary document is delivered to the policy owner, contract owner, certificate holder, or enrollee at the time of delivery of the policy or contract. The document shall also be available upon request by a policy owner, contract owner, certificate holder, or enrollee. The distribution, delivery, contents, or interpretation of this document does not guarantee that either the policy or the contract or the policy owner, contract owner, certificate holder, or enrollee is covered in the event of the impairment or insolvency of a member insurer. The document shall be revised by the Association as amendments to the chapter may require. Failure to receive this document does not give the policy owner, contract owner, certificate holder, enrollee, or insured any greater rights than those stated in this chapter.

(c) The document prepared under subsection (b) of this section shall contain a clear and conspicuous disclaimer on its face. The Commissioner shall establish the form and content of the disclaimer. The disclaimer shall:

(1) state the name and address of the Association and the Department of Financial Regulation;

(2) prominently warn the policy owner, contract owner, certificate holder, or enrollee that the Association may not cover the policy or contract or, if coverage is available, it will be subject to substantial limitations and exclusions and conditioned on continued residence in Vermont;

(3) state the types of policies or contracts for which guaranty funds will provide coverage;

(4) state that the member insurer and its agents are prohibited by law from using the existence of the Association for the purpose of sales, solicitation, or inducement to purchase any form of insurance or health maintenance organization coverage;

(5) state that the policy owner, contract owner, certificate holder, or enrollee should not rely on coverage under the Association when selecting an insurer or health maintenance organization;

(6) explain rights available and procedures for filing a complaint to allege a violation of any provision of this chapter; and

(7) provide other information as directed by the Commissioner, including sources for information about the financial condition of insurers, provided that the information is not proprietary and is subject to disclosure under Vermont's Public Records Act.

(d) A member insurer shall retain evidence of compliance with subsection (b) of this section for so long as the policy or contract for which the notice is given remains in effect.
8 V.S.A. § 7086 — VT Code / Title 8 / Chapter 145 / Section 7086
§ 7086. Reopening liquidation
Status: in_force

After the liquidation proceeding has been terminated and the liquidator discharged, the Commissioner or other interested party may at any time petition the Superior Court of Washington County to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall so order.
8 V.S.A. § 7130 — VT Code / Title 8 / Chapter 148 / Section 7130
§ 7130. Rulemaking authority
Status: in_force

The Commissioner may adopt rules to implement the provisions of this chapter.
8 V.S.A. § 2255 — VT Code / Title 8 / Chapter 74 / Section 2255
§ 2255. Effect of communication on privileges
Status: in_force

A communication between a consumer's attorney and the company shall not be discoverable or limit, waive, or abrogate the scope or nature of any statutory or common-law privilege, including the work-product doctrine and the attorney-client privilege.
8 V.S.A. § 2562 — VT Code / Title 8 / Chapter 79 / Section 2562
§ 2562. Receipts
Status: in_force

(a) This section does not apply to:

(1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, subpart B, as may be amended;

(2) money received for transmission that is not primarily for personal, family, or household purposes;

(3) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee; or

(4) payroll processing services.

(b) As used in this section and sections 2507 and 2574 of this chapter, “receipt” means a paper receipt, electronic record, or other written confirmation. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by phone, a receipt may be provided electronically. All electronic receipts shall be provided in a retainable form.

(c) Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission.

(1) The receipt shall contain the following information, as applicable:

(A) the name of the sender;

(B) the name of the designated recipient;

(C) the date of the transaction;

(D) the unique transaction or identification number;

(E) the name of the licensee, NMLS Unique ID, the licensee's business address, and the licensee's customer service telephone number;

(F) the amount of the transaction in U.S. dollars;

(G) for transactions that involve money sent in a different currency from the money received:

(i) if the rate of exchange is fixed by the licensee at the time the transmission is initiated, the receipt shall disclose the rate of exchange for the transaction, and the duration, if any, for the payment to be made at the fixed rate of exchange so specified;

(ii) if the rate of exchange is not fixed at the time the transmission is initiated, the receipt shall disclose that the rate of exchange for the transaction will be set at the time the money is received;

(H) any fee charged by the licensee to the sender for the transaction; and

(I) any taxes collected by the licensee from the sender for the transaction.

(2) The receipt required by this section shall be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.
8 V.S.A. § 8015 — VT Code / Title 8 / Chapter 151 / Section 8015
§ 8015. Nondiscrimination
Status: in_force

The provisions of 9 V.S.A. § 4503 as they relate to age shall not apply to providers offering continuing care under the provisions of this chapter.
8 V.S.A. § 30805 — VT Code / Title 8 / Chapter 220 / Section 30805
§ 30805. Review of denial of application
Status: in_force

(a) If the application is denied, the applicant may request that the Commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the Commissioner's stated reason or reasons for denial. The Commissioner shall reconsider the application in light of the response stated in the applicant's request for reconsideration.

(b) The Commissioner shall notify the applicant of the approval or denial of the applicant's request for review of denial within 60 days of the filing of the request.

(c) The applicant may request review by the Superior Court in Washington County upon action brought in the usual form by an aggrieved party within 15 days after written notice of the denial of the request for reconsideration.
8 V.S.A. § 19107 — VT Code / Title 8 / Chapter 209 / Section 19107
§ 19107. Publication of orders
Status: in_force

Orders under sections 19103 through 19106 of this title may be issued and notice thereof given in such manner as the Commissioner determines and may be amended, modified, changed, expanded, or revoked in whole or in part whenever in his or her judgment circumstances warrant or require.
8 V.S.A. § 4477 — VT Code / Title 8 / Chapter 121 / Section 4477
§ 4477. Beneficiaries
Status: in_force

(a) The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws, or rules of the society. Every society by its constitution, laws, or rules may limit the scope of beneficiaries and shall provide that no beneficiary shall have or obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the insurance contract.

(b) A society may provide for the payment of funeral benefits to the extent of such portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled to such benefits by reason of having incurred expense occasioned by the burial of the member, provided the portion paid shall not exceed the sum of $500.00.

(c) If, at the death of any member, there is no lawful beneficiary to whom the insurance benefits are payable, the amount of the benefits, except to the extent that funeral benefits may be paid as provided in this section, shall be payable to the personal representative of the deceased member.
8 V.S.A. § 4688a — VT Code / Title 8 / Chapter 128 / Section 4688a
§ 4688a. Filing fees
Status: in_force

Each filing submitted to the Commissioner pursuant to section 4687 or 4688 of this title shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00. A minimum fee of $150.00 shall accompany each such filing if submitted by an advisory or service organization.
8 V.S.A. § 4209 — VT Code / Title 8 / Chapter 113 / Section 4209
§ 4209. Penalties
Status: in_force

A company, corporation, association, society, or other insurer or any officer or agent thereof that issues or delivers to a person in this State a policy in willful violation of the provisions of this chapter shall pay an administrative penalty of not more than $2,000.00 for each offense. The Commissioner may revoke the license of a company, corporation, association, society, or other insurer of another state or country, or of the agent thereof, that willfully violates such provisions.
8 V.S.A. § 12 — VT Code / Title 8 / Chapter 1 / Section 12
§ 12. Commissioner
Status: in_force

The Department shall be administered by a Commissioner of Financial Regulation who shall be appointed by the Governor biennially, in the month of February, with the advice and consent of the Senate. Commissioner, as used in this title, shall mean the Commissioner of Financial Regulation.
8 V.S.A. § 6034a — VT Code / Title 8 / Chapter 141 / Section 6034a
§ 6034a. Incorporated protected cells
Status: in_force

(a) A protected cell of a sponsored captive insurance company may be formed as an incorporated protected cell as defined in subdivision 6032(2) of this title.

(b) Subject to the prior written approval of the sponsored captive insurance company and of the Commissioner, an incorporated protected cell shall be entitled to enter into contracts and undertake obligations in its own name and for its own account. In the case of a contract or obligation to which the sponsored captive insurance company is not a party, either in its own name and for its own account or on behalf of a protected cell, the counterparty to the contract or obligation shall have no right or recourse against the sponsored captive insurance company and its assets other than against assets properly attributable to the incorporated protected cell that is a party to the contract or obligation.

(c) The articles of incorporation or articles of organization of an incorporated protected cell shall refer to the sponsored captive insurance company for which it is a protected cell and shall state that the protected cell is incorporated or organized for the limited purposes authorized by the sponsored captive insurance company's license. A copy of the prior written approval of the Commissioner to add the incorporated protected cell, required by subdivision 6034(8) of this title, shall be attached to and filed with the articles of incorporation or the articles of organization.

(d)(1) An incorporated protected cell formed or established prior to May 8, 2023 shall have its own distinct name or designation, which shall include the words “Incorporated Cell” or the abbreviation “IC” or, in the alternative, such incorporated protected cell may instead choose to have its own distinct name or designation consistent with the naming conventions in subdivisions (2)(A)–(C) of this subsection, as applicable. The provisions of 11A V.S.A. chapter 4 and 11B V.S.A. chapter 4 shall not apply to the naming of incorporated protected cells.

(2) An incorporated protected cell formed or established on or after May 8, 2023 shall have its own distinct name or designation as follows:

(A) If the incorporated protected cell is formed or established as a corporation, mutual corporation, or nonprofit corporation, its name or designation shall include the words “Incorporated Cell” or the abbreviation “IC.” The provisions of 11A V.S.A. chapter 4 and 11B V.S.A. chapter 4 shall not apply to the naming of such incorporated protected cell.

(B) If the incorporated protected cell is formed or established as a limited liability company, its name or designation shall include the word “Cell.” In addition, 11 V.S.A. § 4005 shall apply to the naming of such incorporated protected cell.

(C) If the incorporated protected cell is formed or established as a reciprocal insurer, its name or designation shall include the word “Cell.” In addition, subdivision 4834(1) of this title shall apply to the naming of such incorporated protected cell.

(e) It is the intent of the General Assembly under this section to provide sponsored captive insurance companies, including those licensed as special purpose financial insurance companies under subchapter 4 of this chapter, with the option to establish one or more protected cells as a separate corporation, mutual corporation, nonprofit corporation, limited liability company, or reciprocal insurer. This section shall not be construed to limit any rights or protections applicable to protected cells not established as corporations, mutual corporations, nonprofit corporations, limited liability companies, or reciprocal insurers.
8 V.S.A. § 2126 — VT Code / Title 8 / Chapter 72 / Section 2126
§ 2126. Confidentiality
Status: in_force

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:

(1)(A) The privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law with respect to such information or material, including the rules of any federal or state court, shall continue to apply to the information or material after the information or material is disclosed to the Nationwide Multistate Licensing System and Registry.

(B) The Commissioner may share the information and material with state and federal regulatory officials who have oversight authority without affecting the privilege or confidentiality protections provided by federal law or state law.

(2) The Commissioner may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, State Regulatory Registry LLC, or other associations representing governmental agencies.

(3) Information or material that is subject to privilege or confidentiality under subdivision (1) of this section is not subject to:

(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(B) subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to a privilege held by the Nationwide Multistate Licensing System and Registry, the person to whom such information or material pertains waives the privilege.

(4) This section does not apply to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that are included in the Nationwide Multistate Licensing System and Registry for access by the public.
8 V.S.A. § 3708 — VT Code / Title 8 / Chapter 103 / Section 3708
§ 3708. Group insurance
Status: in_force

(a) A policy of group life insurance or group disability insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any process to pay any debt or liability of such insured individual or his or her beneficiary or of any other person having a right under the policy. The proceeds thereof, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his or her debts.

(b) This section shall not apply to group insurance issued to a creditor covering his or her debtors, to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
8 V.S.A. § 5034 — VT Code / Title 8 / Chapter 138 / Section 5034
§ 5034. Quarterly reports; summary of exported business
Status: in_force

On or before the end of each month next following each calendar quarter, each surplus lines broker shall file with the Commissioner of Taxes, on forms prescribed by him or her, a verified report of all surplus lines insurance transacted during the preceding calendar quarter.
8 V.S.A. § 19109 — VT Code / Title 8 / Chapter 209 / Section 19109
§ 19109. New commercial or savings deposits authorized; withdrawals
Status: in_force

The Commissioner, by order, may authorize Vermont financial institutions thereafter to receive new commercial deposits or new savings deposits, and the new deposits shall be special deposits and designated as new commercial deposits or new savings deposits, as the case may be, and shall be segregated from all other deposits. New commercial deposits shall also be segregated from new savings deposits. They may be invested only in assets approved by the Commissioner as being sufficiently liquid to be available when needed to meet any demands on account of those new deposits, which assets shall not be merged with other assets of the institution, but shall be held in trust for the security and payment of those new deposits, except that income from those assets, to the extent authorized by the Commissioner, may be used by the financial institution for other proper purposes of the institution. The withdrawal of those new deposits shall not be subject in any respect to restriction or limitation under this section and sections 19102 through 19108 of this title.
8 V.S.A. § 19108 — VT Code / Title 8 / Chapter 209 / Section 19108
§ 19108. Appeal; receiver
Status: in_force

The propriety and necessity of the orders issued by the Commissioner under sections 19103 through 19107 of this title shall be open to review upon action brought in the usual form by an aggrieved party within 14 days to the Superior Court of Washington County. No injunction may be issued without prior notice to the Commissioner, and the court, on motion of the Commissioner, may appoint a temporary receiver of a financial institution involved in those proceedings.
8 V.S.A. § 3927 — VT Code / Title 8 / Chapter 105 / Section 3927
§ 3927. Assessment cooperative insurance corporations
Status: in_force

The following provisions shall affect such corporations doing business on the assessment plan:

(1) Such corporation may issue policies of insurance as enumerated in section 3916 of this title.

(2) Such corporation may classify risks covered under these types of insurance at the time of the issuance of the policy, or at subsequent times and issue policies under different rates, and it may collect regular assessments on such risks either on an annual basis or for whatever length of time the policy may be issued. The amounts of such regular assessments shall be sufficient to pay for the period assessed, each member's pro rata share, based on the risk classification and amount of insurance, of the estimated amount necessary to cover losses, expenses, repayment of debt, and contribution to surplus as may be permitted by the bylaws.

(3) Such corporation may borrow, on the credit of the corporation, such funds as are required to pay for extraordinary losses or expenses subject to the approval of the board of directors or as may be provided in the bylaws of such corporation, subject to the maximum limit stated in subdivision (4) of this section. If deemed for the best interest of the corporation, it may estimate the amount necessary to pay all losses and expenses and contributions to surplus for the current year and to supply any deficiency in the preceding year, subject to the maximum limit stated in subdivision (4) of this section, and assess and collect the same from the members. Each assessment shall be made upon all policyholders in proportion to each policyholder's regular annual assessment. The expense of collecting assessments may be regulated by the bylaws.

(4) Such corporation may levy a special assessment to pay for such member's pro rata share of unexpected losses, expenses and contributions to surplus, based upon the risk classification and amount of insurance at the time of the assessment, as may be permitted by the bylaws, however, in no case shall the sum total of all special assessments during any one year exceed 50 percent of the equivalent of one annual regular assessment. The expense of collecting assessments may be regulated by the bylaws.
8 V.S.A. § 8081 — VT Code / Title 8 / Chapter 154 / Section 8081
§ 8081. Purpose
Status: in_force

The purpose of this chapter is to promote the public interest, to promote the availability of long-term care insurance policies, to protect applicants for long-term care insurance from unfair or deceptive sales or enrollment practices, to establish standards for long-term care insurance, to facilitate public understanding and comparison of long-term care insurance policies, and to facilitate flexibility and innovation in the development of long-term care insurance coverage.
8 V.S.A. § 3736 — VT Code / Title 8 / Chapter 103 / Section 3736
§ 3736. Representations in applications
Status: in_force

All statements and descriptions in any application for a life insurance policy or annuity contract, by or in behalf of the insured or annuitant, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements shall not prevent a recovery under the policy or contract unless either:

(1) fraudulent;

(2) material either to the acceptance of the risk, or to the hazard assumed by the insurer; or

(3) the insurer in good faith would either not have issued the policy or contract, or would not have issued it at the same premium rate, or would not have issued a policy or contract in as large an amount, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise.
8 V.S.A. § 3371 — VT Code / Title 8 / Chapter 101 / Section 3371
§ 3371. Limits of risk
Status: in_force

(a) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders unless otherwise authorized by the Commissioner.

(b) A “subject of insurance” for the purposes of this section, as to insurance provided for protection against fire, perils, hazards, or causes of loss, other than earthquake and other catastrophic hazards, includes all properties insured by the same insurer that are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.

(c) Reinsurance ceded as authorized by section 3634a of this title shall be deducted in determining risk retained. As to surety risks, deduction shall also be made of the amount assumed by any licensed or authorized co-surety and the fair market value of any security deposited, pledged, or held subject to the surety's consent and for the surety's protection.

(d) As to alien insurers, this section shall relate only to risks and surplus to policyholders of the insurer's United States branch.

(e) “Surplus to policyholders” for the purposes of this section, in addition to the insurer's unassigned capital and surplus, shall be deemed to include any voluntary reserves that are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the Commissioner, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.

(f) This section shall not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employers' liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
8 V.S.A. § 3692 — VT Code / Title 8 / Chapter 101 / Section 3692
§ 3692. Revocation, suspension, or nonrenewal of insurer's license
Status: in_force

Whenever it appears to the Commissioner that any person has committed a violation of this subchapter that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew such insurer's license or authority to do business in this State for such period as he or she finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
8 V.S.A. § 30601 — VT Code / Title 8 / Chapter 220 / Section 30601
§ 30601. Examinations
Status: in_force

(a) The Commissioner shall conduct a regular examination of the condition of each Vermont credit union at least once every three years or more frequently as the Commissioner deems prudent.

(b) The Commissioner may at any time conduct a special examination or may expand the scope of any regular examination. An entity examined pursuant to this subsection shall be responsible for examination fees and expenses as provided in sections 18 and 19 of this title.

(c) The Commissioner shall be given access to all the files, books, accounts, securities, and assets of the credit union and any person under contract with it to perform services for the credit union that the Commissioner deems material to the financial condition of the credit union and shall be afforded every reasonable facility for making an examination of the affairs of the credit union and such person under contract.

(d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company that is owned in whole or in part by a Vermont credit union or that is found by the Commissioner to be controlled by a Vermont credit union.

(e) A report of the examination shall be forwarded to the chairperson of the credit union's governing body after the completion of the examination. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 30 days of the receipt of the report, a general meeting of the directors and committee members shall be called to consider matters contained in the report. Upon request of the credit union, a representative of the Department shall attend the meeting.
8 V.S.A. § 5102 — VT Code / Title 8 / Chapter 139 / Section 5102
§ 5102. Application; certification, filing, and license fees
Status: repealed

(a) No person may operate a health maintenance organization without obtaining a certificate of authority from the Commissioner.

(b) Application for a certificate of authority shall be made to the Commissioner and include such information and in such form as the Commissioner prescribes, including the following:

(1) A copy of the basic organizational document, if any, of the applicant or other applicable documents, and all amendments to those documents.

(2) A copy of the bylaws, rules, and regulations, or similar document, if any, regulating the conduct of the internal affairs of the applicant.

(3) A list of the names, addresses, and official positions of the persons who are to be responsible for the conduct of the affairs of the applicant, including all members of the board of directors, board of trustees, executive committee, or other governing board or committee, the principal officers in the case of a corporation; and the partners or members in the case of a partnership or association; a statement as to the character and competence of these persons and such disclosure and conflict of interest statements as required.

(4) A copy of the proposed evidence of coverage to be issued to the members and the proposed premium rates for that coverage.

(5) A copy of the proposed form of the group contract, if any, that is to be issued to employers, unions, associations, trusts, or other organizations.

(6) Financial statements showing the applicant's assets, liabilities, and sources of financial support. If the applicant's financial affairs are audited by independent certified public accountants, a copy of the applicant's most recent regular certified financial statement shall be deemed to satisfy this requirement unless the Commissioner directs that additional or more recent financial information is required.

(7) A description of the proposed method of marketing the plan, a financial plan that includes a three-year projection of the initial operating results anticipated, and a statement as to the sources of working capital as well as any other sources of funding. The Commissioner shall adopt such rules relating to financial reserves of the health maintenance organization as he or she deems necessary. These rules shall require financial reserves to be computed in relation to the health maintenance organization's financial risks and the impact of those risks on the health maintenance organization's ability to fulfill its contractual and financial obligations to its members.

(8) [Repealed.]

(9) A statement generally describing the organizational structure of the applicant, its operation, the location of facilities where health care shall be available to members, the types of health care personnel to be used at each location and the approximate number of each personnel type available at each location, the name and location of primary and tertiary care facilities to be used and a projection of utilization for each facility, the method used to monitor the quality of health care services furnished, and the method of resolving grievances initiated by members or providers.

(c) Every health maintenance organization subject to this chapter shall pay to the Commissioner for filing an application for a certificate of authority or amendment to a certificate of authority $200.00, and for filing each annual report $100.00. In addition, each organization shall pay a license fee for the year of registration and a renewal fee for each year thereafter of $300.00.

(d) The Commissioner shall approve or deny such application within 60 days, based on the Commissioner's determination that the application promotes the general good of the State, and of the reliability and financial condition of the applicant.

(e)(1) Continuance by the Commissioner of a certificate of authority issued under this section shall be contingent upon satisfactory performance by the organization as to the delivery, continuity, accessibility, and quality of the services to which enrolled members are entitled; compliance with the provisions of Vermont law and rules adopted under the law; and the continuing fiscal soundness of the organization.

(2) Each health maintenance organization shall keep current the information required to be disclosed in subsection (b) of this section by reporting all changes or additions in writing to the Commissioner. Changes or additions to the information and documents required by subdivision (b)(1) of this section shall be filed 30 days before the change or addition becomes effective. The Commissioner shall approve such change or addition unless it would interfere with the financial stability of the company, is not in the best interests of members, or the public, or would cause the company to violate any law or rule. If the Commissioner fails to disapprove the change or addition, it shall be deemed approved at the expiration of the 30 days. All other changes or additions shall be filed within 15 days after the end of the month in which each change or addition becomes effective.

(3) On or before April 1 of each year, the health maintenance organization shall file with the Commissioner:

(A) a report on the operations of the quality assurance program and the grievance procedures describing any changes made in the operations of the quality assurance program and the grievance procedures during the preceding calendar year;

(B) the net worth, deposit, and designated reserve calculations made under subsections 5102b(b) and (c) of this title;

(C) a report on the health maintenance organization's operations in this State in a form prescribed by the Commissioner; and

(D) any other information reasonably required by the Commissioner to evaluate the organization's satisfactory performance under the certificate of authority.

(4) In addition to the remedies under section 5109 of this title, if, after notice and hearing, the Commissioner finds that the organization is performing unsatisfactorily, is impaired or insolvent, or has not complied with its plan of operation or any provision of Vermont law, the Commissioner may revoke, suspend, or impose conditions on the organization's certificate of authority.

(f) Upon request by a Program for All-Inclusive Care for the Elderly (PACE) authorized under federal Medicare law, or by a Prepaid Inpatient Health Plan (PIHP) or Prepaid Ambulatory Health Plan (PAHP) established in accordance with federal Medicare or Medicaid laws and regulations, the Commissioner may approve the exemption of the PACE program, PIHP, or PAHP from the provisions of this chapter and from any other provisions of this title if the Commissioner determines that the purposes of this chapter and the purposes of any other provision of this title will not be materially and adversely affected by the exemption. In approving an exemption, the Commissioner may prescribe such terms and conditions as the Commissioner deems necessary to carry out the purposes of this chapter and this title.
8 V.S.A. § 7031 — VT Code / Title 8 / Chapter 145 / Section 7031
§ 7031. Definitions
Status: in_force

As used in this chapter:

(1) “Ancillary state” means any state other than a domiciliary state.

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

(3) “Creditor” is a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent.

(4) “Delinquency proceeding” means any proceeding instituted against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer, and any summary proceeding under sections 7041 and 7042 of this title. “Formal delinquency proceeding” means any liquidation or rehabilitation proceeding.

(5) “Department” means the Department of Financial Regulation.

(6) “Doing business,” as used in this chapter only, includes any of the following acts, whether effected by mail or otherwise:

(A) the issuance or delivery of contracts of insurance to persons resident in this State;

(B) the solicitation of applications for contracts of insurance, or other negotiations preliminary to the execution of contracts of insurance;

(C) the collection of premiums, membership fees, assessments or other consideration for contracts of insurance;

(D) the transaction of matters subsequent to execution of contracts of insurance and arising out of them; or

(E) operating under a license or certificate of authority, as an insurer, issued by the Commissioner.

(7) “Domiciliary state” means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry.

(8) “Fair consideration” is given for property or obligation:

(A) when in exchange for such property or obligation, as a fair equivalent therefore, and in good faith, property is conveyed or services are rendered or an obligation is incurred or an antecedent debt is satisfied; or

(B) when such property or obligation is received in good faith to secure a present advance or antecedent debt in amount not disproportionately small as compared to the value of the property or obligation obtained.

(9) “Foreign country” means any other jurisdiction not in any state.

(10) “General assets” mean all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons or classes of persons. As to specifically encumbered property, “general assets” include all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.

(11) “Guaranty association” means the Vermont Property and Casualty Insurance Guaranty Association created in accordance with the provisions of chapter 101, subchapter 9 of this title, the Vermont Life and Health Insurance Guaranty Association created in accordance with the provisions of chapter 112 of this title, and any other similar entity now or hereafter created by the General Assembly of this State for the payment of claims of insolvent insurers. “Foreign guaranty association” means any similar entities now in existence in or hereafter created by the legislature of any other state.

(12) “Insolvency” or “insolvent” means:

(A) for an insurer issuing only assessable insurance policies:

(i) the inability to pay any obligation within 30 days after it becomes payable; or

(ii) if an assessment be made within 30 days after such date, the inability to pay any obligation 30 days following the date specified in the first assessment notice issued after the date of loss.

(B) for any insurer, other than an insurer described in subdivision (A) of this subdivision (12), that it is unable to pay its obligations when they are due, or when its assets admitted pursuant to this title do not exceed its liabilities plus the greater of:

(i) any capital and surplus required by law for its organization; or

(ii) the total par or stated value of its authorized and issued capital stock.

(C) as used in this subdivision (12), “liabilities” includes reserves required by statute or by general regulations of the Department or specific requirements imposed by the Commissioner upon a subject company at the time of admission or subsequent to its admission.

(13) “Insurer” means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. As used in this chapter, insurer shall also include:

(A) all insurers who are doing, or have done, an insurance business in this State, and against whom claims arising from that business may exist now or in the future;

(B) all insurers who purport to do an insurance business in this State;

(C) all insurers who have insureds resident in this State;

(D) all other persons organized or in the process of organizing with the intent to do an insurance business in this State;

(E) all nonprofit hospital and medical service plans, subject to the provisions of chapters 123 and 125 of this title;

(F) all fraternal benefit societies subject to the provisions of chapter 121 of this title;

(G) all title insurance companies;

(H) all captive insurance companies, risk retention groups, and other similar entities regulated pursuant to this title;

(I) all mutual workers' compensation insurance associations subject to the provisions of chapter 117 of this title;

(J) all health maintenance organizations and other prepaid health care delivery plans regulated pursuant to this title;

(K) municipal pools, continuing care retirement communities, and other specialty insurers subject to regulation by the Department; and

(L) all mutual insurance holding companies and stock insurance holding companies of a reorganized stock insurance company as provided in chapter 101, subchapter 3A of this title.

(14) “Preferred claim” means any claim with respect to which the terms of this chapter accord priority of payment from the general assets of the insurer.

(15) “Receiver” means receiver, liquidator, rehabilitator, or conservator as the context requires.

(16) “Reciprocal state” means any state other than this State in which in substance and effect subsection 7057(a) and sections 7093, 7094, and 7096 through 7098 of this title are in force, and in which provisions are in force requiring that the commissioner or equivalent official be the receiver of a delinquent insurer, and in which some provision exists for the avoidance of fraudulent conveyances and preferential transfers.

(17) “Secured claim” means any claim secured by mortgage, trust, deed, pledge, deposit as security, escrow, or otherwise, but not including special deposit claims or claims against general assets. The term also includes claims that have become liens upon specific assets by reason of judicial process.

(18) “Special deposit claim” means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any claim secured by general assets.

(19) “State” means any state, district, or territory of the United States and the Panama Canal Zone.

(20) “Transfer” shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. The retention of a security title to property delivered to a debtor shall be deemed a transfer suffered by the debtor.
8 V.S.A. § 3430 — VT Code / Title 8 / Chapter 101 / Section 3430
§ 3430. Effect of merger or consolidation
Status: in_force

When such merger or consolidation has been effected as hereinabove provided;

(1) The several insurers parties to the agreement of merger or consolidation shall be a single insurer that shall be:

(A) in case of a merger, the surviving insurer a party to the agreement of merger into which it has been agreed the other insurers parties to the agreement shall be merged, which surviving insurer shall survive the merger; or

(B) in case of a consolidation, the new insurer into which it has been agreed the insurers parties to the agreement of consolidation shall be consolidated.

(2) The separate existence of all of the insurers parties to the agreement of merger or consolidation, except the surviving insurer in the case of a merger, shall cease.

(3) Such single insurer shall have all of the rights, privileges, immunities, and powers and shall be subject to all of the duties and liabilities of an insurer organized under this part.

(4) Such single insurer shall thereupon and thereafter possess all the rights, privileges, immunities, powers, and franchises of a public as well as of a private nature of each of the insurers so merged or consolidated; and all property, real, personal, and mixed, and all debts due on whatever account, including subscriptions to shares of capital stock, and all other choses in action and all and every other interest, of or belonging to or due to each of the insurers so merged or consolidated shall be taken and deemed to be transferred to and vested in such single insurer without further act or deed; and the title to any real estate, or any interest therein, under the laws of this State vested in any of such insurers shall not revert or be in any way impaired by reason of such merger or consolidation.

(5) Such single insurer shall thenceforth be responsible and liable for all the liabilities and obligations of each of the insurers so merged or consolidated in the same manner and to the same extent as if such single insurer had itself incurred the same or contracted therefor; and any claim existing or action or proceeding pending by or against any of such insurers may be prosecuted to judgment as if such merger or consolidation had not taken place. Neither the rights of creditors nor any liens upon the property of any such insurers shall be impaired by such merger or consolidation, but such liens shall be limited to the property upon which they were liens immediately prior to the time of such merger or consolidation, unless otherwise provided in the agreement of merger or consolidation.

(6) In case of a merger, the articles of incorporation of the surviving insurer shall be supplanted and superseded to the extent, if any, that any provision or provisions of such articles shall be restated in the agreement of merger as provided in section 3424 of this title, and such articles of incorporation shall be deemed to be thereby and to that extent amended; and in case of a consolidation, the statements set forth in the agreement of consolidation as provided in section 3425 of this title shall be deemed to be articles of incorporation of the new insurer formed by such consolidation.
8 V.S.A. § 2408 — VT Code / Title 8 / Chapter 77 / Section 2408
§ 2408. Laws applicable; matters of contract
Status: in_force

(a) An independent trust company exercising trust powers under this chapter shall be subject to the same responsibilities, liabilities, and penalties as an individual acting in like capacity, and the company shall have the same powers and shall receive the same compensation as individuals acting in like capacity, if fixed by law.

(b) The exercise of powers not listed in subsection (a) of this section, and the performance of the other duties by the company may be as contracted for by the parties interested.

(c) In performing its duties under a trust, an independent trust company shall be subject to all applicable provisions of 14 V.S.A. chapter 105.
8 V.S.A. § 7158 — VT Code / Title 8 / Chapter 149 / Section 7158
§ 7158. Rules
Status: in_force

The Commissioner may adopt rules to administer this chapter and to effectuate its policies and purposes.
8 V.S.A. § 11204 — VT Code / Title 8 / Chapter 201 / Section 11204
§ 11204. Closing for cause
Status: in_force

A Vermont or state depository institution may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a Vermont or state depository institution temporarily closes any of its offices for all or any part of a banking day, the institution shall post a conspicuous notice of the closing at all points of public access to the closed offices. A closing may not become effective until such notice is posted at the office to be closed. Posting this notice relieves the institution from liability for failure to perform any of the business of the financial institution at the closed offices. The Commissioner may, by adopting rules, establish standards governing the form and content of the notice required under this section and may require dissemination of the notice of closing by any other reasonable means.
8 V.S.A. § 3308a — VT Code / Title 8 / Chapter 101 / Section 3308a
§ 3308a. Reorganization formations
Status: in_force

Notwithstanding sections 3302, 3303, 3304, 3307, 3308, and 3309 of this title, the Commissioner may permit the formation of an insurance company without capital or surplus to be merged with or into or consolidated with an existing insurance company authorized to do business under this chapter for the purpose of facilitating a reorganization or acquisition transaction, including a triangular merger transaction, involving such existing company. There shall be no more than one authorized insurance company surviving reorganization under this section.
8 V.S.A. § 4813d — VT Code / Title 8 / Chapter 131 / Section 4813d
§ 4813d. Exceptions to licensing
Status: in_force

(a) Nothing in this subchapter shall be construed to require an insurer to obtain an insurance producer license. In this section, the term “insurer” does not include an insurer's officers, directors, employees, subsidiaries, or affiliates.

(b) A license as an insurance producer shall not be required of the following:

(1) An officer, director, or employee of an insurer or of an insurance producer, provided the officer, director, or employee does not receive any commission on policies written or sold to insure risks residing, located, or to be performed in this State; and:

(A) the officer, director, or employee's activities are executive, administrative, managerial, clerical, or a combination of these, and are only indirectly related to the sale, solicitation, or negotiation of insurance; or

(B) the officer, director, or employee's function relates to underwriting, loss control, inspection, or the processing, adjusting, investigating, or settling of a claim on a contract of insurance; or

(C) The officer, director, or employee is acting in the capacity of a special agent or agency supervisor assisting insurance producers where the person's activities are limited to providing technical advice and assistance to licensed insurance producers and do not include the sale, solicitation, or negotiation of insurance;

(2) A person who secures and furnishes information for the purpose of group life insurance, group property and casualty insurance, group annuities, group, or blanket accident and health insurance; or for the purpose of enrolling individuals under plans; issuing certificates under plans, or otherwise assisting in administering plans; or performs administrative services related to mass-marketed property and casualty insurance; where no commission is paid to the person for the service;

(3) An employer or association or its officers, directors, employees, or the trustees of an employee trust plan, to the extent that the employers, officers, employees, directors, or trustees are engaged in the administration or operation of a program of employee benefits for the employer's or association's own employees or the employees of its subsidiaries or affiliates, which program involves the use of insurance issued by an insurer, as long as the employers, associations, officers, directors, employees, or trustees are not in any manner compensated, directly or indirectly, by the company issuing the contracts;

(4) Employees of insurers or organizations employed by insurers who are engaging in the inspection, rating, or classification of risks, or in the supervision of the training of insurance producers and who are not individually engaged in the sale, solicitation, or negotiation of insurance;

(5) A person whose activities in this State are limited to advertising without the intent to solicit insurance in this State through communications in printed publications or other forms of electronic mass media whose distribution is not limited to residents of the State, provided the person does not sell, solicit, or negotiate insurance that would insure risks residing, located, or to be performed in this State;

(6) A person who is not a resident of this State who sells, solicits, or negotiates a contract of insurance for commercial property and casualty risks to an insured with risks located in more than one state insured under that contract, provided that person is otherwise licensed as an insurance producer to sell, solicit, or negotiate that insurance in the State where the insured maintains its principal place of business and the contract of insurance insures risks located in that state; or

(7) A salaried full-time employee who counsels or advises his or her employer relative to the insurance interests of the employer or of the subsidiaries or business affiliates of the employer, provided the employee does not sell or solicit insurance or receive a commission.

(8) A person selling or offering portable electronics insurance who is an employee or authorized representative of a portable electronics vendor licensed as a limited lines insurance producer to sell, solicit, or negotiate portable electronics insurance in accordance with rules adopted by the Commissioner pursuant to section 4261 of this title.
8 V.S.A. § 4048a — VT Code / Title 8 / Chapter 107 / Section 4048a
§ 4048a. Definitions; policies and contracts covered
Status: in_force

(a) As used in this subchapter, “group health insurance policy or subscriber contract” means a policy or contract that meets the following conditions:

(1) coverage is provided through insurance policies or subscriber contracts to classes of employees or members of an organization or group;

(2) the coverage is not available to the general public and can be obtained and maintained only because of the covered individual's employment or membership in an organization or group;

(3) there are arrangements for bulk payment of premiums or subscription charges to the health insurer; and

(4) there is sponsorship of the plan by the employer, organization, or group.

(b) A group health insurance policy or subscriber contract shall not be issued or provided by a health insurer unless the policy or contract complies with the provisions of this subchapter and the rules adopted pursuant to this subchapter. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 8500 — VT Code / Title 8 / Chapter 165 / Section 8500
§ 8500. Definitions
Status: in_force

As used in this chapter:

(1) “Advertisement” means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy as more specifically defined in the rules and operating procedures of the Commission.

(2) “Bylaws” means those bylaws established by the Commission for its governance or for directing or controlling the Commission's actions or conduct.

(3) “Commission” means the “Interstate Insurance Product Regulation Commission” established by this compact.

(4) “Commissioner” means the chief insurance regulatory official of a state, including commissioner, superintendent, director, or administrator.

(5) “Compacting state” means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter.

(6) “Domiciliary state” means the state in which an insurer is incorporated or organized; or, in the case of an alien insurer, its state of entry.

(7) “Insurer” means any entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by this chapter.

(8) “Member” means the person chosen by a compacting state as its representative to the Commission, or his or her designee.

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

(10) “Noncompacting state” means any state that is not at the time a compacting state.

(11) “Operating procedures” means procedures adopted by the Commission implementing a rule, uniform standard, or a provision of this compact.

(12) “Product” means the form of a policy or contract, including any application, endorsement, or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income, or long-term care insurance product that an insurer is authorized to issue.

(13) “Rule” means a statement of general or particular applicability and future effect adopted by the Commission, including a uniform standard developed pursuant to section 8505 of this chapter, designed to implement, interpret, or prescribe law or policy or describing the organization, procedure, or practice requirements of the Commission, that shall have the force and effect of law in the compacting states.

(14) “State” means any state, district, or territory of the United States of America.

(15) “Third-party filer” means an entity that submits a product filing to the Commission on behalf of an insurer.

(16) “Uniform standard” means a standard adopted by the Commission for a product line, pursuant to section 8505 of this chapter, and shall include all of the product requirements in aggregate; provided, that each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product, and the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the Commission.
8 V.S.A. § 4222 — VT Code / Title 8 / Chapter 113 / Section 4222
§ 4222. Definitions
Status: in_force

The following definitions, unless otherwise specified or qualified, shall be applicable to this subchapter:

(1) “Policy” means an automobile liability policy providing bodily injury liability, property damage liability, medical payments, and uninsured motorist coverage, or any combination thereof, delivered or issued for delivery in this State, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles designated under the policy are of the following types only:

(A) a motor vehicle of the private passenger or station wagon type that is not used as a public or livery conveyance for passengers, nor rented to others; or

(B) any other four-wheel motor vehicle with a load capacity of 1,500 pounds or less that is not used in the occupation, profession, or business of the insured; provided, however, that absent specific language to the contrary, this subchapter shall not apply to any policy issued under the Vermont Automobile Insurance Plan, nor shall it apply to any policy insuring more than four automobiles, or to any policy covering garage, automobile sales agency, repair shop, service station, or public parking place operation hazards, or to any policy of insurance issued principally to cover personal or premises liability of an insured even though such insurance may also provide some incidental coverage for liability arising out of the ownership, maintenance, or use of a motor vehicle on the premises of such insured or on the ways immediately adjoining such premises.

(2) “Renewal” or “to renew” means the issuance and delivery by an insurer of a policy replacing at the end of the policy period a policy previously issued and delivered by the same insurer or the issuance and delivery of a certificate or notice extending the term of the policy beyond its policy period or term; provided, however, that any policy with a policy period or term of less than six months shall for the purpose of this subchapter be considered as if written for a policy period or term of six months. Provided, further, that any policy written for a term longer than one year or any policy with no fixed expiration date, shall for the purpose of this subsection be considered as if written for successive policy periods or terms of one year, and such policy may be terminated at the expiration of any annual period upon giving 30 days' notice of nonrenewal prior to such anniversary date, and such nonrenewal shall not be subject to any other provisions of this subchapter.

(3) “Nonpayment of premium” means failure of the named insured to discharge when due any of his or her obligations in connection with the payment of premiums on the policy, or any installment of such premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit.
8 V.S.A. § 3822 — VT Code / Title 8 / Chapter 103 / Section 3822
§ 3822. Death pending conversion
Status: in_force

The group life insurance policy shall contain a provision that if a person insured under the policy dies during the period within which he or she would have been entitled to have an individual policy issued to him or her in accordance with section 3820 or 3821 of this title and before such an individual policy shall have become effective, the amount of life insurance that he or she would have been entitled to have issued to him or her under such individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made.
8 V.S.A. § 2407 — VT Code / Title 8 / Chapter 77 / Section 2407
§ 2407. Discontinuing trust business; merger and consolidation; sale of trust business; change in control
Status: in_force

(a) Discontinuance. An independent trust company that intends to discontinue its trust business in this State shall furnish notice to the Commissioner of its intention not less than 60 days before the discontinuance. It shall also mail written notice to the principals of each trust account affected. For purposes of this section, the term “principal” with respect to a trust account shall mean the individual or entity to whom the independent trust company ordinarily furnishes statements of account and other customer communications regarding such trust account. The form of notice required by this subsection shall be approved by the Commissioner and shall include a plain statement of the intended plans for discontinuance of the business of the independent trust company, and shall include the name, mailing address and telephone number of one or more officers, managers, employees, or agents of the company available during regular business hours to answer customer questions regarding the proposed discontinuance. The company shall furnish an affidavit of the mailing of the notice to the principals affected, and the affidavit shall constitute the company's compliance with the customer notice requirement of this section. Following the mailing of the notice and prior to the effective date of the discontinuance, the company shall furnish the Commissioner with satisfactory evidence that all affected trust accounts have been transferred to one or more entities with authority to engage in a trust business in this State in accordance with subsections (c) through (j) of this section, that the principal has released and discharged the independent trust company of any further obligation with respect to the account or that all accounts are otherwise protected. The independent trust company shall surrender its certificate of authority to the Commissioner upon the effective date of the discontinuance, and thereafter the company may not use the word “trust” in its company or trade name or in connection with its business. After surrender of the certificate, the Commissioner shall have continuing jurisdiction over the company with respect to compliance with applicable law.

(b) Merger or consolidation. An independent trust company formed in this State may merge or consolidate with another entity. The independent trust company must obtain the Commissioner's prior written approval of the transaction. The Commissioner shall approve the transaction if the Commissioner determines that the resulting entity is qualified to do a trust business in this State and that the transaction will promote the general good of the State. Whenever an independent trust company merges or consolidates under this section, the resulting entity shall have, possess, and own, all property, rights, powers, franchises, privileges, and appointments of every nature whatsoever of each of the merging or consolidating entities. If any of the merging or consolidating entities are acting or have been acting as a fiduciary or in any like capacity, the resulting entity shall have, possess, and be vested with and succeed to all of the property, rights, powers, privileges, duties, and obligations appertaining to each such fiduciary capacity, without further or additional appointment, obligation, or designation, provided the independent trust company or resulting entity, as the case may be, has complied with the provisions of subsections (d) through (j) of this section. The resulting entity shall be a continuation of the entity of each and all of the entities so merged or consolidated. Except as provided in this chapter, it shall hold, exercise, and perform all rights, powers, privileges, duties, and obligations appertaining to any and all trust, representative, or fiduciary relationships of each of the merged or consolidated entities, and shall be liable for all of the debts, contracts, and obligations of each of the merged or consolidated companies. Any such debt, undertaking, or obligations of any merged or consolidated entity may be enforced against it as fully and effectively as it could have been against the merged or consolidated entity.

(c) Sale of assets or trust business. An independent trust company may transfer all or substantially all of its assets or all or a portion of its trust business to another entity qualified to do a trust business in this State. Prior to transferring all or substantially all of its assets or any portion or all of its trust business to another entity, an independent trust company shall obtain the Commissioner's written approval. The Commissioner shall approve the transaction if the Commissioner determines that the transferee entity is qualified to do a trust business in this State and that the transaction will promote the general good.

(d) Petition; notice to the Commissioner; order. Whenever an independent trust company intends to merge into, consolidate with, or transfer all or substantially all of its assets or any of its trust business to another entity qualified to do a trust business in this State as provided in subsection (b) or (c) of this section, it shall file a petition in the Probate Division of the Superior Court of the Probate District in which its main office is located requesting that the Court substitute the resulting or transferee entity, except as may be specifically excluded in such petition, in every fiduciary capacity specified in the petition. The petition may be made ex parte and need not list the fiduciary capacities in which substitution is made. A copy of the petition shall be furnished to the Commissioner prior to filing with the Probate Division of the Superior Court. Upon a finding that the resulting or transferee entity is authorized to engage in a trust business by the Commissioner, the Commissioner has approved the transaction, and that independent trust company has complied with the notification requirements in this subsection and subsection (e) of this section, the Court shall enter an order substituting the resulting or transferee entity in every fiduciary capacity for the independent trust company, except as otherwise specified in the independent trust company's petition. The petition made pursuant to this section shall be considered in a summary fashion by the Court, and the Court shall act on the petition within 30 days of filing. Upon entry of the Court's substitution order, the resulting or transferee entity shall, without further act, be deemed substituted by operation of law in every such fiduciary capacity. The substitution shall be evidenced by filing a copy of the order with the clerk of the Probate Division of the Vermont Superior Court in each Probate District in which the independent trust company served in a fiduciary capacity prior to the entry of the order. The order shall be accompanied by written notification to the Court of each fiduciary appointment previously made by the Court that is affected by the substitution order, and evidence of compliance with subsection (h) of this section. The order of substitution shall be indexed in the records of the courts in the manner in which substitutions of fiduciaries are indexed.

(e) Notice of petition to customer. After the entity that will be the resulting or transferee entity under subsection (b) or (c) of this section is authorized to do a trust business in this State by the Commissioner, but at least 30 days before the filing of the petition referred to in subsection (d) of this section, the independent trust company shall mail written notice of the proposed substitution to the principals of each trust account affected. The form of notice required by this subsection shall be approved by the Commissioner and shall include a statement that the independent trust company intends to merge or consolidate with, or transfer all or substantially all of its assets or all or a portion of its trust business, to a resulting or transferee entity, as the case may be, and intends to substitute the resulting or transferee entity as or for the independent trust company. The notice shall include the name, mailing address, and telephone number of one or more officers, managers, employees, or agents of the independent trust company available during regular business hours to answer customer questions regarding the proposed substitution. The independent trust company shall furnish an affidavit of the mailing of the notice to the Probate Division of the Superior Court in conjunction with the filing of the independent trust company's petition referred to in subsection (d) of this section, and the affidavit shall constitute the independent trust company's compliance with this section. Following the mailing of the notice and prior to the effective date of the substitution order, each prospective trust customer of the independent trust company or of the resulting or transferee entity shall be furnished with a copy of the notice required by this subsection before the customer and the company enter into a trust account relationship.

(f) Post-order notice. Within 30 days after the entry of the substitution order referred to in subsection (d) of this section, the resulting or transferee entity shall mail written notice of the entry of the order of substitution to the principals of each trust account affected. The notice shall specify that the substitution has been effected and shall include the name, mailing address, and telephone number of one or more officers, managers, or employees of the resulting or transferee entity available during regular business hours to answer customer questions regarding the substitution.

(g) Effect of substitution order. Each fiduciary designation in a will, trust, or other instrument executed before or after the entry of an order of substitution, shall be deemed by operation of law to be a designation of the resulting or transferee entity, substituted pursuant to this section, without further act or amendment of the will, trust, or other instrument, unless the will, trust, or other instrument is executed after the date of entry of the order of substitution and specifically negates application of this section.

(h) Bonds. If any company for which the resulting or transferee entity has been substituted pursuant to this section has given bond in any fiduciary capacity, the resulting or transferee entity shall be required to furnish to the Court or authority making the appointment a substitute bond in like amount and terms before the company shall be released from liability on its bond.

(i) Accounting. Any company, for which the resulting or transferee entity has been substituted pursuant to this section, shall account jointly with the resulting or transferee entity for the accounting period during which the effective date of the substitution occurs. Upon substitution pursuant to this section, the company shall deliver to the resulting or transferee entity all assets addressed in the substitution order held by the company as fiduciary, and, upon the substitution, all the assets shall become the property of the resulting or transferee entity as fiduciary without the necessity of any instrument of transfer or conveyance.

(j) Affiliated transactions. Upon substitution of the resulting or transferee entity pursuant to this section, the resulting or transferee entity shall pay fair consideration to any affiliated independent trust company for which it has been substituted as fiduciary for the trust business it has acquired from the affiliate as a result of the substitution.

(k) Change in control. Any person that intends to transfer 10 percent or more of the voting interests in an independent trust company regulated under this chapter to any other person shall provide the Commissioner with at least 30 days' written notice.
8 V.S.A. § 31506 — VT Code / Title 8 / Chapter 221 / Section 31506
§ 31506. Dividends to shareholders; conditions precedent
Status: in_force

(a) The governing body of any credit union may declare a dividend from the credit union's current period undivided earnings, which dividend shall be calculated as provided in this subchapter for any period determined by the governing body.

(b)(1) The governing body may declare a dividend from the undivided earnings of a prior period of the credit union without the prior approval of the Commissioner if, following such distribution, the remaining net worth of the credit union will be more than a two-percent margin above the greatest of:

(A) the minimum net worth required by this subchapter or by standards established by the Commissioner;

(B) the net worth ratio requirement of a well-capitalized credit union as defined under the prompt corrective action guidelines of the National Credit Union Administration; or

(C) such other net worth requirement as established for the credit union by the Commissioner.

(2) Any other distribution of earnings from a prior period of the credit union may be made only with the prior written approval of the Commissioner.

(c)(1) Earnings from all sources for the period for which a dividend is to be paid, except as provided in sections 31502, 31503, 31504, and 31505 of this title, may be credited to the profit and loss account of the credit union, and the following items shall be charged against such account in the determination of the amount available for dividends to shareholders:

(A) all operating expenses paid or incurred by the credit union in the management of its affairs, the collection of its debts, or the transaction of its business;

(B) the interest paid or accrued on debts owed by the credit union;

(C) all losses projected or incurred on loans and leases in excess of the allowance for loan and lease loss account; and

(D) all losses projected or incurred on investments according to generally accepted accounting principles.

(2) The credit balance of the profit and loss account as thus determined shall constitute the current period net earnings of the credit union at the close of such period and shall be applicable to the payment of dividends except as provided in subsection (d) of this section.

(d) No dividend shall be credited or paid without the prior approval of the Commissioner, unless the credit union has:

(1) Made good any existing impairment of its net worth below the standards established by the Commissioner.

(2) Carried to its reserve account such part of its net earnings as may be required by the standards established by the Commissioner, as the same may be amended from time to time.

(3) Carried to its allowance for loan and lease loss account such part of its earnings as is required by section 31503 of this title.

(4) Carried to its special reserve account such part of its earnings as is required by section 31505 of this title.

(e) Dividends may be paid on shares and share certificates at various rates with due consideration of the conditions that pertain to each type of account such as minimum balance, notice, and time requirements.

(f) Subject to the liability and standards set forth in 11B V.S.A. § 8.33, other than subdivision 8.33(b)(2), when any dividend shall be declared in excess of the amount available for dividends as determined in accordance with the provisions of this section, the directors voting for such dividend may be held jointly and severally liable to the credit union for the amount of the excess so declared, unless specifically permitted and approved by the Commissioner. The provisions of 11B V.S.A. § 8.33(b)(2) shall not apply to dividends declared by the directors.
8 V.S.A. § 10101 — VT Code / Title 8 / Chapter 200 / Section 10101
§ 10101. Application of consumer protection chapter
Status: in_force

Except as otherwise provided in this chapter, the provisions of this chapter shall apply to all financial institutions as defined in subdivision 11101(32) of this title, licensed lenders, mortgage brokers, mortgage loan originators, sales finance companies, independent trust companies, money service providers, debt adjusters, loan servicers, credit unions, and any other person doing or soliciting business in this State as described in Part 2, 4, or 5 of this title, in addition to any other applicable consumer protection or remedy section not contained in this chapter, unless such consumer protection or remedy section is expressly made exclusive.
8 V.S.A. § 4018 — VT Code / Title 8 / Chapter 107 / Section 4018
§ 4018. Third-party ownership
Status: in_force

Nothing in this chapter shall be construed as preventing a person other than the covered individual with proper insurable interest from making application for and owning a policy covering the covered individual or from being entitled under such a policy to any indemnities, benefits, and rights provided in the policy. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2218 — VT Code / Title 8 / Chapter 73 / Section 2218
§ 2218. Segregated accounts
Status: in_force

(a) All permitted charges paid by loan applicants or borrowers to a lender or a mortgage broker subject to this chapter shall be deposited in one or more accounts maintained at a bank approved by the Commissioner, and with respect to such funds the lender or mortgage broker shall act as a fiduciary. Such account or accounts shall be segregated from all other accounts of the lender or broker. No permitted charges shall be used in the conduct of a lender's or a broker's personal affairs, nor in a lender's or a broker's business affairs not specifically related to the applicant or borrower.

(b) Such lender or mortgage broker may withdraw funds from the segregated account for payment directly to third parties for authorized fees.

(c) Such lender or mortgage broker may withdraw funds from the segregated account for commissions to which it is entitled for services actually performed. Services are deemed to have been performed when a loan has closed, the loan applicant has withdrawn the loan application in writing, or such mortgage broker or lender has provided to the loan applicant or borrower written notice that the loan has been denied.

(d) Such lender or mortgage broker may return funds from the segregated account to the borrower if not prohibited by the application or contract.

(e) Such lender or mortgage broker shall maintain complete and accurate account records, including, at a minimum, the source of all deposits, the nature of all disbursements, the date and amount of each transaction, and the name of the loan applicant or borrower. All documents pertaining to account activity shall be produced upon request of the Commissioner.
8 V.S.A. § 32706 — VT Code / Title 8 / Chapter 222 / Section 32706
§ 32706. Customer base
Status: in_force

A credit union may organize, invest in, or lend to a CUSO only if the credit union service organization primarily serves credit unions, its membership, or the membership of credit unions contracting with the CUSO.
8 V.S.A. § 4715 — VT Code / Title 8 / Chapter 128 / Section 4715
§ 4715. Renewal policies
Status: in_force

(a) If the insurer has the necessary information to issue the renewal policy of insurance to which section 4711 of this title applies, the insurer shall confirm in writing at least 45 days prior to expiration its intention to renew the policy and the premium at which the policy is to be renewed. The insured shall have the right to renew the policy at this premium.

(b) An insurer not complying with subsection (a) of this section shall grant its insured renewal coverage at the rate or premium in effect under the expiring or expired policy or at rates lawfully in effect on the expiration date. This shall be done on a pro rata basis and shall continue for 45 days after the insurer confirms renewal coverage and premium. This subsection shall not apply if the insured accepts the renewal policy.

(c) An insurer may transfer a policy to an affiliate, as defined by subdivision 3681(1) of this title, upon expiration of the policy without providing notice of nonrenewal, provided that:

(1) the rating by A. M. Best or a similarly qualified rating service of the affiliate is equal to or better than the transferring insurer;

(2) there is no diminution in the terms and conditions of coverage; and

(3) notice of the transfer is provided to the insured at least 45 days prior to the transfer by first-class mail, and in connection with such notice the insurer:

(A) complies with any requirements of federal law relating to notice of adverse credit determination;

(B) includes in the notice of transfer a telephone number of the insurer, or the producer, if any, and a toll-free telephone number of the insurer in the case of personal lines policies, where the insured can learn additional information concerning the transfer and the reasons for the transfer;

(C) complies with the other provisions of this section relating to renewal policies.
8 V.S.A. § 4981 — VT Code / Title 8 / Chapter 137 / Section 4981
§ 4981. Definitions
Status: in_force

As used in this chapter, unless the context otherwise requires:

(1) “Association” means a joint underwriting association established pursuant to this chapter.

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

(3) “Property and casualty insurance” means all insurance covered under chapter 128 of this title relating to property and casualty rate regulation.

(4) “Member” means an insurer that is a member of an association.

(5) “Plan” means the plan of operation of the association approved or proposed by the Commissioner pursuant to this chapter.
8 V.S.A. § 30705 — VT Code / Title 8 / Chapter 220 / Section 30705
§ 30705. 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 credit union 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. § 6013 — VT Code / Title 8 / Chapter 141 / Section 6013
§ 6013. Exemption from compulsory associations
Status: in_force

No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this State, nor shall any such captive insurance company, or any insured or affiliate thereof, receive any benefit from any such plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company.
8 V.S.A. § 4190 — VT Code / Title 8 / Chapter 112 / Section 4190
§ 4190. Prospective application
Status: in_force

(a) This chapter shall apply to all matters relating to any impaired or insolvent insurer for which the Association first became obligated on or after July 1, 2023.

(b) Matters relating to any impaired or insolvent insurer for which the Association first became obligated prior to July 1, 2023, shall be governed by the provisions of this chapter in effect at the time the Association first became obligated for such matters.
8 V.S.A. § 3791j — VT Code / Title 8 / Chapter 103 / Section 3791j
§ 3791j. Optional reserve calculation
Status: in_force

(a) Reserves for policies and contracts issued prior to July 1, 1968 may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to that date.

(b) Reserves for any category of policies, contracts, or benefits established by the Commissioner, issued on or after July 1, 1968 may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided herein, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.

(c) A company, which adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this subchapter, may adopt a lower standard of valuation with the approval of the Commissioner, but not lower than the minimum provided herein, provided that, for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by section 3791c of this subchapter shall not be deemed to be the adoption of a higher standard of valuation.
8 V.S.A. § 6018 — VT Code / Title 8 / Chapter 141 / Section 6018
§ 6018. Delinquency
Status: in_force

Except as otherwise provided in this chapter, the terms and conditions set forth in chapter 145 of this title shall apply in full to captive insurance companies formed or licensed under this chapter; however, the assets of a separate account established under subsection 6006(q) of this chapter shall not be used to pay any expenses or claims other than those attributable to such separate account.
8 V.S.A. § 14104 — VT Code / Title 8 / Chapter 204 / Section 14104
§ 14104. Capital or surplus requirements
Status: in_force

(a) Every Vermont financial institution shall establish and maintain adequate levels of capital or surplus pursuant to standards established by the Commissioner.

(b) Any issuance considered as capital under subsection (a) of this section shall be submitted to the Commissioner for review and approval at least 10 days prior to issuance and include such documentation as the Commissioner deems necessary.

(c) Notwithstanding the provisions of subsections (a) and (b) of this section, the Commissioner may permit the formation of a Vermont financial institution without capital or surplus to be merged with or into or consolidated with an existing financial institution for the purpose of facilitating a reorganization or acquisition transaction, including a triangular merger transaction, involving such existing financial institution.
8 V.S.A. § 7098 — VT Code / Title 8 / Chapter 145 / Section 7098
§ 7098. Attachment, garnishment and levy of execution
Status: in_force

During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this State against the delinquent insurer or its assets.
8 V.S.A. § 5035 — VT Code / Title 8 / Chapter 138 / Section 5035
§ 5035. Surplus lines tax
Status: in_force

(a) Where Vermont is the home state of the insured, gross premiums charged, less any return premiums, for surplus lines coverages placed with surplus lines insurers are subject to a premium receipts tax of three percent, which shall be collected from the insured by the surplus lines broker at the time of delivery of policy or other confirmation of insurance, in addition to the full amount of the gross premium charged by the insurer for the insurance. The tax on any portion of the premium unearned at termination of insurance shall be returned to the policyholder by the surplus lines broker. Nothing contained in this section will preclude a surplus lines broker from charging a fee to the purchaser of the contract sufficient to recover the amount of this tax.

(b) At the time of filing his or her quarterly report with the Commissioner of Taxes, each surplus lines broker shall remit the premium tax due thereon to the Commissioner of Taxes.

(c) The Commissioner of Taxes shall collect the tax imposed by this section. All administrative provisions of 32 V.S.A. chapter 151, including those relating to the collection and enforcement of the income tax by the Commissioner of Taxes, shall apply to this section.
8 V.S.A. § 3440 — VT Code / Title 8 / Chapter 101 / Section 3440
§ 3440. Redomestication; fees
Status: in_force

An insurer becoming a domestic insurer through the redomestication procedure specified in section 3437 of this title shall pay to the Commissioner such fees as would be payable by a like domestic insurer organizing and becoming licensed or transacting business in this State. An insurer becoming a domestic insurer pursuant to section 3437 shall pay to the Secretary of State a filing fee in the amount of $300.00 for the filing required under section 3437.
8 V.S.A. § 2457 — VT Code / Title 8 / Chapter 78 / Section 2457
§ 2457. Reports; rules
Status: in_force

(a) The Department of Financial Regulation may prescribe by rule the timing and manner of reports by a personal information protection company to the Department.

(b) The Department may adopt rules to govern other aspects of the business of a personal information protection company, including its protection and safeguarding of personal information and its interaction with third parties with respect to personal information it holds.
8 V.S.A. § 4187 — VT Code / Title 8 / Chapter 112 / Section 4187
§ 4187. Immunity
Status: in_force

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the Association or its agents or employees, members of the Board of Directors, or the Commissioner or the Commissioner's representatives for any action or omission by them in the performance of their powers and duties under this chapter. This immunity shall extend to the participation in any organization of one or more other state associations of similar purposes and to any such organization and its agents or employees.
8 V.S.A. § 3681 — VT Code / Title 8 / Chapter 101 / Section 3681
§ 3681. Definitions
Status: in_force

As used in this subchapter:

(1) “Affiliate” of, or person “affiliated” with, a specific person, means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified.

(2) “Commissioner” means the Commissioner of Financial Regulation or the Commissioner's deputies, as appropriate.

(3) “Control,” including the terms “controlling,” “controlled by,” and “under common control with,” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, 10 percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection 3684(l) of this title that control does not exist in fact. The Commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.

(4) “Group capital calculation instructions” means the group capital calculation instructions as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.

(5) “Groupwide supervisor” means the regulatory official authorized to engage in conducting and coordinating groupwide supervision activities, as specified by the Commissioner under section 3696 of this subchapter.

(6) “Insurance holding company system” or “system” means two or more affiliated persons, one or more of which is an insurer.

(7) “Insurer” means a company qualified and licensed to transact the business of insurance in this State and includes a health maintenance organization, a nonprofit hospital service corporation, and a nonprofit medical service corporation, except that it shall not include:

(A) agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state; or

(B) fraternal benefit societies.

(8) “Enterprise risk” means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including anything that would cause the insurer's risk-based capital to fall into company action level as set forth in section 8303 of this title or would cause the insurer to be in hazardous financial condition under Department Regulation I-93-2, sections 3–4.

(9) “Internationally active insurance group” or “group” means an insurance holding company system that:

(A) includes an insurer registered under section 3684 of this subchapter; and

(B) meets the following criteria:

(i) premiums written in at least three countries;

(ii) the percentage of gross premiums written outside the United States is at least 10 percent of the system's total gross written premiums; and

(iii) based on a three-year rolling average, the total assets of the system are at least $50,000,000,000.00, or the total gross written premiums of the system are at least $10,000,000,000.00.

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

(11) “NAIC liquidity stress test framework” means a separate NAIC publication, which includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, such as scope criteria, instructions, and reporting template as adopted by the NAIC.

(12) “Person” means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property.

(13) “Scope criteria” mean the designated exposure bases along with minimum magnitudes thereof for the specified data year used to establish a preliminary list of insurers considered scoped into the NAIC liquidity stress test framework for that data year, as detailed in the NAIC liquidity stress test framework.

(14) “Security holder” of a specified person means one who owns any security of such person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing.

(15) “Subsidiary” of a specified person means an affiliate controlled by such person directly, or indirectly through one or more intermediaries.

(16) “Voting security” includes any security convertible into or evidencing a right to acquire a voting security.
8 V.S.A. § 5038 — VT Code / Title 8 / Chapter 138 / Section 5038
§ 5038. Actions against insurer; service of process
Status: in_force

(a) A non-admitted insurer may be sued upon any cause of action arising in this State under any surplus lines insurance contract made by it or certificate, cover note, or other confirmation of such insurance issued or delivered by the surplus lines broker pursuant to the procedure provided in chapter 101, subchapter 2 of this title.

(b) Each surplus lines insurer that assumes a surplus lines coverage shall be deemed thereby to have subjected itself to this chapter.

(c) The remedies provided in this chapter are in addition to any other methods provided by law for service of process upon insurers.
8 V.S.A. § 19104 — VT Code / Title 8 / Chapter 209 / Section 19104
§ 19104. Restrictions continued after holidays
Status: in_force

After those holidays, the order may be continued in effect as to any particular financial institution if, in the opinion of the Commissioner, circumstances warrant or require the continuance and the Governor approves.
8 V.S.A. § 3616 — VT Code / Title 8 / Chapter 101 / Section 3616
§ 3616. Plan of operation
Status: in_force

(a)(1) The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to ensure the fair, reasonable, and equitable administration of the Association. The plan of operation and any amendments thereto shall become effective upon approval in writing by the Commissioner.

(2) If after approval by the Commissioner of the plan of operation, the Association fails to submit amendments to the plan when necessary or advisable to effectuate the provisions of this subchapter, the Commissioner may adopt appropriate rules under 3 V.S.A. chapter 25 that shall continue in force until superseded by amendments submitted by the Association to the Commissioner and approved by him or her.

(b) All member insurers shall comply with the plan of operation.

(c) The plan of operation shall:

(1) Establish the procedures whereby all the powers and duties of the Association under section 3615 of this title will be performed.

(2) Establish procedures for handling assets of the Association.

(3) Establish the amount and method of reimbursing members of the Board of Directors under section 3614 of this title.

(4) Establish procedures by which claims may be filed with the Association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer shall be deemed notice to the Association or its agent and a list of such claims shall be periodically submitted to the Association or similar organization in another state by the receiver or liquidator.

(5) Establish regular places and times for meetings of the Board of Directors.

(6) Establish procedures for records to be kept of all financial transactions of the Association, its agents, and the Board of Directors.

(7) Provide that any member insurer aggrieved by any final action or decision of the Association may appeal to the Commissioner within 30 days after the action or decision.

(8) Establish the procedures whereby selections for the Board of Directors will be submitted to the Commissioner.

(9) Contain additional provisions necessary or proper for the execution of the powers and duties of the Association.

(d) The plan of operation may provide that any or all powers and duties of the association, except those under subdivisions 3615(a)(3) and 3615(b)(2) of this title, are delegated to a corporation, association, or other organization that performs or will perform functions similar to those of this Association, or its equivalent, in two or more states. Such a corporation, association, or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the Association. A delegation under this subsection shall take effect only with the approval of both the Board of Directors and the Commissioner, and may be made only to a corporation, association, or organization that extends protection not substantially less favorable and effective than that provided by this subchapter.
8 V.S.A. § 4041 — VT Code / Title 8 / Chapter 107 / Section 4041
§ 4041. Group health insurance policies; definitions
Status: in_force

(a) As used in this section:

(1) “Employees” includes the officers, managers, and employees of the employer; the partners, if the employer is a partnership; the officers, managers, and employees of subsidiary or affiliated corporations of a corporation employer; and the individual proprietors, partners, and employees of individuals and firms, the business of which is controlled by the insured employer through stock ownership, contract, or otherwise.

(2) “Employer” may be deemed to include any municipal or governmental entity or officer, or the appropriate officer for an unincorporated town or gore or for the Unified Towns and Gores of Essex County, as well as private individuals, partnerships, and corporations.

(b) Group health insurance is a form of health insurance that covers one or more persons, with or without their dependents, that is issued upon the following basis:

(1)(A) Under a policy issued to an employer, who is deemed the policyholder, insuring at least one employee of the employer, for the benefit of persons other than the employer.

(B) In accordance with section 3368 of this title, an employer domiciled in a jurisdiction other than Vermont that has more than 25 certificate-holder employees whose principal worksite and domicile is in Vermont and that is defined as a large group in its own jurisdiction and under the Patient Protection and Affordable Care Act, Pub. L. No. 111-148, § 1304, as amended by the Health Care and Education Reconciliation Act of 2010, Pub. L. No. 111-152, may purchase insurance in the large group health insurance market for its Vermont-domiciled certificate-holder employees.

(2)(A) Under a policy issued:

(i) to an association, a trust, or one or more trustees of a fund established by one or more associations otherwise eligible for the issuance of a policy under this subdivision (2) and maintained, directly or indirectly, by one or more associations for the benefit of its members or a contract or plan issued by such an association or trust; or

(ii) by a multiple employer welfare arrangement as defined in the Employee Retirement Income Security Act of 1974, as amended.

(B)(i) The association or associations shall have:

(I) a minimum of 100 persons at the time of incorporation or formation;

(II) been organized and maintained in good faith for purposes other than that of obtaining insurance;

(III) been in active existence for at least one year; and

(IV) a constitution and bylaws that provide that:

(aa) the association or associations hold regular meetings not less than annually to further purposes of the members;

(bb) except for credit unions, the association or associations collect dues or solicit contributions from members; and

(cc) the members constitute a majority of the voting power of the association for all purposes and have representation on the governing board and committees.

(ii)(I) The association or associations shall not be controlled by a health insurer, as evidenced by the operation of the association or associations.

(II) The following factors may be used as evidence to determine whether an association is a health insurer-operated association; provided, however, that the presence or absence of one or more of these factors shall not serve to limit or be dispositive of such a determination:

(aa) common board members, officers, executives, or employees;

(bb) common ownership of the health insurer and the association, or of the association and another eligible group; and

(cc) common use of office space or equipment used by the health insurer to transact insurance.

(C) An association's members shall have a shared or common purpose that is not primarily a business or customer relationship.

(D)(i) A policy issued by an association shall not insure persons other than the members or employees of the association or associations, or employees of members, or all of any class or classes of employees of the association, associations, or members, together, in each case, with the employees' or members' dependents, as applicable, for the benefit of persons other than the employee's employer.

(ii) A policy issued by an association shall insure all eligible persons, except those who reject coverage in writing.

(E) An association shall not use the solicitation of insurance as the primary method of obtaining new members.

(F) If a health insurer collects membership fees or dues on behalf of an association, the health insurer shall disclose to the members of the association that the health insurer is billing and collecting membership fees and dues on behalf of the association.

(3)(A) Under a policy issued to a trust, or to one or more trustees of a fund established and maintained, directly or indirectly, by:

(i) two or more employers;

(ii) one or more labor unions or similar employee organizations; or

(iii) one or more employers and one or more labor unions or similar employee organizations.

(B)(i) A policy under this subdivision (3) must be issued to the trust or trustees for the purpose of insuring all of the employees of the employers or all of the members of the unions or organizations, or all of any class or classes of employees or members, together, in each case, with the employees' or members' dependents, as applicable, for the benefit of persons other than the employers or the unions or organizations.

(ii) A policy issued to a trust shall insure all eligible persons, except those who reject coverage in writing.

(4) Under a policy issued to any other substantially similar group that, in the discretion of the Commissioner, may be subject to the issuance of a group accident and sickness policy or contract. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4686 — VT Code / Title 8 / Chapter 128 / Section 4686
§ 4686. Rating methods or criteria
Status: in_force

In determining whether rates comply with the excessiveness standard in a noncompetitive market under subdivision 4685(b)(2) of this title, the inadequacy standard under subsection 4685(c) of this title and the unfair discrimination standard under subsection 4685(d) of this title, the following criteria shall apply:

(1) Basic factors in rates. Due consideration shall be given to past and prospective loss and expense experience within, and as reasonable and necessary outside this State; to catastrophe hazards; to residual market loss redistributions and other similar obligations, if any; to a reasonable provision for underwriting profit; to contingencies, if any; to trends within and outside this State; to loadings for leveling premium rates over time or for dividends or savings to be allowed or returned by insurers to their policyholders, members, or subscribers; and to all other relevant factors.

(2) Classification. Risks may be classified in any lawful and reasonable way for the collection of statistics and establishment of rates. Rates may be modified for individual risks in accordance with rating plans or schedules which provide for recognition of probable variations in hazards, expenses, or both.

(3) Expenses. The expense provisions included in the rates to be used by an insurer shall reflect the operating methods of the insurer, and, so far as is determinable and reasonable, its own actual and anticipated expense experience for the kind of insurance involved, or any subdivision thereof.

(4) Profits. The rates shall contain an allowance providing for a reasonable profit. In determining the reasonableness of profit, consideration shall be given to all relevant investment income and a provision for contingencies may be included.
8 V.S.A. § 4121 — VT Code / Title 8 / Chapter 110 / Section 4121
§ 4121. Definitions
Status: in_force

As used in this chapter:

(1) “Covered individual” means an individual covered under a dental insurance plan or a health insurance plan.

(2) “Covered service” means a dental service for which reimbursement is available under a covered individual's dental insurance plan or health insurance plan or for which reimbursement would be available but for the application of contractual limitations such as deductibles, co-payments, coinsurance, waiting periods, annual or lifetime maximums, frequency limitations, alternative benefit payments, or other limitations.

(3) “Dental insurance plan” means a stand-alone dental plan or policy that provides coverage for dental services separately from a health insurance plan.

(4) “Dental insurer” means any health or dental insurance company, including a nonprofit dental service corporation, that offers a dental insurance plan for sale.

(5) “Dentist” means an individual licensed to practice dentistry under 26 V.S.A. chapter 12.

(6) “Health insurance plan” means any individual or group health insurance policy, any hospital or medical service corporation or health maintenance organization subscriber contract, or any other health benefit plan offered, issued, or renewed for any person in this State by a health insurer. The term does not include benefit plans providing coverage for a specific disease or other limited benefit coverage.

(7) “Health insurer” has the same meaning as in 18 V.S.A. § 9402.
8 V.S.A. § 3791h — VT Code / Title 8 / Chapter 103 / Section 3791h
§ 3791h. Reserve valuation method-Annuity and pure endowment benefits
Status: in_force

(a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as may be amended.

(b) Reserves according to the Commissioner's annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.
8 V.S.A. § 4112 — VT Code / Title 8 / Chapter 109 / Section 4112
§ 4112. Existing insurance; choice of insurer
Status: in_force

When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this State.
8 V.S.A. § 4103 — VT Code / Title 8 / Chapter 109 / Section 4103
§ 4103. Definitions
Status: in_force

As used in this chapter:

(1) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction.

(2) “Credit accident and health insurance” means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy.

(3) “Creditor” means the lender of money or vendor or lessor of goods, services, property, right, or privileges, for which payment is arranged through a credit transaction or any successor to the right, title, or interest of any such lender, vendor, or lessor, and an affiliate, associate, or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them.

(4) “Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction. “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other transaction.

(5) “Commissioner” means the Commissioner of Financial Regulation.
8 V.S.A. § 10204 — VT Code / Title 8 / Chapter 200 / Section 10204
§ 10204. Exceptions
Status: in_force

This subchapter does not prohibit any of the activities listed in this section. This section shall not be construed to require any financial institution to make any disclosure not otherwise required by law. This section shall not be construed to require or encourage any financial institution to alter any procedures or practices not inconsistent with this subchapter. This section shall not be construed to expand or create any authority in any person or entity other than a financial institution.

(1) Disclosure of information to the customer after proper identification.

(2) Disclosure authorized by the customer, provided the disclosure is limited to the scope and purpose that the customer authorizes.

(3) Disclosure of information sought by the Office of Child Support Services pursuant to its authority and obligations under 33 V.S.A. § 115 and 33 V.S.A. chapter 41, or by an agency of similar function of another state, pursuant to similar authority.

(4) Disclosure of information sought by the Department for Children and Families pursuant to its authority and obligations under 33 V.S.A. § 112.

(5) Disclosure sought by the Vermont Student Assistance Corporation pursuant to its authority and obligations under 16 V.S.A. chapter 87.

(6) The preparation, examination, handling, or maintenance of financial records by any officer, employee, or agent of a financial institution that has custody of the records.

(7) The examination of financial records by a certified public accountant while engaged by the financial institution to perform an independent audit.

(8) The disclosure of information to a collection agency, its employees or agents, or to any person engaged by the financial institution to assist in recovering an amount owed to the financial institution, if such disclosure is made in the furtherance of recovering such amount.

(9) The examination of financial records by, or the disclosure of financial records to, any officer, employee, or agent of a regulatory agency for use only in the exercise of that person's duties as an officer, employee, or agent.

(10) The publication of information derived from financial records if the information cannot be identified to any particular customer, deposit, or account.

(11) The making of reports, disclosures, or returns required by federal or state law.

(12) The disclosure of any information permitted to be disclosed under the laws governing dishonor of negotiable instruments.

(13) The exchange, in the regular course of business, of credit information between a financial institution and a credit reporting agency, provided such exchange is in compliance with the Vermont Fair Credit Reporting Act, 9 V.S.A. chapter 63, subchapter 3, and the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.

(14) The exchange, in the regular course of business, of information between a financial institution and an account verification service, provided such exchange is in compliance with the Vermont Fair Credit Reporting Act, 9 V.S.A. chapter 63, subchapter 3, and the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.

(15) The exchange, in the regular course of business, of information between a financial institution and a mercantile agency, provided such exchange is solely for the purpose of reporting to third parties on the credit rating or creditworthiness of any business and is in compliance with the Vermont Fair Credit Reporting Act, 9 V.S.A. chapter 63, subchapter 3, and the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.

(16) The exchange of loan information that specifically affects a sale, foreclosure, or loan closing, provided such exchange is for the purpose of accomplishing such sale, foreclosure, or loan closing.

(17) The disclosure to civil or criminal law enforcement authorities for use in the exercise of such authority's duties, or the sharing of information, within an industry network, of suspected criminal activities.

(18) Disclosures requested pursuant to a summons for trustee process under Rule 4.2 of the Vermont Rules of Civil Procedure.

(19) Disclosure requested pursuant to subpoena, provided that no disclosure shall be made until 14 days after the financial institution has notified the customer that financial information has been requested by subpoena. Such notice shall be served by first-class mail to the customer at the most recent address known to the financial institution. The provisions of this subdivision shall not apply where the subpoena is issued by or on behalf of a regulatory, criminal, or civil law enforcement agency.

(20) Disclosure required by order of court.

(21) Disclosure of customer financial information among directors, officers, employees, or agents of affiliated financial institutions, provided that such disclosure is limited to information necessary or appropriate to the fulfillment of any such persons' duties and responsibilities to the financial institution or institutions, and provided further that such disclosure is made in compliance with the Vermont Fair Credit Reporting Act, 9 V.S.A. chapter 63, subchapter 3, and the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.

(22) Disclosure of customer financial information of one financial institution to another financial institution in connection with a proposed merger, consolidation, acquisition, or other reorganization transaction involving such institution, provided that no further disclosure is made except in compliance with this subchapter, and provided further that such disclosure is made in compliance with the Vermont Fair Credit Reporting Act, 9 V.S.A. chapter 63, subchapter 3, and the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.

(23) Disclosure in accordance with rules adopted by the Commissioner, provided that the Commissioner may permit disclosure by temporary order, until such time as rules under this subdivision are adopted.

(24) Disclosure sought by the Department of Taxes of this State pursuant to its authority and obligations under Title 32.

(25) Reports or disclosure of financial or other information to the Department of Disabilities, Aging, and Independent Living, pursuant to 33 V.S.A. §§ 6903(b), 6904, and 6915.

(26) Disclosure of information sought by the Department of Vermont Health Access or its agents pursuant to the Department's authority and obligations under 33 V.S.A. § 403.
8 V.S.A. § 4701 — VT Code / Title 8 / Chapter 128 / Section 4701
§ 4701. Consumer information
Status: in_force

The Commissioner shall utilize, develop, or cause to be developed a consumer information system that will include representative price ranges and other relevant information to be readily available to purchasers of insurance. The development and operation of this system may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors, or in any other appropriate manner. To the extent deemed necessary and appropriate by the Commissioner, insurers, advisory or service organizations, and other persons or organizations involved in conducting the business of insurance in this State to which this section applies shall assist and cooperate in the development and utilization of a consumer information system.
8 V.S.A. § 8001 — VT Code / Title 8 / Chapter 151 / Section 8001
§ 8001. Definitions
Status: in_force

As used in this chapter:

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

(2) “Continuing care” means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. Lodging and services need not be provided at the same location.

(3) “Continuing care contract” means a contract under which a provider is to furnish continuing care to a specified individual in return for payment of an entrance fee that is in addition to, or in lieu of, the payment of regular periodic charges for the care and services involved.

(4) “Department” means the Department of Financial Regulation.

(5) “Entrance fee” means an initial or deferred transfer to a provider of a sum of money or other property, or portion thereof, made or promised to be made as consideration for acceptance of a specified individual as a resident in a facility. A fee that is less than the sum of the regular periodic charges for six months of residency shall not be considered an entrance fee for the purposes of this chapter.

(6) “Facility” means a place or places in which a resident receives continuing care.

(7) “Continuing care insurance” means, as used in this chapter, the agreement to fund the cost of continuing care pursuant to a continuing care contract.

(8) “Occupancy date” means the date a living unit is available for occupancy by the resident or the date on which the resident personally occupies the living unit, whichever occurs first.

(9) “Person” means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation.

(10) “Provider” means the person who enters into a contract to provide continuing care to a resident.

(11) “Rate” means the cost of services and insurance per exposure base unit, or cost per unit of insurance, or charge to residents for services rendered, prior to the application of individual risk variations based upon loss or expense considerations.

(12) “Resident” means the individual designated in a continuing care contract as the one who is to receive continuing care.

(13) “Resident assistance fund” means a fund established in accordance with section 8018 of this title.

(14) “Supplementary rate information” includes any manual, schedule, or plan of rates, classification system, rating schedule, minimum premium, policy fee, rating rule, rating plan, or any other similar information needed or used to determine the applicable rate in effect or to be in effect for a resident.
8 V.S.A. § 7081 — VT Code / Title 8 / Chapter 145 / Section 7081
§ 7081. Priority of distribution
Status: in_force

The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is set forth in this section. Every claim in each class shall be paid in full or adequate funds retained for such payment before the members of the next class receive any payment. No subclass shall be established within any class. The order of distribution of claims shall be:

(1) Class 1. The costs and expenses of administration, during conservation, rehabilitation, and liquidation, including the following:

(A) actual and necessary costs of preserving or recovering the assets of the insurer;

(B) compensation for all services rendered in the conservation, rehabilitation, and liquidation;

(C) necessary filing fees;

(D) fees and mileage payable to witnesses; and

(E) authorized reasonable attorney's fees and other professional services rendered in the conservation, rehabilitation, and liquidation.

(2) Class 2.

(A) The administrative expenses of guaranty associations. For purposes of this section, these expenses shall be the reasonable expenses incurred by guaranty associations where the expenses are not payments or expenses that are required to be incurred as direct policy benefits in fulfillment of the terms of the insurance contract or policy, and that are of the type and nature that, but for the activities of the guaranty association otherwise would have been incurred by the receiver, including evaluations of policy coverage, activities involved in the adjustment and settlement of claims under policies, including those of in-house or outside adjusters, and the reasonable expenses incurred in connection with the arrangements for ongoing coverage through transfer to other insurers, policy exchanges, or maintaining policies in force. The receiver may in his or her sole discretion approve as an administrative expense under this section any other reasonable expenses of the guaranty association if the receiver finds:

(i) The expenses are not expenses required to be paid or incurred as direct policy benefits by the terms of the policy.

(ii) The expenses were incurred in furtherance of activities that provided a material economic benefit to the estate as a whole, irrespective of whether the activities resulted in additional benefits to covered claimants. The court shall approve such expenses, unless it finds the receiver abused his or her discretion in approving the expenses.

(B) If the receiver determines that the assets of the estate will be sufficient to pay all Class 1 claims in full, Class 2 claims shall be paid currently, provided that the liquidator shall secure from each of the associations receiving disbursements pursuant to this section an agreement to return to the liquidator such disbursements, together with investment income actually earned on such disbursements, as may be required to pay Class 1 claims. No bond shall be required of any such association.

(3) Class 3. All claims under policies including such claims of the federal or any state or local government for losses incurred, including third-party claims, claims for unearned premiums, and all claims of a guaranty association or foreign guaranty association, other than claims included in Class 2, for payment of covered claims or covered obligations of the insurer. It shall include claims of members of a health maintenance organization, if the member is liable to any provider for services provided under the plan; provided, however, claims of providers obligated by statute or agreement to hold members of a health maintenance organization harmless from liability for services provided under the plan shall be Class 6 claims. All claims under life insurance and annuity policies, whether for death proceeds, annuity proceeds, or investment values, shall be treated as loss claims. That portion of any loss, indemnification for which is provided by other benefits or advantages recovered by the claimant, shall not be included in this class, other than benefits or advantages recovered or recoverable in discharge of familial obligation of support or by way of succession at death or as proceeds of life insurance, or as gratuities. No payment by an employer to his or her employee shall be treated as a gratuity.

(4) Class 4. Claims of the federal government other than those claims included in Class 3.

(5) Class 5. Debts due employees for services, benefits, contractual or otherwise due arising out of such reasonable compensation to employees for services performed to the extent that they do not exceed two months of monetary compensation and represent payment for services performed within six months before the filing of the petition for liquidation or, if rehabilitation preceded liquidation, within one year before the filing of the petition for rehabilitation. Principal officers and directors shall not be entitled to the benefit of this priority except as otherwise approved by the liquidator and the court. This priority shall be in lieu of any other similar priority that may be authorized by law as to wages or compensation of employees.

(6) Class 6. Claims of any person, including claims of state or local governments, except those specifically classified elsewhere in this section. Class 6 includes claims of providers obligated by statute or agreement to hold members of a health maintenance organization harmless from liability for services provided under the plan, and claims of attorneys for fees and expenses owed them by a person for services rendered in opposing a formal delinquency proceeding. In order to prove the claim, the claimant must show that the insurer that is the subject of the delinquency proceeding incurred such fees and expenses based on its best knowledge, information, and belief, formed after reasonable inquiry indicating opposition was in the best interests of the person, was well-grounded in fact, and was warranted by existing law or a good faith argument for the extension, modification, or reversal of existing law, and that opposition was not pursued for any improper purpose, such as to harass or to cause unnecessary delay or needless increase in the cost of the litigation.

(7) Class 7. Claims of any state or local government for a penalty or forfeiture, shall be allowed in this class only to the extent of the pecuniary loss sustained from the act, transaction, or proceeding out of which the penalty or forfeiture arose, with reasonable and actual costs occasioned thereby. The remaining amount of such claims shall be postponed to the class of claims under subdivision (9) of this section.

(8) Class 8. Claims filed late or any other claims other than claims under subdivisions (9) and (10) of this section.

(9) Class 9. Surplus or contribution notes, or similar obligations, and premium refunds on assessable policies. Payments to members of domestic mutual insurance companies shall be limited in accordance with law.

(10) Class 10. The claims of shareholders or other owners in their capacity as shareholders.
8 V.S.A. § 3816 — VT Code / Title 8 / Chapter 103 / Section 3816
§ 3816. Insurability
Status: in_force

The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his or her coverage.
8 V.S.A. § 4084 — VT Code / Title 8 / Chapter 107 / Section 4084
§ 4084. Physical therapy co-payments for certain plans
Status: in_force

For silver- and bronze-level qualified health benefit plans and any reflective health benefit plans offered at the silver or bronze level pursuant to 33 V.S.A. chapter 18, subchapter 1, health care services provided by a licensed physical therapist may be subject to a co-payment requirement, provided that any required co-payment amount shall be between 125 and 150 percent of the amount of the co-payment applicable to care and services provided by a primary care provider under the plan. (Recodified 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3364 — VT Code / Title 8 / Chapter 101 / Section 3364
§ 3364. Authorization for investment purposes only
Status: in_force

Such insurer may make investments in this State without qualifying to do business in this State as a foreign corporation under the general corporation law or as a foreign or alien insurer under this article, provided such insurer constitutes the Secretary of State as his or her agent for the service of process and enters into a stipulation with said Secretary to submit to the jurisdiction of the courts of this State.
8 V.S.A. § 4514a — VT Code / Title 8 / Chapter 123 / Section 4514a
§ 4514a. Part-time employees
Status: in_force

A nonprofit hospital service corporation shall not exclude part-time employees and shall offer the same insurance benefits to part-time employees as it offers to the employee groups of which the part-time employees would be members if they were full-time employees. The insurer shall offer to include the part-time employees as part of the employer's employee group, at the full rate to be paid by the employer, at a rate prorated between the employer and the employee, or at the employee's expense. “Part-time employee” means any employee who works a minimum of at least 17 1/2 hours per week.
8 V.S.A. § 4520 — VT Code / Title 8 / Chapter 123 / Section 4520
§ 4520. 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 hospital service corporation as defined by section 4511 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 license as provided by section 4513 of this title. But such corporation organized under the laws of another state or country shall not be entitled to such license or to do business in this State unless such other state or country grants substantially similar rights and privileges to hospital 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. § 7125 — VT Code / Title 8 / Chapter 148 / Section 7125
§ 7125. Premium tax
Status: in_force

(a) A travel insurer shall pay premium tax, as provided in 32 V.S.A. § 8551, on travel insurance premiums paid by any of the following:

(1) a primary policyholder who is a resident of this State;

(2) a primary certificate holder who is a resident of this State who elects coverage under a group travel insurance policy; or

(3) a blanket travel insurance policyholder that is a resident in or has its principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in this State for eligible blanket travel insurance group members, subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions or that permit the insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions.

(b) A travel insurer shall:

(1) document the state of residence or principal place of business of the policyholder or certificate holder, as required in subsection (a) of this section; and

(2) report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers.
8 V.S.A. § 32703 — VT Code / Title 8 / Chapter 222 / Section 32703
§ 32703. Records, reports, and examination
Status: in_force

(a) A CUSO shall:

(1) account for all transactions in accordance with generally accepted accounting principles;

(2) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards;

(3) preserve all of its books and records in accordance with rules adopted by the Commissioner applicable to credit unions;

(4) provide the Commissioner with complete access to its books, records, and internal controls for review, evaluation, and examination;

(5) provide such additional audits and reports as requested by the Commissioner; and

(6) pay the actual cost of any review, evaluation, or examination conducted by the Commissioner.

(b) As frequently as the Commissioner deems appropriate or necessary, the Commissioner may conduct an examination of the records and books of a CUSO in which a credit union has invested or to which it has lent funds or that was organized by a credit union.
8 V.S.A. § 11502 — VT Code / Title 8 / Chapter 201 / Section 11502
§ 11502. 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 or 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. Records of investigations and reports of examinations shall also include, when such records are considered confidential by an agency or foreign government and the records are in the possession of the Commissioner, records of examinations and investigations conducted by:

(1) any supervisory agency; and

(2) the supervisory agency of any foreign government with jurisdiction over any financial institution.
8 V.S.A. § 19102 — VT Code / Title 8 / Chapter 209 / Section 19102
§ 19102. Governor's proclamation
Status: in_force

Whenever it appears to the Governor that the public welfare and the equal protection of depositors in Vermont financial institutions doing business in this State require it, he or she may proclaim such bank holidays as in his or her judgment are necessary. Those holidays, except as otherwise provided in the proclamation, shall not be considered as business days for the transaction of all banking business, including the demand or payment of deposits, and shall have the incidents of a legal holiday for the purposes specified in 9A V.S.A. Article 3.
8 V.S.A. § 33103 — VT Code / Title 8 / Chapter 223 / Section 33103
§ 33103. Offices of state-chartered credit unions
Status: in_force

(a) A state credit union may, with the prior written approval of the Commissioner, establish one or more offices in this State, provided the laws of its home state authorizes under conditions no more restrictive than those imposed by the laws of this State, as determined by the Commissioner, a Vermont credit union to establish an office in that state. Prior to approving the state credit union's application to establish an office in this State, the Commissioner must find that such state credit union:

(1) is financially solvent;

(2) maintains bonds and share insurance as required under chapter 221, subchapter 6 of this title;

(3) is effectively examined and supervised by an official of the state in which it is chartered; and

(4) is in compliance with the requirements set forth in subsection 33102(b) of this title.

(b) The Commissioner may examine and supervise the Vermont offices of any state credit union and may enter into agreements with other state credit union regulators concerning such examinations or supervision.

(c) To the extent federal law does not preempt the same, no state credit union may conduct business in this State unless it:

(1) charges interest in compliance with the provisions of 9 V.S.A. chapter 4 when making loans in this State;

(2) complies with the consumer protection statutes and rules applicable to Vermont credit unions;

(3) agrees to furnish the Commissioner with a copy of the examination report conducted by its regulatory agency or to submit to an examination by the commissioner; and

(4) designates and maintains an agent for the service of process in this State.

(d) The Commissioner may, after giving notice and an opportunity to be heard to any state credit union, revoke or suspend the approval given to such state credit union to establish an office in this State for any reason that would be sufficient grounds to deny an application to establish an office in this State.

(e) The Commissioner may revoke the approval of a state credit union conducting business in this State if the Commissioner finds that:

(1) The state credit union no longer meets the requirements of this section.

(2) The state credit union has violated the laws of this State or lawful rules or orders issued by the Commissioner.

(3) The state credit union has engaged in a pattern of unsafe or unsound credit union practices.

(4) Continued operation by the state credit union is likely to have a substantially adverse impact on the financial, economic, or other interests of residents of this State.

(5) The state credit union is prohibited from operating in its home state.
8 V.S.A. § 31311 — VT Code / Title 8 / Chapter 221 / Section 31311
§ 31311. Suspension and removal
Status: in_force

(a) The governing body of a credit union shall have the power to remove, by a two-thirds vote of its members at a regular or special meeting, a director or a governing-body-appointed committee member:

(1) who fails, without good cause, to attend three consecutive meetings of the governing body or committee or one-half of such meetings held during a calendar year;

(2) who is no longer qualified to serve; or

(3) for any of the causes enumerated and in accordance with subsection (b) of this section.

(b) The governing body of a credit union shall have the power to suspend at any time, by a two-thirds' vote of its members, at a regular or special meeting, any director, member of a governing-body-appointed committee, officer, or agent for good cause, including:

(1) a violation of any statute, regulation, or order applicable to such credit union;

(2) the participation in any unsafe or unsound practice in connection with such credit union;

(3) the commission of or participation in a crime that is punishable by imprisonment for a term exceeding one year under state or federal law, as charged in any information, indictment, or complaint, and if continued service or participation by such director, member of a governing-body-appointed committee, officer, or agent may pose a threat to the interests of the members of such credit union;

(4) the failure of such person to perform his or her duties or breach of his or her fiduciary duty;

(5) the use of his or her official position in a manner contrary to the interests of the credit union or its members; and

(6) the breach of a written agreement with the Commissioner.

(c) The suspension shall take effect immediately, and the Commissioner shall be notified promptly of such suspension. Within seven business days after the effective date of the suspension, the governing body shall cause notice to be given to all members of the credit union of a special meeting of members to be held for the purpose of hearing the report of the governing body regarding the suspension and voting on removal, provided such notice shall not be given if the director, member of a governing-body-appointed committee, officer, or agent who is subject to suspension resigns. The special meeting shall be held no more than 21 business days after the effective date of the suspension. The membership of the credit union shall have, by majority vote, the authority to accept or reject the report of the governing body. If such action involves removal, the credit union shall promptly notify the Commissioner of such removal.

(d) If any person required to be bonded by this part or by applicable regulation shall cease to be bonded or shall lose his or her ability to be bonded, such person shall be suspended and removed immediately, and the Commissioner shall be notified promptly of such suspension and removal.

(e) The supervisory committee shall have the power to suspend at any time, by a two-thirds vote of its members at a meeting called for that purpose, any director, member of a governing-body-appointed committee, officer, or agent for cause. The suspension shall take effect immediately, and the Commissioner shall be notified promptly of such suspension. Not later than seven business days after the effective date of the suspension, the supervisory committee shall cause notice to be given to all members of the credit union of a special meeting of members to be held for the purpose of hearing the report of the supervisory committee regarding the suspension and voting on removal, provided such notice shall not be given if the person who is subject to suspension resigns. The special meeting shall be held not more than 21 business days after the date of suspension. The membership of the credit union shall have the authority to accept or reject the report of the supervisory committee. The supervisory committee shall take any related action as the members deem necessary. If such action involves removal, the credit union shall promptly notify the Commissioner of such removal.
8 V.S.A. § 4844 — VT Code / Title 8 / Chapter 132 / Section 4844
§ 4844. Contributions to insurer
Status: in_force

The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. No such withdrawal or repayment shall be made without the prior written approval of the Commissioner. This section does not apply to bank loans or to other loans made upon security.
8 V.S.A. § 31102 — VT Code / Title 8 / Chapter 221 / Section 31102
§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval
Status: in_force

(a) Certificate of approval. The Commissioner shall determine whether a certificate of approval shall be granted to organize a credit union and shall make the decision in accordance with the requirements of chapter 220, subchapter 8 of this title.

(b) Conditions. A grant of a certificate of approval may include such terms and conditions as the Commissioner determines necessary. These may include conditions regarding the organizational form of the credit union under this chapter.

(c) Effect of refusal to issue certificate of approval. If the Commissioner refuses to issue a certificate of approval, the organizers may file a new application after one year from the date of the refusal.
8 V.S.A. § 4519 — VT Code / Title 8 / Chapter 123 / Section 4519
§ 4519. Application of chapter
Status: in_force

(a) Hospital service corporations or associations formed prior to April 7, 1939 may continue their existence and may fulfill their contracts and enter into new contracts as now written, including provisions in their contracts for medical, surgical, and nursing as well as hospital services, provided that such contracts written after July 1, 1939 shall be subject to the approval of the Commissioner of Financial Regulation as provided in section 4513 of this title.

(b) Except as set forth in subsection (a) of this section, a hospital service plan as described in this chapter shall not be established, maintained, or operated by an unincorporated association. All hospital service corporations organized after April 7, 1939 and their contracts shall be subject to the provisions of this chapter.
8 V.S.A. § 3879 — VT Code / Title 8 / Chapter 105 / Section 3879
§ 3879. Cancellation of fire and casualty insurance
Status: in_force

(a) A notice of cancellation of a policy, to which section 3880 of this title applies, unless that policy is otherwise controlled by chapter 113, subchapter 2 of this title, shall be effective only if it is based on one or more of the following reasons:

(1) nonpayment of premium;

(2) fraud or material misrepresentation affecting the policy or in the presentation of a claim thereunder, or violation of any of the terms or conditions of the policy; or

(3) substantial increase in hazard provided that cancellation for this reason shall be effective only after prior approval of the Commissioner.

(b) This section shall not apply to any policy or coverage that has been in effect less than 60 days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.

(c) This section shall not apply to nonrenewal.
8 V.S.A. § 6054 — VT Code / Title 8 / Chapter 142 / Section 6054
§ 6054. Compulsory associations
Status: in_force

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this State, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group.

(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this State or from a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this State.

(c) When a purchasing group obtains insurance covering its members' risks from a licensed insurer, only risks resident or located in this State shall be covered by the State Guaranty Fund subject to chapter 112 of this title.
8 V.S.A. § 8312 — VT Code / Title 8 / Chapter 159 / Section 8312
§ 8312. Confidentiality of risk-based capital reports
Status: in_force

All risk-based capital reports concerning insurance companies that are not included in section 8308 of this title that are submitted to the Department by the NAIC or other states are confidential and shall not be disclosed by the Department.
8 V.S.A. § 32401 — VT Code / Title 8 / Chapter 222 / Section 32401
§ 32401. Authority
Status: in_force

No credit union shall make member business loans unless it has complied with the provisions of this subchapter and such rules adopted by the Commissioner.