8 V.S.A. § 7055 — VT Code / Title 8 / Chapter 145 / Section 7055
§ 7055. Termination of rehabilitation
Status: in_force

(a) Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the Commissioner may petition the Superior Court of Washington County for an order of liquidation. A petition under this subsection shall have the same effect as a petition under section 7056 of this title. The court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition but may order payment from the estate of the insurer of costs and other expenses of defense only if the directors make a showing to the satisfaction of the court that they incurred such expenses in good faith and with a reasonable belief that they would prevail.

(b) The protection of the interests of insureds, claimants, and the public requires the timely performance of all insurance policy obligations. If the payment of policy obligations is suspended in substantial part for a period of six months at any time after the appointment of the rehabilitator and the rehabilitator has not filed an application for approval of a plan under subsection 7053(d) of this title, the rehabilitator shall petition the court for an order of liquidation on grounds of insolvency.

(c) The rehabilitator may at any time petition the Superior Court of Washington County for an order terminating rehabilitation of an insurer. The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition only if the directors make a showing to the satisfaction of the court that they incurred such expenses in good faith and with a reasonable belief that they would prevail. If the court upon a petition or upon its own motion finds that rehabilitation has been accomplished and that grounds for rehabilitation under section 7051 of this title no longer exist, it shall order that the insurer be restored to possession of its property and the control of the business.
8 V.S.A. § 3390 — VT Code / Title 8 / Chapter 101 / Section 3390
§ 3390. Attorney's fees
Status: in_force

In any action against an unauthorized foreign or alien insurer upon a contract of insurance issued or delivered in this State to a resident thereof or to a corporation authorized to do business therein, if the insurer has failed for 30 days after demand prior to the commencement of the action to make payment in accordance with the terms of the contract, and the court finds that such refusal was vexatious and without reasonable cause, the court may allow to the plaintiff a reasonable attorney's fee and include such fee in any judgment that may be rendered in such action. Failure of an insurer to defend any such action shall be deemed prima facie evidence that its failure to make payment was vexatious and without reasonable cause.
8 V.S.A. § 32705 — VT Code / Title 8 / Chapter 222 / Section 32705
§ 32705. Investing in, lending to, or joining an existing CUSO
Status: in_force

(a) Subject to the limitations of section 32704 of this title, a credit union may invest its funds in, join, or lend to an existing CUSO. The credit union shall file with the Commissioner prior written notice of its intention to make such investment in or loan to an existing CUSO.

(b) Prior to investing in or lending to an existing CUSO, a credit union shall:

(1) obtain a written agreement that the CUSO will:

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

(B) 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;

(C) provide the Commissioner with complete access to all books and records of the CUSO and with the ability to review CUSO internal controls, as the Commissioner deems necessary; and

(D) pay the actual cost of any examination conducted by the Commissioner; and

(2) obtain a written legal opinion that the CUSO is established as a corporation or a limited liability company and that the potential exposure of the credit union is limited to no more than the loss of funds invested in or lent to the CUSO.
8 V.S.A. § 2702a — VT Code / Title 8 / Chapter 81 / Section 2702a
§ 2702a. Loyalty, award, or promotional gift certificate
Status: in_force

A loyalty, award, or promotional gift certificate shall clearly and legibly set forth the following disclosures, as applicable:

(1) a statement indicating that the gift certificate is issued for loyalty, award, or promotional purposes, which shall be included on the front of the gift certificate;

(2) the expiration date for both the paid value of the gift certificate, if any, and the promotional value of the gift certificate, if any, which shall be included on the front of the gift certificate;

(3) the amount of any fees that may be imposed in connection with the gift certificate and the conditions under which they may be imposed, which shall be provided on or with the gift certificate; and

(4) if any fee is assessed against the gift certificate, a toll-free telephone number and, if one is maintained, a website address that a consumer may use to obtain fee information, which shall be included on the gift certificate.
8 V.S.A. § 3462 — VT Code / Title 8 / Chapter 101 / Section 3462
§ 3462. Investments-Foreign insurers
Status: in_force

The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially as high as that required under this chapter for similar funds of like domestic insurers. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 2).)
8 V.S.A. § 6048b — VT Code / Title 8 / Chapter 141 / Section 6048b
§ 6048b. Existing licenses
Status: in_force

Except as otherwise determined by the Commissioner, a captive insurance company that has been licensed by the Commissioner pursuant to this chapter as of July 1, 2007 and that is engaged in or that will be engaged in an insurance securitization shall be subject to the provisions of this subchapter as a special purpose financial insurance company. The Commissioner may require such captive insurance company to take any action that the Commissioner determines is reasonably necessary to bring such captive insurance company into compliance with the provisions of this subchapter. The Commissioner may issue an order described in subsection 6048d(b) of this title with respect to such captive insurance company.
8 V.S.A. § 11 — VT Code / Title 8 / Chapter 1 / Section 11
§ 11. Department
Status: in_force

(a) General. The Department of Financial Regulation created by 3 V.S.A. § 212 shall have jurisdiction over and shall supervise:

(1) Financial institutions, credit unions, licensed lenders, mortgage brokers, insurance companies, insurance agents, broker-dealers, investment advisors, and other similar persons subject to the provisions of this title and 9 V.S.A. chapters 59, 61, and 150.

(2) The administration of health care as provided in 18 V.S.A. chapter 221.

(b) Conflicts of interest.

(1) Neither the Commissioner nor any employee of the Department shall, during his or her term of office or while employed by the Department, be an officer, director, organizer, employee of, or attorney for any institution subject to supervision or regulation by the Department.

(2) The Commissioner and employees of the Department shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any institution subject to supervision or regulation by the Department or be engaged in the negotiation of loans for others with any such institution. The prohibitions contained in this subdivision shall not be construed as prohibiting a person from being a depositor, equity interest owner, or member in any financial institution or credit union or an insurance policyholder or equity interest owner on the same terms as are available to the public generally.

(3) If the Commissioner, or any employee of the Department or the spouse of any of them or the son or daughter of any of them residing at their respective homes obtains a loan from or holds an equity interest in any financial institution or credit union subject to supervision or regulation by the Department, the fact of the loan or of the holding, together with the appropriate terms and conditions, shall be disclosed immediately to the Commissioner in writing by the person obtaining the loan or holding.

(4) A record of the indebtedness or holding described in subdivision (3) of this subsection shall be kept on file in the Department and shall be open to inspection by the public.

(5) The Commissioner shall investigate the loan or equity interest to ensure that no preferential treatment has been given the Department employee in the process of granting the loan or issuing the interest and that the loan or interest will not compromise the employee's effectiveness in carrying out his or her departmental duties. Where the loan has been obtained by or where the interest is held by the Commissioner, the investigation shall be conducted by the State Treasurer.

(c) Retention of documents. The Commissioner shall keep on file for a reasonable period of time such instruments, papers, and documents required by law to be filed with the Commissioner.
8 V.S.A. § 32203 — VT Code / Title 8 / Chapter 222 / Section 32203
§ 32203. Trust deposits; payment on death of trustee
Status: in_force

(a) When a deposit is made in a credit union by one or more persons in trust for another, the name and residence of the person for whom the deposit is made shall be disclosed, and the deposit shall be credited to the depositor or depositors as trustee for such person.

(b)(1) The credit union may accept deposits:

(A) in the name of a member in trust for a member beneficiary;

(B) in the name of a member in trust for a nonmember beneficiary; or

(C) in the name of a nonmember trustee for a beneficiary who is a member.

(2) No beneficiary or trustee, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office, or be required to pay an entrance or membership fee.

(c) When other notice of the existence and terms of a legal trust is not given in writing to the credit union, at the death of the trustee, or if there is more than one trustee, at the death of the surviving trustee, the deposit or any part thereof, with the interest thereon, may be paid to the person for whom the deposit was made or to his or her estate.
8 V.S.A. § 6048k — VT Code / Title 8 / Chapter 141 / Section 6048k
§ 6048k. Annual report; books and records
Status: in_force

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

(1) the Commissioner shall, by rule or order, establish the form and content of the annual report to be filed by a special purpose financial insurance company; and

(2) a special purpose financial insurance company shall report using statutory accounting principles, unless the Commissioner requires, approves, or accepts the use of generally accepted accounting principles or other comprehensive basis of accounting, in each case with any appropriate or necessary modifications or adaptations required or approved or accepted by the Commissioner and as supplemented by additional information required by the Commissioner.

(b) A special purpose financial insurance company may make written application to file its annual report on a fiscal-year basis. If an alternative reporting date is granted, the Commissioner shall establish the due date and content of any filing required by the special purpose financial insurance company in addition to its annual report.

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

(d) Unless otherwise approved in advance by the Commissioner, all books, records, documents, accounts, vouchers, and agreements shall be preserved and kept available in this State for the purpose of examination and inspection and until such time as the Commissioner approves the destruction or other disposition of such books, records, documents, accounts, vouchers, and agreements. If the Commissioner approves the keeping of the items listed in this subsection outside this State, the special purpose financial insurance company shall maintain in this State a complete and true copy of each such item. Books, records, documents, accounts, vouchers, and agreements may be photographed, reproduced on film, or stored and reproduced electronically.
8 V.S.A. § 2106 — VT Code / Title 8 / Chapter 72 / Section 2106
§ 2106. Additional place of business; change of place of business
Status: in_force

(a)(1) A license is required for each place of business.

(2) Except as otherwise provided in this title, the Commissioner may issue more than one license to the same licensee for additional places of business if the licensee meets the requirements for each place of business.

(b)(1) A licensee shall provide written notice to the Commissioner and fee of $100.00 not less than 30 days before changing or closing a place of business.

(2) Upon receiving the notice and fee, the Commissioner shall record the change of location and the date, and the licensee may operate at the new location.
8 V.S.A. § 4516 — VT Code / Title 8 / Chapter 123 / Section 4516
§ 4516. Annual report to Commissioner
Status: in_force

Annually, on or before March 1, a hospital service corporation shall file with the Commissioner of Financial Regulation a statement sworn to by the president and treasurer of the corporation showing its condition on December 31. The statement shall be in such form and contain such matters as the Commissioner shall prescribe. To qualify for the tax exemption set forth in section 4518 of this title, the statement shall include a certification that the hospital service corporation operates on a nonprofit basis for the purpose of providing an adequate hospital service plan to individuals of the State, both groups and nongroups, without discrimination based on age, gender, geographic area, industry, and medical history, except as allowed by 33 V.S.A. § 1811(f)(2)(B).
8 V.S.A. § 4022 — VT Code / Title 8 / Chapter 107 / Section 4022
§ 4022. Rebates and commissions prohibited for nongroup and small group policies and plans offered through the Vermont Health Benefit Exchange
Status: in_force

(a) No health insurer doing business in this State and no insurance agent or broker shall:

(1) offer, promise, allow, give, set off, or pay, directly or indirectly:

(A) any rebate of or part of the premium payable on a health insurance plan issued pursuant to 33 V.S.A. § 1811 or earnings, profits, dividends, or other benefits founded, arising, accruing, or to accrue on or from the premium;

(B) any special advantage in date of policy or age of issue;

(C) any paid employment or contract for services of any kind; or

(D) any other valuable consideration or inducement to or for insurance on any risk in this State, or for or upon any renewal of any such insurance, that is not specified in the health insurance plan; or

(2) offer, promise, give, option, sell, or purchase any stocks, bonds, securities, or property, or any dividends or profits accruing or to accrue on them, or other thing of value as inducement to insurance or in connection with insurance, or any renewal thereof, that is not specified in the health insurance plan.

(b) No person insured under a health insurance plan issued pursuant to 33 V.S.A. § 1811 or party or applicant for such plan shall directly or indirectly receive or accept or agree to receive or accept any rebate of premium or of any part of the premium, or any favor or advantage, or share in any benefit to accrue under any health insurance plan issued pursuant to 33 V.S.A. § 1811, or any valuable consideration or inducement, that is not specified in the health insurance plan.

(c) Nothing in this section shall be construed as prohibiting any health insurer from:

(1) allowing or returning to its participating policyholders dividends, savings, or unused premium deposits;

(2) returning or otherwise abating, in full or in part, the premiums of its policyholders out of surplus accumulated from nonparticipating insurance; or

(3) taking a bona fide obligation, with interest not exceeding six percent per annum, in payment of any premium.

(d)(1) No insurer shall pay any commission, fee, or other compensation, directly or indirectly, to a licensed or unlicensed agent, broker, or other individual in connection with the sale of a health insurance plan issued pursuant to 33 V.S.A. § 1811, nor shall a health insurer include in an insurance rate for a health insurance plan issued pursuant to 33 V.S.A. § 1811 any sums related to services provided by an agent, broker, or other individual. A health insurer may provide to its employees wages, salary, and other employment-related compensation in connection with the sale of health insurance plans but shall not structure any such compensation in a manner that promotes the sale of particular health insurance plans over other plans offered by that insurer.

(2) Nothing in this subsection shall be construed to prohibit the Vermont Health Benefit Exchange established in 33 V.S.A. chapter 18, subchapter 1 from structuring compensation for agents or brokers in the form of an additional commission, fee, or other compensation outside insurance rates or from compensating agents, brokers, or other individuals through the procedures and payment mechanisms established pursuant to 33 V.S.A. § 1805(17). (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2573 — VT Code / Title 8 / Chapter 79 / Section 2573
§ 2573. Conditions precedent to engaging in virtual-currency business activity
Status: in_force

(a) A person shall not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency business activity, with or on behalf of another person unless the person is:

(1) licensed under subchapter 2 of this chapter to engage in virtual-currency business activity;

(2) an authorized delegate of a person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity if such money services are within the scope of authority conferred by a written contract between the authorized delegate and the licensee;

(3) exempt pursuant to section 2572 of this subchapter and engages in no licensable activity outside the scope of such exemption; or

(4) exempt pursuant to section 2504 of this chapter and does not engage in money services outside the scope of such exemption.

(b) A person that engages in virtual-currency business activity is engaged in the business of money transmission.

(c) It is prohibited for a person to facilitate the provision of unlicensed virtual-currency business activity by another person that is required to be licensed under this subchapter, when the first person or the first person's authorized agent receives notice from a regulatory, law enforcement, or similar governmental authority, or knows from its normal monitoring and compliance systems, or consciously avoids knowing that the unlicensed person is in violation of this chapter.

(d) All provisions of this chapter, and any rule adopted under this chapter, that apply to a person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity shall apply equally to any person required to hold a license pursuant to subsection (a) of this section that does not hold one. Nothing herein shall be interpreted to permit any such unlicensed person to engage in virtual-currency business activity or hold itself out as being able to engage in any virtual-currency business activity without a license.
8 V.S.A. § 3445 — VT Code / Title 8 / Chapter 101 / Section 3445
§ 3445. Membership interest not a security
Status: in_force

A membership interest in a domestic mutual insurance holding company shall not constitute a security as defined by 9 V.S.A. § 4202a.
8 V.S.A. § 4144a — VT Code / Title 8 / Chapter 111 / Section 4144a
§ 4144a. Powers of fidelity companies; other entities; authority to meet bail and bond requirements
Status: in_force

(a) Any entity licensed or authorized to transact fidelity insurance or corporate suretyship business in this State may make bonds or contracts of insurance to guarantee the fidelity of persons holding positions of trust in a private or public capacity.

(b) Such an entity may act as surety upon the official bond, provide recognizance, or guarantee the undertaking of any person or entity to any governmental entity, court, or any other person or entity, if accepted and approved by the court, magistrate, or obligee or person authorized to approve such bond or contract. However, approval of persons or entities to execute a bond or post bail as required as a condition of release shall be pursuant to 13 V.S.A. § 7554a.

(c) When such bond is furnished by a public officer or person and accepted for that purpose, the bond shall be deemed full compliance with any requirement for security or surety required to be given by way of bond, recognizance, or other form, such public officer or other person becoming personally bound in the form prescribed by law.

(d) The entity may act as surety upon a bond or undertaking to any person or entity conditioned upon the performance of any duty or trust, or for the doing or not doing of anything in such bond or undertaking specified; it shall indemnify against loss any persons who are responsible as sureties.
8 V.S.A. § 31105 — VT Code / Title 8 / Chapter 221 / Section 31105
§ 31105. Payment of share deposits
Status: in_force

(a) A credit union organized under this chapter shall not commence business until the minimum share deposits required by the order granting permission to organize have been deposited in cash to the credit of the credit union in a depository designated by the governing body. Share deposits taken as pledges pursuant to subsection 31103(c) of this title must be converted to cash and deposited to the credit of the credit union to be included in the minimum share deposit requirement of this subsection.

(b) At such time as the credit union has received in cash the minimum share deposits required in section 31103 of this title, a complete list of the share depositors, with the name, address, occupation, and the amount of the share deposited by each shall be filed with the Commissioner, which list shall be verified by an officer and the secretary of the credit union. Such deposits shall be handled by the credit union in accordance with subchapter 5 of this chapter.
8 V.S.A. § 4703 — VT Code / Title 8 / Chapter 128 / Section 4703
§ 4703. Information and monitoring costs
Status: in_force

To the extent deemed necessary and appropriate by the Commissioner, the costs of complying with sections 4689, 4691, 4701, and 4702 of this title shall be assessed against insurers subject to this chapter. These assessments shall be made on an equitable and practicable basis established after a hearing by regulation of the Commissioner.
8 V.S.A. § 7085 — VT Code / Title 8 / Chapter 145 / Section 7085
§ 7085. Termination of proceedings
Status: in_force

(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.

(b) Any other person may apply to the court at any time for an order under subsection (a) of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including reasonable attorney's fees.
8 V.S.A. § 3541 — VT Code / Title 8 / Chapter 101 / Section 3541
§ 3541. Filing and approval of forms
Status: in_force

(a) No basic insurance policy, certificate, or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be delivered, or issued for delivery in this State, unless the form has been filed with and approved by the Commissioner. This provision shall not apply to surety bonds, or to specially rated inland marine risks, nor to policies, riders, endorsements, or forms of unique character designed for and used with relation to insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life or disability insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder. All certificates delivered or issued for delivery in this state shall be filed with the Commissioner for approval if the group policy does not qualify under subdivision 3368(a)(4) of this title at the time of delivery or issuance. As to forms for use in property, marine (other than wet marine and transportation insurance), casualty, and surety insurance coverages, the filing required by this subsection may be made by rating organizations on behalf of its members and subscribers; but this provision shall not be deemed to prohibit any such member or subscriber from filing any such forms on its own behalf.

(b) Every such filing shall be made not less than 30 days in advance of any such delivery. At the expiration of such 30 days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the Commissioner. Approval of any such form by the Commissioner shall constitute a waiver of any unexpired portion of such waiting period. The Commissioner may extend by not more than an additional 30 days the period within which he or she may so affirmatively approve or disapprove any such form, by giving notice to the insurer of such extension before expiration of the initial 30-day period. At the expiration of any such period as so extended, and in the absence of such prior affirmative approval or disapproval, any such form shall be deemed approved. The Commissioner may at any time, after notice and for cause shown, withdraw any such approval. In any notice of disapproval, or withdrawal of a previously approved form, the Commissioner shall state that a hearing will be granted within 20 days upon request of the insurer.

(c) Any order of the Commissioner disapproving any such form or withdrawing a previous approval shall state the grounds therefor and the particulars thereof in such detail as reasonably to inform the insurer thereof. Any such withdrawal of a previously approved form shall be effective at expiration of such period, not less than 30 days after the giving of notice of withdrawal, as the Commissioner shall in such notice prescribe. Any demand for a hearing relative to the Commissioner's withdrawal of approval of a form that has been received by the Commissioner prior to the effective date of such withdrawal shall stay such action pending the hearing thereon.

(d) The Commissioner may, by order, exempt from the requirements of this section for so long as he or she deems proper any insurance document or form or type thereof as specified in such order, to which, in his or her opinion, this section may not practicably be applied, or the filing and approval of which are, in his or her opinion, not desirable or necessary for the protection of the public.

(e) Appeals from orders of the Commissioner disapproving any such form or withdrawing a previous approval may be taken as provided in section 77 of this title.

(f) Each filing of a policy, contract, endorsement, rider, certificate, or application form shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00, per filing submission. A minimum fee of $150.00 shall accompany each such filing if submitted by a rating, advisory or service organization.
8 V.S.A. § 4030 — VT Code / Title 8 / Chapter 107 / Section 4030
§ 4030. Optional standard policy provisions
Status: in_force

Except as provided in section 4031 of this title, no health insurance policy delivered or issued for delivery to any person in this State shall contain provisions respecting the matters set forth in this section unless the provisions use the language set forth in this section; provided, however, that a health insurer may, at its option, substitute different language approved by the Commissioner for one or more provisions, provided the substituted language is not less favorable in any respect to the insured or covered individual than the language used in this section. Any provision set forth in this section that is contained in the policy shall be preceded individually by the appropriate caption appearing in this section or, at the option of the health insurer, by such appropriate captions or subcaptions as the Commissioner may approve:

(1) CHANGE OF OCCUPATION: If the insured be injured or contract sickness after having changed his or her occupation to one classified by the insurer as more hazardous than that stated in this policy or while doing for compensation anything pertaining to an occupation so classified, the insurer will pay only such portion of the indemnities provided in this policy as the premium paid would have purchased at the rates and within the limits fixed by the insurer for such more hazardous occupation. If the insured changes his or her occupation to one classified by the insurer as less hazardous than that stated in this policy, the insurer, upon receipt of proof of such change of occupation, will reduce the premium rate accordingly, and will return the excess pro rata unearned premium from the date of change of occupation or from the policy anniversary date immediately preceding receipt of such proof, whichever is the more recent. In applying this provision, the classification of occupational risk and the premium rates shall be such as have been last filed by the insurer prior to the occurrence of the loss for which the insurer is liable or prior to date of proof of change in occupation with the state official having supervision of insurance in the state where the insured resided at the time this policy was issued; but if such filing was not required, then the classification of occupational risk and the premium rates shall be those last made effective by the insurer in such state prior to the occurrence of the loss or prior to the date of proof of change in occupation.

(2) MISSTATEMENT OF AGE: If the age of the insured has been misstated, all amounts payable under this policy shall be such as the premium paid would have purchased at the correct age.

(3) OTHER INSURANCE IN THIS INSURER: If an accident or sickness or accident and sickness policy or policies previously issued by the insurer to the insured be in force concurrently herewith, making the aggregate indemnity for .... (insert type of coverage or coverages) in excess of $.................... (insert maximum limit of indemnity or indemnities) the excess insurance shall be void and all premiums paid for such excess shall be returned to the insured or to his or her estate.

or, in lieu thereof:

Insurance effective at any one time on the insured under a like policy or policies in this insurer is limited to the one such policy elected by the insured, his or her beneficiary or his or her estate, as the case may be, and the insurer will return all premiums paid for all other such policies.

(4) INSURANCE WITH OTHER INSURERS: If there be other valid coverage, not with this insurer, providing benefits for the same loss on a provision of service basis or on an expense incurred basis and of which this insurer has not been given written notice prior to the occurrence or commencement of loss, the only liability under any expense incurred coverage of this policy shall be for such proportion of the loss as the amount which would otherwise have been payable hereunder plus the total of the like amounts under all such other valid coverages for the same loss of which this insurer had notice bears to the total like amounts under all valid coverages for such loss, and for the return of such portion of the premiums paid as shall exceed the pro rata portion for the amount so determined. For the purpose of applying this provision when other coverage is on a provision of service basis, the “like amount” of such other coverage shall be taken as the amount which the services rendered would have cost in the absence of such coverage.

(If the foregoing policy provision is included in a policy which also contains the next following policy provision there shall be added to the caption of the foregoing provision the phrase “—EXPENSE INCURRED BENEFITS.” The insurer may, at its option, include in this provision a definition of “other valid coverage,” approved as to form by the Commissioner, which definition shall be limited in subject matter to coverage provided by organizations subject to regulation by insurance law or by insurance authorities of this or any other state of the United States or any province of Canada, and by hospital or medical service organizations, and to any other coverage the inclusion of which may be approved by the Commissioner. In the absence of such definition such term shall not include group insurance, automobile medical payments insurance, or coverage provided by hospital or medical service organizations or by union welfare plans or employer or employee benefit organizations. For the purpose of applying the foregoing policy provision with respect to any insured, any amount of benefit provided for such insured pursuant to any compulsory benefit statute (including any workers' compensation or employer's liability statute) whether provided by a governmental agency or otherwise shall in all cases be deemed to be “other valid coverage” of which the insurer has had notice. In applying the foregoing policy provision no third party liability coverage shall be included as “other valid coverage.”)

(5) INSURANCE WITH OTHER INSURERS: If there be other valid coverage, not with this insurer, providing benefits for the same loss on other than an expense incurred basis and of which this insurer has not been given written notice prior to the occurrence or commencement of loss, the only liability for such benefits under this policy shall be for such proportion of the indemnities otherwise provided hereunder for such loss as the like indemnities of which the insurer had notice (including the indemnities under this policy) bear to the total amount of all like indemnities for such loss, and for the return of such portion of the premium paid as shall exceed the pro rata portion for the indemnities thus determined.

(If the foregoing policy provision is included in a policy which also contains the next preceding policy provision there shall be added to the caption of the foregoing provision the phrase “—OTHER BENEFITS.” The insurer may, at its option, include in this provision a definition of “other valid coverage,” approved as to form by the Commissioner, which definition shall be limited in subject matter to coverage provided by organizations subject to regulation by insurance law or by insurance authorities of this or any other state of the United States or any province of Canada, and to any other coverage the inclusion of which may be approved by the Commissioner. In the absence of such definition such term shall not include group insurance, or benefits provided by union welfare plans or by employer or employee benefit organizations. For the purpose of applying the foregoing policy provision with respect to any insured, any amount of benefit provided for such insured pursuant to any compulsory benefit statute (including any workers' compensation or employer's liability statute) whether provided by a governmental agency or otherwise shall in all cases be deemed to be “other valid coverage” of which the insurer has had notice. In applying the foregoing policy provision no third party liability coverage shall be included as “other valid coverage.”)

(6) RELATION OF EARNINGS TO INSURANCE: If the total monthly amount of loss of time benefits promised for the same loss under all valid loss of time coverage upon the insured, whether payable on a weekly or monthly basis, shall exceed the monthly earnings of the insured at the time disability commenced or his or her average monthly earnings for the period of two years immediately preceding a disability for which claim is made, whichever is the greater, the insurer will be liable only for such proportionate amount of such benefits under this policy as the amount of such monthly earnings or such average monthly earnings of the insured bears to the total amount of monthly benefits for the same loss under all such coverage upon the insured at the time such disability commences and for the return of such part of the premiums paid during such two years as shall exceed the pro rata amount of the premiums for the benefits actually paid hereunder; but this shall not operate to reduce the total monthly amount of benefits payable under all such coverage upon the insured below the sum of $200.00 or the sum of the monthly benefits specified in such coverages, whichever is the lesser, nor shall it operate to reduce benefits other than those payable for loss of time.

(The foregoing policy provision may be inserted only in a policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums (1) until at least age 50; or (2) in the case of a policy issued after age 44, for at least five years from its date of issue. The insurer may, at its option, include in this provision a definition of “valid loss of time coverage,” approved as to form by the Commissioner, which definition shall be limited in subject matter to coverage provided by governmental agencies or by organizations subject to regulation by insurance law or by insurance authorities of this or any other state of the United States or any province of Canada, or to any other coverage the inclusion of which may be approved by the Commissioner or any combination of such coverages. In the absence of such definition such term shall not include any coverage provided for such insured pursuant to any compulsory benefit statute (including any workers' compensation or employer's liability statute), or benefits provided by union welfare plans or by employer or employee benefit organizations.)

(7) UNPAID PREMIUM: Upon the payment of a claim under this policy, any premium then due and unpaid or covered by any note or written order may be deducted therefrom.

(8) CANCELLATION: The insurer may cancel this policy at any time by written notice delivered to the insured, or mailed to his or her last address as shown by the records of the insurer, stating when, not less than five days thereafter, such cancellation shall be effective; and after the policy has been continued beyond its original term the insured may cancel this policy at any time by written notice delivered or mailed to the insurer, effective upon receipt or on such later date as may be specified in such notice. In the event of cancellation, the insurer will return promptly the unearned portion of any premium paid. If the insured cancels, the earned premium shall be computed by the use of the short-rate table last filed with the state official having supervision of insurance in the state where the insured resided when the policy was issued. If the insurer cancels, the earned premium shall be computed pro rata. Cancellation shall be without prejudice to any claim originating prior to the effective date of cancellation.

(9) CONFORMITY WITH STATE STATUTES: Any provision of this policy which, on its effective date, is in conflict with the statutes of the state in which the insured resides on such date is hereby amended to conform to the minimum requirements of such statutes.

(10) ILLEGAL OCCUPATION: The insurer shall not be liable for any loss to which a contributing cause was the insured's commission of or attempt to commit a felony or to which a contributing cause was the insured's being engaged in an illegal occupation. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 8303 — VT Code / Title 8 / Chapter 159 / Section 8303
§ 8303. Company action level event
Status: in_force

(a) “Company action level event” means any of the following events:

(1) The filing of a risk-based capital report by an insurer that indicates that:

(A) the insurer's total adjusted capital is greater than or equal to its regulatory action level risk-based capital but less than its company action level risk-based capital;

(B) in the case of a life or health insurer or a fraternal benefit society, the insurer or society has total adjusted capital that is greater than or equal to its company action level risk-based capital but less than the product of its authorized control level risk-based capital and 3.0 and has a negative trend;

(C) in the case of a property and casualty insurer, the insurer has total adjusted capital that is greater than or equal to its company action level risk-based capital but less than the product of its authorized control level risk-based capital and 3.0 and triggers the trend test determined in accordance with the trend test calculation included in the property and casualty risk-based capital instructions; or

(D) in the case of a health maintenance organization, the insurer has total adjusted capital that is greater than or equal to its company action level risk-based capital but less than the product of its authorized control level risk-based capital and 3.0 and triggers the trend test determined in accordance with the trend test calculation included in the health risk-based capital instructions.

(2) The notification by the Commissioner to the insurer of an adjusted risk-based capital report that indicates an event in subdivision (1) of this subsection, provided the insurer does not challenge the adjusted risk-based capital report under section 8307 of this title.

(3) If, under section 8307 of this title, an insurer challenges an adjusted risk-based capital report that indicates the event in subdivision (1) of this subsection, the notification by the Commissioner to the insurer that the Commissioner has, after a hearing, rejected the insurer's challenge.

(b) An insurer shall prepare and submit to the Commissioner a risk-based capital plan within 45 days of filing a risk-based capital report or within 45 days of a final adjusted risk-based capital report showing a company action level event. The risk-based capital plan shall be a comprehensive financial plan and shall:

(1) Identify the conditions in the insurer that contribute to the company action level event.

(2) Contain proposals of corrective actions that the insurer intends to take that would result in the elimination of the company action level event.

(3) Provide projections of the insurer's financial results in the current year and at least the four succeeding years, both in the absence of proposed corrective actions and giving effect to the proposed corrective actions, including projections of statutory operating income, net income, capital, and surplus. The projections for both new and renewal business should include separate projections for each major line of business and separately identify each significant income, expense, and benefit component.

(4) Identify the key assumptions impacting the insurer's projections and the sensitivity of the projections to the assumptions.

(5) Identify the quality of, and problems associated with, the insurer's business, including its assets, anticipated business growth and associated surplus strain, extraordinary exposure to risk, mix of business, and use of reinsurance.

(c) The Commissioner shall notify the insurer whether the proposed risk-based capital plan is approved within 60 days of its submission. If the Commissioner disapproves the plan, the notice shall set forth the reasons for the disapproval and may notify the insurer of revisions that will render the risk-based capital plan satisfactory to the Commissioner. Upon notice that a proposed plan is disapproved, the insurer shall prepare and submit a revised risk-based capital plan within 45 days of the Commissioner's notice of disapproval or, if the Commissioner's notice of disapproval is appealed under section 8307 of this title, within 45 days of a Commissioner's determination adverse to the insurer.

(d) In the event of a notification by the Commissioner to an insurer that the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory, the Commissioner may at the Commissioner's discretion, subject to the insurer's right to a hearing under section 8307 of this title, specify in the notification that the notification constitutes a regulatory action level event.

(e) Each domestic insurer required to file a risk-based capital plan or revised risk-based capital plan under this section shall file a copy of the plan with the insurance commissioner in any state in which the insurer is authorized to do business if:

(1) such state has a provision that is substantially similar to section 8308 of this title; or

(2) the insurance commissioner of that state has notified the insurer of its request for the filing in writing. Plans required to be filed under this subdivision shall be filed not later than the later of:

(A) 15 days after notice to file a copy of its risk-based capital plan or revised risk-based capital plan with the state; or

(B) the date on which the risk-based capital plan or revised risk-based capital plan is required to be filed under section 8304 of this title.
8 V.S.A. § 3312 — VT Code / Title 8 / Chapter 101 / Section 3312
§ 3312. Construction with other laws
Status: in_force

(a) Corporations formed under the provisions of this subchapter shall have the privileges and be subject to the provisions of the general corporation law as well as the applicable provisions contained in this part. In the event of conflict between the provisions of the general corporation law and the provisions of this part, the latter shall control. Such corporations shall not be required to make any annual report except as provided in this part.

(b) A corporation formed prior to July 1, 1968, for any purpose for which a corporation may be formed under this subchapter, with respect to all acts done after such date, shall be deemed to be within the provisions of this subchapter and of the general corporation law, in like manner as a corporation formed under this subchapter. But the foregoing provisions shall be subject to all such exceptions and qualifications as are contained in 11 V.S.A. § 2.
8 V.S.A. § 4177 — VT Code / Title 8 / Chapter 112 / Section 4177
§ 4177. Board of Directors
Status: in_force

(a) The Board of Directors of the Association shall consist of not less than seven nor more than 11 member insurers serving terms as established in the plan of operation. Members of the Board shall be selected by member insurers subject to the approval of the Commissioner. A vacancy on the Board shall be filled for the remaining period of the term by a majority vote of the remaining board members, for member insurers subject to the approval of the Commissioner. To select the initial Board of Directors, and initially organize the Association, the Commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy. If the Board of Directors is not selected within 60 days after notice of the organizational meeting, the Commissioner may appoint the initial insurer members. At least one of the directors shall be a person who is an officer, director, or employee of an insurance company incorporated under the laws of this State; provided, however, this provision shall not apply in the event there is no member insurer incorporated under the laws of this State.

(b) In approving selections or in appointing members to the Board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.

(c) Members of the Board may be reimbursed from the assets of the Association for expenses incurred by them as members of the Board of Directors, but members of the Board shall not otherwise be compensated by the Association for their services.
8 V.S.A. § 4228 — VT Code / Title 8 / Chapter 113 / Section 4228
§ 4228. Required renewals; continuation of agents' contracts and brokers' accounts
Status: in_force

(a) In the event of an insurer's cancellation of an agent's contract or a broker's account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 4223 of this title.

(b) The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer's prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively one insurer or a group of insurers under common management or an agent or broker whose license has been revoked by the Commissioner or whose contract or account has been terminated for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the insurer monies due to the insurer after receipt of a written demand therefor.

(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents' contracts and brokers' accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section.
8 V.S.A. § 4484 — VT Code / Title 8 / Chapter 121 / Section 4484
§ 4484. Annual license
Status: in_force

Societies that are now authorized to transact business in this State may continue such business until May 1, 1960. The authority of the societies, and all societies hereafter licensed, may thereafter be renewed annually, but shall terminate on the first day of the succeeding May. However, a license so issued shall continue in full force until the new license is issued or specifically refused. The society shall pay to the Commissioner of Financial Regulation $300.00 for a license fee for the year of registration and $300.00 as a renewal fee for each year thereafter. A duly certified copy or duplicate of the license shall be prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter.
8 V.S.A. § 3966 — VT Code / Title 8 / Chapter 105 / Section 3966
§ 3966. Duration of valuation fixed
Status: in_force

The value of any building fixed as provided in sections 3964 and 3965 of this title shall be considered the true value of the building during the term for which any fire insurance policy is issued to cover thereon, if issued within three years from the date of such award, and such value shall continue as the basis of valuation for the purpose of ascertaining the amount of insurance required under a coinsurance clause until a new valuation has been made on an application by the insured or by the company, or agent placing the insurance thereon, provided that a new valuation shall not be required oftener than once in three years.
8 V.S.A. § 4073 — VT Code / Title 8 / Chapter 107 / Section 4073
§ 4073. Diabetes treatment
Status: in_force

(a) A health insurance plan shall provide coverage for the equipment, supplies, and outpatient self-management training and education, including medical nutrition therapy, for the treatment of insulin-dependent diabetes, insulin-using diabetes, gestational diabetes, and noninsulin-using diabetes if prescribed by a health care professional.

(b) Diabetes outpatient self-management training and education required to be covered by this section shall be provided by a certified, registered, or licensed health care professional with specialized training in the education and management of diabetes. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 19314 — VT Code / Title 8 / Chapter 209 / Section 19314
§ 19314. Accounting and report of receiver
Status: in_force

Annually, on or before January 31, and at such other time as may be required by the Commissioner, so long as the receivership is continued, the receiver of a financial institution shall make and transmit to the Commissioner a full statement of the affairs of such institution showing the nature and amount of the assets and liabilities, also a true account of the expenses incurred and not previously reported, giving the items thereof. Such report shall be printed with and as a part of the annual report of the Commissioner.
8 V.S.A. § 4210 — VT Code / Title 8 / Chapter 113 / Section 4210
§ 4210. Cost of examinations
Status: in_force

The insurer under any motor vehicle liability insurance policy shall bear the cost of all physical examinations imposed on the insured or proposed insured as a condition for issuance or renewal of the policy.
8 V.S.A. § 6049c — VT Code / Title 8 / Chapter 141 / Section 6049c
§ 6049c. Licensing; authority
Status: in_force

(a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer. An affiliated reinsurance company may cede the risks assumed under a reinsurance contract to another reinsurer, subject to the prior approval of the Commissioner.

(b) In conjunction with the issuance of a license to an affiliated reinsurance company, the Commissioner may issue an order that includes any provisions, terms, and conditions regarding the organization, licensing, and operation of the affiliated reinsurance company that are deemed appropriate by the Commissioner and that are not inconsistent with the provisions of this chapter.

(c) To qualify for a license, an affiliated reinsurance company shall be subject, in addition to the requirements of subsection 6002(c) of this chapter, to the following:

(1) The information submitted to the Commissioner pursuant to subdivision 6002(c)(1)(B) of this chapter shall include:

(A) the source and form of the affiliated reinsurance company's capital and surplus;

(B) the investment policy of the affiliated reinsurance company, which shall provide for a diversified investment portfolio both as to type and issue and shall include a requirement for liquidity and for the reasonable preservation, administration, and management of such assets with respect to the risks associated with any reinsurance transactions.

(2) The application shall include copies of all agreements and documentation, including reinsurance agreements, described in subdivision (1) of this subsection (c) unless otherwise approved by the Commissioner and any other statements or documents required by the Commissioner to evaluate the affiliated reinsurance company's application for licensure.

(d) Subdivision 6002(c)(3) of this chapter shall apply to all information submitted pursuant to subsection (c) of this section and to any order issued to the affiliated reinsurance company pursuant to subsection (b) of this section.
8 V.S.A. § 7129 — VT Code / Title 8 / Chapter 148 / Section 7129
§ 7129. Policy
Status: in_force

(a) Notwithstanding any other provision of this title to the contrary, travel insurance shall be classified and filed for purposes of rates and forms under an inland marine line of insurance; provided, however, that travel insurance that provides coverage for sickness, accident, disability, or death occurring during travel, either exclusively or in conjunction with related coverages such as emergency evacuation or repatriation of remains, or incidental limited property and casualty benefits such as baggage or trip cancellation, may be filed under either an accident and health line of insurance or an inland marine line of insurance.

(b) Travel insurance may be provided under an individual, group, or blanket policy.

(c) Eligibility and underwriting standards for travel insurance may be developed and provided based on travel protection plans designed for individual or identified marketing or distribution channels, provided those standards also meet the State's underwriting standards for inland marine.
8 V.S.A. § 32210 — VT Code / Title 8 / Chapter 222 / Section 32210
§ 32210. Lien; setoff
Status: in_force

The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates, and accumulated dividends or interest of a member in an individual or joint account for any sum past due the credit union from said member or for any loan endorsed by such member. The credit union shall also have a right of immediate setoff with respect to every such account.
8 V.S.A. § 2208a — VT Code / Title 8 / Chapter 73 / Section 2208a
§ 2208a. Mortgage loan originator change of employer or sponsor
Status: in_force

(a) No mortgage loan originator may be employed, supervised, and sponsored by more than one licensed lender or licensed mortgage broker operating in this State. Alternatively, a mortgage loan originator may be an individual sole proprietor who is also licensed as a lender or mortgage broker in this State.

(b) A mortgage loan originator shall notify the Commissioner and update its status on the Nationwide Mortgage Licensing System and Registry within 15 days of any change in the employer and sponsor of the mortgage loan originator subsequent to the initial employer and sponsor. A fee of $50.00 payable to the Commissioner shall accompany notice of such change of employer and sponsor.
8 V.S.A. § 11404 — VT Code / Title 8 / Chapter 201 / Section 11404
§ 11404. Reports required under consumer protection chapter
Status: in_force

A financial institution shall file with the Commissioner reports as required by chapter 200 of this title on the following:

(1) community reinvestment activities; and

(2) basic banking.
8 V.S.A. § 4984 — VT Code / Title 8 / Chapter 137 / Section 4984
§ 4984. Plan of operation
Status: in_force

(a) Within 45 days following the creation of an association pursuant to section 4982 of this title, or such additional time as may be prescribed by the Commissioner, the board of directors of the association shall submit to the Commissioner for review and approval a proposed plan of operation consistent with the provisions of this chapter. If the Commissioner approves the proposed plan, the Commissioner shall certify such approval to the board and the plan shall take effect 10 days after such certification. If the Commissioner disapproves of all or any part of the proposed plan, the Commissioner shall return the plan to the board with a statement in writing of the reasons for the disapproval and any recommendations the Commissioner may make. The board may accept the Commissioner's recommendations and submit the amended plan to the Commissioner or submit a new plan within 30 days after the return of the disapproved plan to the board. Within 10 days after receipt of the second plan, the Commissioner shall propose a plan and certify it to the board. A plan proposed by the Commissioner shall take effect 10 days after certification to the board.

(b) The plan of operation shall provide for economic, fair, and nondiscriminatory administration, and for the prompt and efficient provision of insurance on a self-supporting basis. The plan shall contain other provisions including preliminary assessment of all members for initial expenses necessary to commence operations, establishment of necessary facilities, management of the association, administrative expenses, reasonable commission arrangements, reasonable and objective underwriting standards, procedures for acceptance and cession of reinsurance, appointment of servicing carriers or other servicing arrangements or the direct issuance of syndicate policies, procedures for determining amounts of insurance to be provided by the association, provisions for assessment of deficits under section 4986 of this title, and an equitable apportionment among the members in the association's writings, expenses, servicing allowance, management fees, and losses.

(c) Amendments to the plan may be made by the board of directors of the association, subject to the approval of the Commissioner. The Commissioner may also make amendments to the plan subject to the approval of the board. An amendment to the plan shall take effect not less than 10 days after adoption.
8 V.S.A. § 6049f — VT Code / Title 8 / Chapter 141 / Section 6049f
§ 6049f. Permitted reinsurance
Status: in_force

(a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer, pursuant to a reinsurance contract. An affiliated reinsurance company shall not issue a contract of insurance or a contract for assumption of risk or indemnification of loss other than such reinsurance contract.

(b) The reinsurance contract shall contain all provisions reasonably required or approved by the Commissioner, which requirements shall take into account the laws applicable to the ceding insurer regarding the ceding insurer's taking credit for the reinsurance provided under such reinsurance contract.

(c) An affiliated reinsurance company may cede risks assumed through a reinsurance contract to one or more reinsurers through the purchase of reinsurance, subject to the prior approval of the Commissioner. Except as otherwise provided in this section, the provisions of chapter 101, subchapter 10 of this title, reinsurance of risks, shall apply in full to an affiliated reinsurance company.

(d) Unless otherwise approved in advance by the Commissioner, a reinsurance contract shall not contain any provision for payment by the affiliated reinsurance company in discharge of its obligations under the reinsurance contract to any person other than the ceding insurer or any receiver of the ceding insurer.

(e) An affiliated reinsurance company shall notify the Commissioner immediately of any action by a ceding insurer or any other person to foreclose on or otherwise take possession of collateral provided by the affiliated reinsurance company to secure any obligation of the affiliated reinsurance company.
8 V.S.A. § 30802 — VT Code / Title 8 / Chapter 220 / Section 30802
§ 30802. Applications
Status: in_force

(a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness.

(b) As soon as the application is deemed substantially complete, the Commissioner may order the applicant to provide notice of the application in the manner and form as he or she may prescribe.

(c) Any person may submit written comments on the proposed application to the Commissioner. If the Commissioner orders publication or other notice to be given, he or she shall establish a deadline for receipt of written comments on the application that shall be no less than five business days following the completion of publication or other notice. The Commissioner may, but shall not be compelled to, consider written comments filed after the close of the written comment period. All comments shall be maintained in the public files of the department.

(d) Applications accepted by the Commissioner shall be placed on public file at the office of the department and shall be made available for public inspection or copying, at cost; provided that any information that is exempt from public inspection under 1 V.S.A. chapter 5 shall be removed before public inspection of the file is permitted.
8 V.S.A. § 2105 — VT Code / Title 8 / Chapter 72 / Section 2105
§ 2105. Contents of license; nontransferable
Status: in_force

(a) A license shall state the address at which a licensee will conduct its business, shall state fully the name of the licensee, and, if the licensee is not an individual, shall state the date and place of its organization or incorporation.

(b) A mortgage loan originator license shall state fully the name of the individual, his or her sponsoring company, and the licensed location to which he or she is assigned.

(c) A licensee shall not transfer or assign a license.

(d) The Commissioner, in his or her discretion, may issue a license through the NMLS.
8 V.S.A. § 4681 — VT Code / Title 8 / Chapter 128 / Section 4681
§ 4681. Purposes
Status: in_force

The purposes of this chapter are:

(1) to prohibit price fixing agreements and other anticompetitive behavior by or among insurers;

(2) to protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates;

(3) to promote price competition among insurers so as to provide rates that are responsive to competitive market conditions;

(4) to provide regulatory controls in the absence of competition;

(5) to promote availability, fairness, and reliability of insurance;

(6) to authorize cooperative action among insurers in ratemaking and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly; and

(7) to cause the availability of price and other information to enable the public to purchase insurance suitable for their needs and to foster competitive insurance markets.
8 V.S.A. § 4802 — VT Code / Title 8 / Chapter 131 / Section 4802
§ 4802. Consultants
Status: in_force

(a) An individual shall not engage in the business of an insurance consultant until being issued a consultant license by the Commissioner; provided, however, that a consultant license shall not be required of the following:

(1) attorneys licensed to practice law in this State acting in their professional capacity;

(2) a duly licensed insurance producer or surplus lines insurance broker;

(3) a trust officer of a bank acting in the normal course of his or her employment; or

(4) an actuary or a certified public accountant who provides information, recommendations, advice, or services in his or her professional capacity.

(b) An application for a license to act as an insurance consultant shall be made to the Commissioner on forms prescribed by the Commissioner. Within a reasonable time after receipt of a properly completed application form, the Commissioner shall hold a written examination for the applicant and may conduct investigations and propound interrogatories concerning the applicant's qualifications, residence, business affiliations, and any other matter that he or she deems necessary or advisable to determine compliance with this chapter or for the protection of the public.

(c) In advance of rendering any service as a consultant, a written agreement on a form approved by the Commissioner shall be prepared by the consultant and shall be signed by both the consultant and the client. The agreement shall outline the nature of the work to be performed by the consultant and shall state his or her fee for the work. The consultant shall retain a copy of the agreement for not less than two years after completion of the services. The copy shall be available to the Commissioner.

(d) No person may concurrently hold a consultant's license and an insurance producer's, surplus lines insurance broker's, or limited lines producer's license in any line.

(e) No licensed consultant may employ, be employed by, or be in partnership with nor receive any remuneration whatsoever, from any licensed insurance producer, surplus lines insurance broker, limited lines producer, or insurer arising out of his or her activities as a consultant.

(f) The license shall be valid for not longer than 24 months and may be renewed biennially and extended in the same manner as an insurance producer's license.

(g) All requirements and standards relating to the denial, revocation, or suspension of an insurance producer's license, including penalties, shall apply to the denial, revocation, and suspension of an insurance consultant's license as nearly as practicable.

(h) A consultant is obligated under his or her license to serve with objectivity and complete loyalty the interests of his or her client alone; and to render his or her client such information, counsel, and service as within the knowledge, understanding, and opinion, in good faith of the licensee, best serves the client's insurance needs and interests.

(i) Prior to the issuance of a license to an insurance consultant, the applicant shall file with the Commissioner, and thereafter for as long as the license remains in effect, shall keep in force a bond in the penal sum of not less than $5,000.00 with an authorized corporate surety approved by the Commissioner. The aggregate liability of the surety for any and all claims on any bond shall in no event exceed the penal sum thereof. No bond shall be terminated unless at least 60 days' prior written notice thereof is given by the surety to the licensee and the Commissioner. Upon termination of the license for which the bond was in effect, the Commissioner shall notify the surety within 10 working days. All surety protection under this subsection is to inure to the benefit of the aggrieved parties.
8 V.S.A. § 1801 — VT Code / Title 8 / Chapter 65 / Section 1801
§ 1801. Purposes
Status: in_force

The expression “development credit corporation,” hereinafter called the corporation, as used in this chapter shall mean a corporation, incorporated under the general laws of the State, the purposes of which shall be:

(1) to provide financial assistance to industrial, agricultural, recreational, or other enterprises potentially valuable to the State or its citizens, when and to the extent which, such financing shall lie beyond the prescribed limits of laws governing banks of deposit;

(2) to assist by research and counsel such enterprises;

(3) to conduct ex parte inquiries into ways and means of improving, promoting, or increasing the general welfare of the State, its political subdivisions, and its citizens by financial aid, counsel, or otherwise; and

(4) to dedicate its energies to the discovery of ways and means of returning to maximum productivity any and all presently nonproducing assets in the State, for the dual purpose of increasing the welfare of the owner and of augmenting the taxable potential of the State.
8 V.S.A. § 3713 — VT Code / Title 8 / Chapter 103 / Section 3713
§ 3713. Assignment of insurance policies or annuity contracts
Status: in_force

(a) A policy of insurance or an annuity contract may be assignable or not assignable, as provided by its terms. Subject to its terms relating to assignability, any such policy or contract, whether heretofore or hereafter issued, under the terms of which the beneficiary may be changed upon the sole request of the insured or owner, may be assigned either by pledge or transfer of title, by an assignment executed by the insured or owner alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. Any such assignment shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy or contract in accordance with the terms of the assignment, until the insurer has received at its home office written notice of termination of the assignment or pledge, or written notice by or on behalf of some other person claiming some interest in the policy or contract in conflict with the assignment.

(b) Notwithstanding any provision of law, a person whose life is insured under any policy of group life insurance may make an assignment of all or any part of his or her incidents of ownership in the insurance, including any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued in lieu of such group insurance coverage upon termination either of employment or of the policy of group life insurance, provided that the insurer and the group policy holder may prohibit or restrict such an assignment by appropriate policy provisions.
8 V.S.A. § 3586 — VT Code / Title 8 / Chapter 101 / Section 3586
§ 3586. Exemption
Status: in_force

(a) An insurer shall be exempt from the requirements of this subchapter if:

(1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $500,000,000.00; and

(2) the insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $1,000,000,000.00.

(b) If an insurer qualifies for exemption under subdivision (a)(1) of this section but the insurance group of which the insurer is a member does not qualify for exemption under subdivision (a)(2), then any summary report required under section 3585 of this subchapter shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than one summary report for any combination of insurers, provided any combination of reports includes every insurer within the insurance group.

(c) If an insurer does not qualify for exemption under subdivision (a)(1) of this section but the insurance group of which it is a member qualifies for exemption under subdivision (a)(2), then the only summary report required under section 3585 of this subchapter shall be the report applicable to that insurer.

(d) An insurer that does not qualify for exemption under subsection (a) of this section may apply to the Commissioner for a waiver from the requirements of this subchapter based upon unique circumstances. In deciding whether to grant the insurer's request for waiver, the Commissioner may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commissioner considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the Commissioner shall coordinate with the lead State Commissioner and with the other domiciliary Commissioners in considering whether to grant the insurer's request for a waiver.

(e) Notwithstanding the exemptions stated in this section:

(1) The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA Summary Report based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests.

(2) The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA assessment, and file a summary report if the insurer has risk based capital for company action level event as set forth in section 8303 of this title, meets one or more of the standards of an insurer deemed to be in hazardous financial condition as defined in Department Regulation I-93-2, sections 3-4, or otherwise exhibits qualities of a troubled insurer as determined by the Commissioner.

(f) If an insurer that qualifies for an exemption under subsection (a) of this section subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer's most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have one year following the year the threshold is exceeded to comply with the requirements of this subchapter.
8 V.S.A. § 3664 — VT Code / Title 8 / Chapter 101 / Section 3664
§ 3664. Forms; filing proof of loss and other documents; waiver of filing
Status: in_force

Insurance companies, societies, or associations, or insurance adjusters appointed by said companies, societies, or associations, shall furnish in form for completion by the claimant, as defined in section 3665a of this title, or beneficiary, as defined in section 3665b of this title, all documents as to proof of loss or other matter required by contract to be submitted to the companies. Failure to furnish said forms within a reasonable time after notice of loss or damage is received by said companies, societies, or associations shall be deemed a waiver of any requirement that proof of loss shall be filed with the insurer on said forms as a condition precedent to the recovery of losses or claims.
8 V.S.A. § 30401 — VT Code / Title 8 / Chapter 220 / Section 30401
§ 30401. Preservation of records
Status: in_force

(a) A Vermont credit union and any state-chartered credit union with an office in this State shall keep such books, accounts, and records relating to all of its transactions that will enable the Commissioner to ensure full compliance with the laws of this State. Each such credit union shall retain its business records for such periods as prescribed by the Commissioner by regulation.

(b) Any such credit union may dispose of any record that has been retained for the period prescribed by or in accordance with the regulation for retention of records of its class, and thereafter shall be under no duty to produce the record in any action or proceeding.

(c) Records required to be preserved and retained by law or regulation may be maintained in paper, photograph, microprocess, magnetic, digital, mechanical, or electronic media, or in or by any other information storage device or process that forms a durable medium providing reasonable assurances against tampering and degradation of any reproduction of the original record, and that can be accurately transferred to paper in a legible written form within a reasonable time. Records maintained in a computer-based format shall be archival in nature only, so as to preclude the possibility of alteration of the content of the record by computer once the record has been transferred to that format. Any record reproduced from a record maintained in compliance with this subsection shall have the same force and effect as the original thereof and may be admitted in evidence equal to the original.
8 V.S.A. § 2709 — VT Code / Title 8 / Chapter 81 / Section 2709
§ 2709. Vermont Consumer Protection Act
Status: in_force

(a) A violation of this chapter shall be deemed also a violation of the Vermont Consumer Protection Act, 9 V.S.A. chapter 63, provided that the Commissioner's determinations concerning the interpretation and administration of the provisions of this chapter and any rules adopted under this chapter shall carry a presumption of validity as to financial institutions, credit unions, and all persons licensed or required to be licensed under this title.

(b) A consumer may bring a private action under this chapter or under 9 V.S.A. chapter 63 for any violation of this chapter.
8 V.S.A. § 15101 — VT Code / Title 8 / Chapter 205 / Section 15101
§ 15101. Establishment of Vermont branches
Status: in_force

A Vermont financial institution shall not establish or maintain any branch in this State for the general transaction of its business without the approval of the Commissioner. The Commissioner shall approve the application for a branch under this section if the Commissioner finds that, based on an application filed under subsection 11701(b) of this title, the application meets the general good of the State as determined under section 11703 of this title. A Vermont financial institution may establish and maintain offices or facilities that do not constitute a branch, without the approval of the Commissioner; provided, however, that establishment of a remote service unit by a Vermont financial institution shall be subject to payment of the fee provided in subdivision 19(a)(6) of this title.
8 V.S.A. § 4146 — VT Code / Title 8 / Chapter 111 / Section 4146
§ 4146. Limit of liability
Status: in_force

A foreign fidelity and surety company shall not incur in behalf or on account of any one person, partnership, association, or corporation a liability for an amount larger than one-tenth of its total admitted assets, after deducting from such liability amounts reinsured in other companies authorized to do business in this State, unless it shall be secured from loss thereon beyond that amount by suitable and sufficient collateral agreements of indemnity, by deposits with it in pledge, or conveyance to it in trust for its protection, of property equal in value to the excess of its liability over such limit, or, in case such liability is incurred in behalf or on account of a fiduciary holding property in a trust capacity, by such deposit or other disposition of a suitable and sufficient portion of the estate so held, that no further sale, mortgage, pledge, or other disposition can be made thereof without such company's approval except by the decree of a court having proper jurisdiction.
8 V.S.A. § 4048b — VT Code / Title 8 / Chapter 107 / Section 4048b
§ 4048b. Termination for nonpayment of premium or subscription charges
Status: in_force

(a) If a group health insurance policy or subscriber contract provides for automatic termination of the policy or contract after a premium or subscription charge has remained unpaid through the grace period allowed for such payment, the health insurer shall be liable for valid claims for covered losses incurred prior to the end of the grace period.

(b) If the actions of the health insurer after the end of the grace period indicate that it considers the policy or contract to be continuing in force beyond the end of the grace period, including actions such as continuing to recognize claims subsequently incurred, the health insurer shall be liable for valid claims for losses incurred prior to the effective date of written notice of termination to the policyholder or other entity responsible for making payments or submitting subscription charges to the health insurer.

(c) The health insurer shall notify a policyholder or other responsible entity of any premium payment due on a policy at least 21 days before the due date. The effective date of termination of a policy or contract shall not be prior to midnight at the end of the 14th day following mailing of notice of termination. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3438 — VT Code / Title 8 / Chapter 101 / Section 3438
§ 3438. Redomestication; conversion to foreign insurer
Status: in_force

Any domestic insurer may, upon the approval of and compliance with such conditions as may be imposed by the Commissioner, transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction, and upon such a transfer shall cease to be a domestic insurer, and its corporate or other legal existence in this State shall cease upon the filing of proof of such redomestication with the Secretary of State and upon payment to the Secretary of State of a filing fee in the amount of $100.00. Such insurer shall be admitted to this State if qualified as a foreign or alien insurer, upon compliance with the qualification requirements for foreign or alien insurers to the extent not waived by the Commissioner.
8 V.S.A. § 7053 — VT Code / Title 8 / Chapter 145 / Section 7053
§ 7053. Powers and duties of the rehabilitator
Status: in_force

(a) The Commissioner as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the Commissioner may employ such counsel, clerks, assistants, and other personnel as deemed necessary. The compensation of the special deputy, counsel, clerks, and assistants and all expenses of taking possession of the insurer and of conducting the proceedings shall be fixed by the Commissioner, with the approval of the court and shall be paid out of the funds or assets of the insurer. The persons appointed under this section shall serve at the pleasure of the Commissioner. In the event that the property of the insurer does not contain sufficient cash or liquid assets to defray the administrative costs incurred, the Commissioner may advance the costs so incurred out of any appropriation for the maintenance of the Department. Amounts so advanced for expenses of administration shall be repaid to the Commissioner for the use of the Department out of the first available money of the insurer.

(b) The rehabilitator may take such action as he or she deems necessary or appropriate to reform and revitalize the insurer. He or she shall have all the powers of the directors, officers, and managers, whose authority shall be suspended, except as they are redelegated by the rehabilitator. He or she shall have full power to direct and manage, to hire and discharge employees subject to any contract rights they may have, and to deal with the property and business of the insurer.

(c) If it appears to the rehabilitator that there has been criminal or tortious conduct, or breach of any contractual or fiduciary obligation detrimental to the insurer by any officer, manager, agent, broker, employee, or other person, he or she may pursue all appropriate legal remedies on behalf of the insurer.

(d) If the rehabilitator determines that reorganization, consolidation, conversion, reinsurance, merger, or other transformation of the insurer is appropriate, he or she shall prepare a plan to effect such changes. Upon application of the rehabilitator for approval of the plan, and after such notice and hearings as the court may prescribe, the court may either approve or disapprove the plan proposed, or may modify it and approve it as modified. A plan approved under this subsection shall be, in the judgment of the court, fair and equitable to all parties concerned. If the plan is approved, the rehabilitator shall carry out the plan. In the case of a life insurer, the plan proposed may include the imposition of liens upon the policies of the company, if all rights of shareholders are first relinquished. A plan for a life insurer may also propose imposition of a moratorium upon loan and cash surrender rights under policies, for such period and to such an extent as may be necessary.

(e) The rehabilitator shall have the power under sections 7065 and 7066 of this title to avoid fraudulent transfers.
8 V.S.A. § 2917 — VT Code / Title 8 / Chapter 85 / Section 2917
§ 2917. Examinations
Status: in_force

The Commissioner shall examine the affairs, business, and records of each licensee under this chapter at least once every three years.
8 V.S.A. § 4523 — VT Code / Title 8 / Chapter 123 / Section 4523
§ 4523. Change in control; material transactions; redomestication; establishment or acquisition of control of insurance company subsidiary
Status: in_force

(a)(1) No corporation permitted to engage in business under this chapter shall merge or consolidate with; sell, transfer, or exchange more than a 10-percent interest in the corporation or its assets to; sell, transfer, or exchange more than 10 percent of its subscribers to; or otherwise transfer or commit more than a 10-percent interest in itself to, any other person, whether accomplished through one transaction or a series of transactions, without the Commissioner's prior written approval.

(2) No corporation permitted to engage in business under this chapter shall transfer its domicile to any other state or jurisdiction without the prior written approval of the Commissioner.

(3) A corporation permitted to engage in business under this chapter shall obtain the Commissioner's written approval prior to establishing or acquiring control of a for-profit or nonprofit entity that is authorized to engage in the business of insurance under chapter 101 or 139 of this title or the insurance law of any other U.S. jurisdiction. As used in subdivision, “control” shall have the same meaning as in subdivision 3681(3) of this title. In addition to any other investment limitations established pursuant to this title, investments in entities authorized to engage in the business of insurance under chapter 101 or 139 of this title or the insurance law of any other U.S. jurisdiction shall be limited to 25 percent of total assets of the nonprofit hospital services corporation in the aggregate; provided, however, that this limitation shall exclude investments in existence on May 1, 2004.

(b) A corporation shall make application to the Commissioner for approval of any transaction set forth in subsection (a) of this section describing in detail the proposed transaction and identifying the parties involved. The Commissioner may require the filing of additional information as the Commissioner finds necessary or appropriate for the full consideration of the application. The applicant shall establish to the Commissioner's satisfaction that the transaction meets the general good of the State. To the extent applicable in the circumstances, the Commissioner shall consider, but is not limited to, the following factors in the general good determination:

(1) whether, after the transaction, the corporation continues to satisfy the requirements for a permit to do business under this chapter;

(2) whether the effect of the transaction would be to substantially lessen competition in health insurance in this State or tend to create a monopoly in health insurance in this State;

(3) whether the financial condition of any acquiring or acquired party is such as might jeopardize the financial stability of the corporation, or prejudice the interest of its subscribers;

(4) whether the transaction contemplates the liquidation of the corporation or any other material change in its business or corporate structure or management that would be unfair or unreasonable to its subscribers or not in the public interest;

(5) whether the competence, experience, and integrity of those persons who would control the operation of the new entity or the acquiring or acquired party are such that it would not be in the interest of the public to permit the transaction;

(6) whether the transaction will promote cost-effective, high-quality health care in the State; and

(7) such other factors as the Commissioner deems relevant to the transaction.

(c) The Commissioner shall investigate and hold at least one public hearing on the application. The public hearing shall be held within 30 days of the filing of a complete application with the Commissioner, and at least 20 days' notice thereof shall be given by the Commissioner to the person filing the application and the Office of the Attorney General. The applicant shall give seven days' notice to any person as ordered by the Commissioner. The Commissioner may order such public notice as may be deemed necessary for full consideration of the transaction. The Commissioner shall make a determination within 30 days after the conclusion of such hearing. If a determination of general good is made, the Commissioner shall give the corporation a certificate to that effect. In the event of conflict between the provisions of section 3305 or 3683 of this title and the provisions of this section, the provisions of this section shall control.

(d) The Commissioner may consider the review or portion of a review of the transaction by the insurance department of another state, district, or territory of the United States, if the Commissioner finds that the review or portion of review conducted by the other jurisdiction is substantially similar in nature and scope as a review or portion of review under this section.

(e) Any corporation permitted to engage in business under this chapter may, upon the approval of the Commissioner under subsections (a) and (b) of this section, and in compliance with such conditions as may be imposed by the Commissioner, transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction, and upon such a transfer shall cease to be a domestic corporation and its corporate or other legal existence in this State shall cease upon the filing of proof of such redomestication with the Secretary of State and upon payment to the Secretary of State of a filing fee in the amount of $100.00. Such corporation shall be permitted to do business in this State under this chapter as a foreign corporation, upon compliance with the qualification requirements for foreign corporations under section 4520 of this title. The Commissioner may require any corporation redomesticating under this section to form an adequately capitalized affiliate or subsidiary corporation under this chapter, whenever the Commissioner determines that such a requirement is in the best interests of members or subscribers and will promote the general good of the State.

(f) A for-profit or not-for-profit entity established or acquired with the Commissioner's approval granted under this section shall be governed by the provisions of chapter 101 or 139 of this title, as applicable, and not the provisions of this chapter, other than this section.

(g) Nothing in this section shall be construed to limit any common law authority of the Attorney General with respect to a nonprofit health care conversion; nor shall this section be construed to limit the application of Title 11B to any transaction reviewable under this section.

(h) Any application filed with the Commissioner under this section shall be accompanied by a fee of $10.00.
8 V.S.A. § 5106 — VT Code / Title 8 / Chapter 139 / Section 5106
§ 5106. Annual report to the Commissioner
Status: in_force

(a) Every organization subject to this chapter, annually, within 90 days of the close of its fiscal year, shall file a report with the Commissioner, said report verified by an appropriate official of the organization, showing its financial condition on the last day of the preceding fiscal year. The report shall be prepared in accordance with the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual for health maintenance organizations and shall be in such general form and context, as approved by, and shall contain any other information required by the National Association of Insurance Commissioners together with any useful or necessary modifications or adaptations thereof required, approved, or accepted by the Commissioner for the type of organization to be reported upon, and as supplemented by additional information required by the Commissioner.

(b) A health maintenance organization shall, when determining liabilities, include an amount estimated in the aggregate to provide for any unearned premium and for the payment of all claims for health care expenditures that have been incurred, whether reported or unreported, which are unpaid and for which such organization is or may be liable, and to provide for the expense of adjustment or settlement of such claims.
8 V.S.A. § 2405 — VT Code / Title 8 / Chapter 77 / Section 2405
§ 2405. Periodic reports; examinations; cooperative agreements
Status: in_force

(a) The Commissioner may require reports from any independent trust company doing a trust business in this State, containing such information, including on its financial condition, at such times and in such format as the Commissioner may prescribe.

(b) The Commissioner may make such examination of any person or location as the Commissioner may deem necessary to determine whether an independent trust company is being operated in compliance with the laws of this State and in accordance with safe and sound business and trust practices, to the extent consistent with subsection (c) of this section.

(c) The Commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other supervisory agencies or any organization affiliated with or representing one or more supervisory agencies with respect to the periodic examination or other supervision of any independent trust company not formed in this State or any office of an independent trust company in any state. The Commissioner may accept reports of examination or investigation from such agencies in lieu of conducting an independent examination or investigation.

(d) The Commissioner may enter into joint examinations or joint enforcement actions with other supervisory agencies having concurrent jurisdiction over any independent trust company or any office of an independent trust company established and maintained in this State; provided, that the Commissioner may at any time take such actions independently if the Commissioner deems such actions to be necessary or appropriate to carry out the responsibilities under this chapter or to ensure compliance with the laws of this State.

(e) The independent trust company shall provide the Commissioner with written notice of any regulatory action taken against it in any other jurisdiction within 30 days of receipt of such action by the independent trust company.

(f) Any independent trust company that maintains one or more offices in this State shall be assessed by the following applicable method:

(1) an independent trust company whose primary activity is transactional shall pay to the Department an annual assessment equal to $0.0001 per dollar volume of activity performed for the most recent year ending December 31, which assessment shall not be less than $2,000.00 or greater than $50,000.00, and which shall be paid on or before April 1 of each year; or

(2) an independent trust company whose primary activity in the State is asset management shall pay to the Department an assessment based on assets under management in this State on the preceding June 30 as provided under subsection 19(d) of this title.

(g) An independent trust company assessed pursuant to subdivision (f)(1) of this section shall pay to the Department the costs and expenses of all examinations, including both regular examinations and special or expanded scope examinations as provided under section 18 of this title. An independent trust company assessed pursuant to subdivision (f)(2) of this section shall not be billed for regular examinations, but shall pay to the Department the costs and expenses of all special or expanded scope examinations as provided under sections 18 and 19 of this title.
8 V.S.A. § 4812 — VT Code / Title 8 / Chapter 131 / Section 4812
§ 4812. Rules and regulations
Status: in_force

The Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.
8 V.S.A. § 3381 — VT Code / Title 8 / Chapter 101 / Section 3381
§ 3381. Legislative purpose and policy
Status: in_force

The purpose of this article is to subject certain insurers to the jurisdiction of courts of this State by or on behalf of insureds or beneficiaries under insurance contracts. The Legislature declares that it is a subject of concern that many residents of this State hold policies of insurance issued or delivered in this State by insurers while not authorized to do business in this State, thus presenting to such residents the often insuperable obstacle of resorting to distant forums for the purpose of asserting legal rights under such policies. In furtherance of such State interest, the Legislature herein provides a method of substituted service of process upon such insurers and declares that in so doing it exercises its power to protect its residents and to define, for the purpose of this article, what constitutes doing business in this State, and also exercises powers and privileges available to the State by virtue of The McCarran-Ferguson Act, 15 U.S.C. §§ 1011-1015, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.
8 V.S.A. § 4227 — VT Code / Title 8 / Chapter 113 / Section 4227
§ 4227. Notice of eligibility
Status: in_force

When automobile bodily injury and property damage liability coverage is cancelled, other than for nonpayment of premium, or in the event of failure to renew automobile bodily injury and property damage liability coverage to which section 4225 of this title applies, the insurer shall notify the named insured of his or her possible eligibility for automobile liability insurance through the Vermont Automobile Insurance Plan. Such notice shall accompany or be included in the notice of cancellation or the notice of intent not to renew.
8 V.S.A. § 8003 — VT Code / Title 8 / Chapter 151 / Section 8003
§ 8003. Sale or transfer of ownership
Status: in_force

Any provider desiring to sell or transfer ownership of a continuing care facility shall notify the department 30 days in advance of completion of such sale or transfer. The Commissioner may revoke, after notice and hearing, and upon written findings of fact, the certificate of authority of any provider based on a substantial change in control or ownership of such provider, if such change is found not to be in the best interests of the residents of the facility in that:

(1) the facility is in danger of becoming insolvent;

(2) the care of current or prospective residents is threatened; or

(3) the monthly rates paid by residents would be adversely impacted.
8 V.S.A. § 4695 — VT Code / Title 8 / Chapter 128 / Section 4695
§ 4695. Exemptions
Status: in_force

The Commissioner may, by rule, exempt any market from any or all of the provisions of this chapter, if and to the extent that the Commissioner finds their application unnecessary or impractical to achieve the purpose of this chapter.
8 V.S.A. § 10205 — VT Code / Title 8 / Chapter 200 / Section 10205
§ 10205. Penalties
Status: in_force

In addition to the authority provided under sections 11601, 11602, and 11603 of this title, the Commissioner may impose an administrative penalty of not more than $1,000.00 for each violation of this subchapter resulting from willful conduct or from a failure by a financial institution to provide reasonable supervision of its employees to prevent violations of this subchapter.
8 V.S.A. § 13201 — VT Code / Title 8 / Chapter 203 / Section 13201
§ 13201. Initial capital deposits; capital reserves
Status: in_force

(a) The initial capital deposits required under section 13105 of this title for commencing business shall be paid into an account of the institution known as the “capital reserve” account.

(b) The institution shall record on its books the amount that each capital depositor has contributed to such capital reserve, and such amounts shall be evidenced by a certificate issued to the contributor thereof.

(c) Dividends or interest may be paid upon the amounts standing to the credit of each owner of a proportionate interest in the capital reserve, in accordance with the terms of the deposit agreement, but in no event shall such dividends or interest be in excess of the maximum rate paid on shares or accounts of the institution for the same period.

(d) The capital reserve established pursuant to this section shall be used as a guarantee against losses, contingencies, and impairments of capital, and all losses and expenses not otherwise absorbed shall be charged against it until such time as the conditions in section 13202 of this title are met, provided that the amount credited to each contributor shall be reduced only by the contributor's proportionate share of such losses or expenses.

(e) The capital reserve shall be subordinate to all other deposits or share accounts of the institution.

(f) The capital contribution standing to the credit of each capital depositor in the capital reserve of the institution shall be transferable, together with any interest or dividends credited thereon, subject to the conditions and restrictions of this subchapter.
8 V.S.A. § 4058 — VT Code / Title 8 / Chapter 107 / Section 4058
§ 4058. Medical support orders
Status: in_force

(a) As used in this section:

(1) “Dependent coverage” means family coverage, or coverage for one or more persons as long as the coverage for one or more persons is greater than or equal to the coverage available under family coverage.

(2) “Health insurance plan” has the same meaning as in section 4011 of this chapter and shall be subject to the same excepted benefits, in each case, as set forth in 45 C.F.R. § 146.145, as in effect as of December 31, 2017.

(b) A health insurer shall not deny enrollment of a child under the health insurance plan of the child's parent who is ordered to provide medical support on the grounds that:

(1) the child was born to unmarried parents;

(2) the child is not claimed as a dependent on the parent's federal tax return; or

(3) the child does not reside with the parent or in the health insurer's service area.

(c) When a parent is required by a court or administrative order to provide health coverage for a child, and the parent is eligible for dependent health coverage, the health insurer shall be required:

(1) To enroll, under the dependent coverage, a child who is otherwise eligible for the coverage without regard to any enrollment season restrictions or any seasonal restrictions on switching from one plan to another, upon application of either parent, the employer, the State agency administering the Medicaid program, any State agency administering health benefits or a health insurance plan for which Medicaid is a source of funding, or the child support enforcement program.

(2) Not to disenroll or eliminate coverage of the child unless the health insurer is provided satisfactory written evidence that:

(A) the court or administrative order is no longer in effect;

(B) the child is or will be enrolled in comparable health coverage through another health insurer that will take effect not later than the effective date of disenrollment; or

(C) the employer has eliminated dependent health coverage for all of its employees if allowed by law.

(3) To provide enrollment under subdivision (1) of this subsection with coverage effective three days after the mailing of notice of the court or administrative order to the health insurer or upon actual receipt of notice by the health insurer, whichever is sooner. The health insurer shall have 10 days from notice to process the enrollment and shall be entitled to premiums from the effective date of enrollment.

(d) A health insurer shall not impose requirements on a State agency that has been assigned the rights of an individual eligible for medical assistance under Medicaid and covered for health benefits from the health insurer that are different from requirements applicable to an agent or assignee of any other individual so covered.

(e) Any health insurer that fails to enroll a child after notice under 15 V.S.A. § 663(d) or 33 V.S.A. § 4110(a)(4) shall be directly liable for any medical expenses of the child that would have been covered under the health insurance plan had the health insurer enrolled the child upon receiving notice.

(f) Notice by first-class mail, postage prepaid, or by any other method showing actual receipt shall be presumptive evidence of its receipt by the health insurer to whom it is addressed. Any period of time that is determined under this section by the giving of notice shall commence to run from the date of mailing, if the notice is mailed, or the date of actual receipt if another method of transmitting the notice is used.

(g) A health insurer may cancel any health insurance plan that is the subject of a medical support order for nonpayment of premium only if the health insurer mails or delivers notice of cancellation to both parents and all other persons or agencies identified in the medical support order. Any health insurer cancelling a health insurance plan for nonpayment of premium shall reinstate the health insurance plan effective from the date of cancellation if the nonpayment of premium is cured within 45 days of the cancellation. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4813j — VT Code / Title 8 / Chapter 131 / Section 4813j
§ 4813j. Assumed names
Status: in_force

An insurance producer doing business under any name other than the producer's legal name is required to notify the Commissioner prior to using the assumed name.
8 V.S.A. § 7060 — VT Code / Title 8 / Chapter 145 / Section 7060
§ 7060. Powers of liquidator
Status: in_force

(a) The liquidator shall have the power to:

(1) Appoint a special deputy to act for him or her and to determine reasonable compensation for the special deputy. The special deputy shall have all powers of the liquidator granted by this section. The special deputy shall serve at the pleasure of the liquidator.

(2) Employ employees and agents, legal counsel, actuaries, accountants, appraisers, consultants, and such other personnel as he or she may deem necessary to assist in the liquidation.

(3) Fix the reasonable compensation of employees and agents, legal counsel, actuaries, accountants, appraisers, and consultants with the approval of the court.

(4) Pay reasonable compensation to persons appointed and to defray from the funds or assets of the insurer all expenses of taking possession of, conserving, conducting, liquidating, disposing of, or otherwise dealing with the business and property of the insurer. In the event that the property of the insurer does not contain sufficient cash or liquid assets to defray the costs incurred, the Commissioner may advance the costs so incurred out of any appropriation for the maintenance of the Department. Any amounts so advanced for expenses of administration shall be repaid to the Commissioner for the use of the Department out of the first available moneys of the insurer.

(5) Hold hearings, subpoena witnesses to compel their attendance, administer oaths, examine any person under oath, and compel any person to subscribe to testimony after it has been correctly reduced to writing; and in connection with such proceedings, require the production of any books, papers, records, or other documents that he or she deems relevant to the inquiry.

(6) Audit the books and records of all agents of the insurer insofar as those records relate to the business activities of the insurer.

(7) Collect all debts and moneys due and claims belonging to the insurer, wherever located, and for this purpose:

(A) institute timely action in other jurisdictions, in order to forestall garnishment and attachment proceedings against such debts;

(B) do such other acts as are necessary or expedient to collect, conserve, or protect its assets or property, including the power to sell, compound, compromise, or assign debts for purposes of collection upon such terms and conditions as he or she deems best; and

(C) pursue any creditor's remedies available to enforce his or her claims.

(8) Conduct public and private sales of the property of the insurer.

(9) Use assets of the estate of an insurer under a liquidation order to transfer policy obligations to a solvent assuming insurer, if the transfer can be arranged without prejudice to applicable priorities under section 7081 of this title.

(10) Acquire, hypothecate, encumber, lease, improve, sell, transfer, abandon, or otherwise dispose of or deal with, any property of the insurer at its market value or upon such terms and conditions as are fair and reasonable. He or she shall also have power to execute, acknowledge, and deliver any and all deeds, assignments, releases, and other instruments necessary or proper to effectuate any sale of property or other transaction in connection with the liquidation.

(11) Borrow money on the security of the insurer's assets or without security and execute and deliver all documents necessary to that transaction for the purpose of facilitating the liquidation. Any such funds borrowed may be repaid as an administrative expense and have priority over any other claims in Class 1 of section 7081 of this title under the priority of distribution.

(12) Enter into such contracts as are necessary to carry out the order to liquidate, and affirm or disavow any contracts to which the insurer is a party.

(13) Continue to prosecute and institute in the name of the insurer or in his or her own name any and all suits and other legal proceedings, in this State or elsewhere, and abandon the prosecution of claims he or she deems unprofitable to pursue further. If the insurer is dissolved under section 7059 of this title, he or she shall have the power to apply to any court in this State or elsewhere for leave to substitute himself or herself for the insurer as plaintiff.

(14) Prosecute any action that may exist in behalf of the creditors, members, policyholders, or shareholders of the insurer against any officer of the insurer, or any other person.

(15) Remove any or all records and property of the insurer to the offices of the Commissioner or to such other place as may be convenient for the purposes of efficient and orderly execution of the liquidation. Guaranty associations and foreign guaranty associations shall have such reasonable access to the records of the insurer as is necessary for them to carry out their statutory obligations.

(16) Deposit in one or more banks in this State such sums as are required for meeting current administration expenses.

(17) Invest all sums not currently needed, unless the court orders otherwise.

(18) File any necessary documents for record in the office of any recorder of deeds or record office in this State or elsewhere where property of the insurer is located.

(19) Assert all defenses available to the insurer as against third persons, including statutes of limitation, statutes of frauds, and the defense of usury. A waiver of any defense by the insurer after a petition in liquidation has been filed shall not bind the liquidator. Whenever a guaranty association or foreign guaranty association has an obligation to defend any suit, the liquidator shall give precedence to such obligation and may defend only in the absence of a defense by such guaranty associations or if the potential recovery is above the limits covered by the guaranty association or otherwise not covered by such association.

(20) Exercise and enforce all the rights, remedies, and powers of any creditor, shareholder, policyholder, or member, including any power to avoid any transfer or lien that may be given by the general law and that is not provided by the provisions of sections 7065 through 7067 of this title.

(21) Intervene in any proceeding wherever instituted that might lead to the appointment of a receiver or trustee, and act as the receiver or trustee whenever the appointment is offered.

(22) Enter into agreements with any receiver or commissioner of any other state relating to the rehabilitation, liquidation, conservation, or dissolution of an insurer doing business in both states.

(23) Exercise all powers now held or hereafter conferred upon receivers by the laws of this State not inconsistent with the provisions of this chapter.

(b)(1) If a company placed in liquidation issued liability policies on a claims' made basis, which provided an option to purchase an extended period to report claims, then the liquidator may make available to holders of such policies, for a charge, an extended period to report claims as stated herein. The extended reporting period shall be made available only to those insureds who have not secured substitute coverage. The extended period made available by the liquidator shall begin upon termination of any extended period to report claims in the basic policy and shall end at the earlier of the final date for filing of claims in the liquidation proceeding or 18 months from the order of liquidation.

(2) The extended period to report claims made available by the liquidator shall be subject to the terms of the policy to which it relates. The liquidator shall make available such extended period within 60 days after the order of liquidation at a charge to be determined by the liquidator subject to approval of the court. Such offer shall be deemed rejected unless it is accepted in writing and the charge is paid within 90 days after the order of liquidation. No commissions, premium taxes, assessments, or other fees shall be due on the charge pertaining to the extended period to report claims.

(c) The enumeration, in this section, of the powers and authority of the liquidator shall not be construed as a limitation upon him or her, nor shall it exclude in any manner the liquidator's right to do such other acts not herein specifically enumerated or otherwise provided for, as may be necessary or appropriate for the accomplishment of or in aid of the purpose of liquidation.

(d) Notwithstanding the powers of the liquidator as stated in subsections (a) and (b) of this section, the liquidator shall have no obligation to defend claims or to continue to defend claims subsequent to the entry of a liquidation order.
8 V.S.A. § 31103 — VT Code / Title 8 / Chapter 221 / Section 31103
§ 31103. Requirements to commence business; minimum initial share deposits; certificate of authority
Status: in_force

(a) At the time the certificate of approval is issued, the Commissioner shall issue an order granting permission to organize that shall set forth the minimum amount of share deposits that the credit union will be required to have to commence business, which in no event shall be less than $25,000.00.

(b) The Commissioner may, in particular cases, require different minimum share deposit requirements for different credit unions, and in determining the minimum amount of share deposits for a proposed credit union, may consider such factors as the population of the area where the proposed credit union is to be located, the field of membership for the proposed credit union, competition in that locale, the projected volume and type of business to be conducted, the inherent risks in the business to be conducted, and the need to protect members and other creditors of the credit union.

(c) All share deposits shall be in the form of cash or pledges, unless otherwise approved by the Commissioner.

(d) Upon receipt of a certificate of approval pursuant to section 31102 of this title, the organizers set forth in the application for permission to organize shall hold the credit union's charter until such time as the requirements of this subchapter are met or the Commissioner determines that said requirements have not been met.

(e)(1) Within 30 days of receipt of a certificate of approval pursuant to section 31102 of this title, the first meeting of the organizers of the credit union shall be called by a notice signed by the organizer or organizers, if any were designated in the application for that purpose, or by a majority of the organizers. Such notice shall state the time, place, and purposes of the meeting. A copy of the notice shall be given to each organizer at least three days before the date appointed for the meeting, or left at each organizer's residence or usual place of business, or deposited in the post office and addressed to such organizer at that organizer's residence or usual place of business, and another copy thereof, together with an affidavit of one of the organizers that the notice has been duly served, shall be recorded with the records of the credit union. If all the organizers, in writing indorsed upon the application to organize, waive such notice and fix the time, place, and purposes of the meeting, no notice is required.

(2) At such meeting or at any adjournment thereof, the organizers shall by ballot select a temporary secretary, adopt the organizational documents of the credit union, and, in such manner as the internal governance document or the law provides, elect directors and officers. All persons so elected shall qualify for their offices as provided in subchapter 3 of this chapter.

(3) The temporary secretary shall make and attest to a record of the proceedings until the secretary has been chosen and sworn, including a record of such choice and qualification.

(4) The secretary shall file copies of the organizational documents with the Commissioner within 10 days after their adoption. Within 15 business days of receipt, the Commissioner shall, after examining such organizational documents for conformance with the requirements of this title and other applicable law, approve or disapprove the filed documents.
8 V.S.A. § 3882 — VT Code / Title 8 / Chapter 105 / Section 3882
§ 3882. Renewal policies
Status: in_force

(a) If the insurer has the necessary information to issue the renewal policy, 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, which have been approved by the Commissioner. 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; and

(C) complies with the other provisions of this section relating to renewal policies.
8 V.S.A. § 30302 — VT Code / Title 8 / Chapter 220 / Section 30302
§ 30302. Closing for cause
Status: in_force

A credit union may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a credit union temporarily closes any of its offices for all or any part of a day it is normally open for business, the credit union 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 credit union from liability for failure to perform any of the business of the credit union at the closed offices. The Commissioner may adopt rules 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. § 4489 — VT Code / Title 8 / Chapter 121 / Section 4489
§ 4489. Service of process
Status: in_force

(a) Every society authorized to do business in this State shall appoint in writing the Secretary of State and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree in the writing that any lawful process against it which is served on the attorney shall be of the same legal force and validity as if served upon the society, and that the authority shall continue in force so long as any liability remains outstanding in this State. Copies of the appointment, certified by the Secretary of State, shall be deemed sufficient evidence thereof and shall be admitted in evidence with the same force and effect as the original thereof might be admitted.

(b) Service may be made upon the Secretary of State or, if absent, upon the person in charge of the Secretary's office. It shall be made in duplicate and shall constitute sufficient service upon the society. When legal process against a society is served upon the Secretary of State, the Secretary shall immediately forward one of the duplicate copies by registered mail prepaid, directed to the secretary or corresponding officer.

(c) The service authorized in this section shall be alternative to and not exclusive of any other method of service provided by law or by rule.
8 V.S.A. § 2528 — VT Code / Title 8 / Chapter 79 / Section 2528
§ 2528. Private actions against authorized delegates
Status: in_force

(a) Distinct from the Commissioner's authority over licensees and authorized delegates, any court in this State with jurisdiction over a private civil action brought by a licensee against an authorized delegate shall have the ability to grant appropriate equitable or legal relief, including prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in this State and the payment of restitution, damages, or other monetary relief, if the court finds that an authorized delegate failed to remit money in accordance with the written contract required by subsection 2525(b) of this chapter or as otherwise directed by the licensee or required by law.

(b) If the court issues an order prohibiting a person from acting as an authorized delegate for any licensee pursuant to subsection (a) of this section, the licensee that brought the action shall report the order to the Commissioner within 30 days and shall report the order through NMLS within 90 days.
8 V.S.A. § 3791d — VT Code / Title 8 / Chapter 103 / Section 3791d
§ 3791d. Computation of minimum standard
Status: in_force

Except as provided in sections 3791e, 3791f, and 3791m of this subchapter, the minimum standard for the valuation of policies and contracts issued prior to the effective date of this subchapter shall be that provided by the laws in effect immediately prior to that date. Except as otherwise provided in sections 3791e, 3791f, and 3791m of this subchapter, the minimum standard for the valuation of all policies and contracts issued on or after July 1, 1968 shall be the Commissioners reserve valuation methods defined in sections 3791g, 3791h, 3791k, and 3791m of this subchapter, three and one-half percent interest, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after April 12, 1973, four percent interest for policies issued prior to January 1, 1980, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest, and for all other policies issued on and after January 1, 1980, and the following tables:

(1) For ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies: the Commissioners 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of section 3766 of this chapter, the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of section 3766 of this chapter and prior to the operative date of section 3768 of this chapter provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than six years younger than the actual age of the insured; and for policies issued on or after the operative date of section 3768 of this chapter:

(A) the Commissioners 1980 Standard Ordinary Mortality Table;

(B) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or

(C) any ordinary mortality table, adopted after 1980 by the NAIC, that is approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for such policies.

(2) For industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in the policies: the 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of section 3767 of this chapter, and for policies issued on or after the operative date of section 3767 of this chapter, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table adopted after 1980 by the NAIC that is approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for the policies.

(3) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies: the 1937 Standard Annuity Mortality Table, or at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the Commissioner.

(4) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies: the Group Annuity Mortality Table for 1951, a modification of the table approved by the Commissioner, or at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.

(5) For total and permanent disability benefits in or supplementary to ordinary policies or contracts: for policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the NAIC, that are approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for those policies; for policies or contracts issued on or after January 1, 1961, and prior to January 1, 1966, either those tables or, at the option of the company, the Class 3 Disability Table of 1926; and for policies issued prior to January 1, 1961, the Class 3 Disability Table of 1926. Any such table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(6) For accidental death benefits in or supplementary to policies issued on or after January 1, 1966: the 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC approved by rule adopted by the Commissioner for use in determining the minimum standard of valuation for those policies, for policies issued on or after January 1, 1961, and prior to January 1, 1966, either that table or, at the option of the company, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table for calculating the reserves for life insurance policies.

(7) For group life insurance, life insurance issued on the substandard basis, and other special benefits: tables approved by the Commissioner.
8 V.S.A. § 4521 — VT Code / Title 8 / Chapter 123 / Section 4521
§ 4521. Effect on liability under workers' compensation law
Status: in_force

The provisions of this chapter or any contract for hospital service shall in no way affect the liability of an employer under the provisions of the workers' compensation law.
8 V.S.A. § 11702 — VT Code / Title 8 / Chapter 201 / Section 11702
§ 11702. Applications
Status: in_force

(a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness.

(b) As soon as the application is deemed substantially complete, the Commissioner may order the applicant to provide notice of the application in the manner and form as he or she may prescribe.

(c) Any person may submit written comments on the proposed application to the Commissioner. If the Commissioner orders publication or other notice to be given, he or she shall establish a deadline for receipt of written comments on the application that shall be no less than five business days following the completion of publication or other notice. The Commissioner may, but shall not be compelled to, consider written comments filed after the close of the written comment period. All comments shall be maintained in the public files of the Department.

(d) Applications accepted by the Commissioner shall be placed on public file at the office of the Department and shall be made available for public inspection or copying, at cost, provided that any information that is exempt from public inspection under 1 V.S.A. chapter 5 shall be removed before public inspection of the file is permitted.
8 V.S.A. § 3665a — VT Code / Title 8 / Chapter 101 / Section 3665a
§ 3665a. Timely payment of property and casualty insurance claims; interest
Status: in_force

(a) This section applies to policies of property, casualty, surety, and title insurance, as defined in section 3301 of this title. It does not apply to workers' compensation insurance. As used in this section, “claimant” means any person asserting a right to payment under an insurance policy or contract arising out of the occurrence of the contingency or loss covered by such policy or contract or any person asserting a claim against any other person or the interests insured under an insurance policy or contract, and includes a claimant's designated legal representative and any member of the claimant's immediate family designated in writing by the claimant.

(b) Unless a different time period is specified in another section of this title, all payments of claims under policies of insurance shall be made within time periods provided by this section:

(1) For claims under policies of insurance other than surety insurance and title insurance, within 10 business days after the date that settlement of the claim is agreed upon between the insurer, the claimant, and the loss payee, as applicable, and in accordance with rules adopted by the Commissioner.

(2) For claims under policies of surety and title insurance, within 30 days after the date that settlement of the claim is agreed upon between the insurer, the claimant, and the loss payee, as applicable, and in accordance with rules adopted by the Commissioner.

(3) If a claim is contested, within 30 days after the entry of a final nonappealable judgment against the insurer; the entry of a binding arbitration decision between the insurer, the claimant, the loss payee, and the Department, as applicable; or the execution of a settlement agreement between the insurer, the claimant, the loss payee, and the Department, as applicable.

(c) If an insurer fails to pay a claim within the applicable time period set forth in subsection (b) of this section or any other time period provided by statute, it shall thereafter pay interest on the amount of the claim at the judgment rate allowed by law. Interest shall accrue from 30 days after the date the insurer receives a properly executed proof of loss.
8 V.S.A. § 4486 — VT Code / Title 8 / Chapter 121 / Section 4486
§ 4486. Injunction; liquidation; receivership of domestic society
Status: in_force

(a) When the Commissioner of Financial Regulation upon investigation finds that a domestic society:

(1) has exceeded its powers;

(2) has failed to comply with any provision of this chapter;

(3) is not fulfilling its contracts in good faith;

(4) has a membership of less than 400 after an existence of one year or more; or

(5) is conducting business fraudulently or in a manner hazardous to its members, creditors, the public, or the business; he or she shall notify the society of his or her findings, state in writing the reasons for his or her dissatisfaction, and require the society to show cause on a date named why it should not be enjoined from carrying on any business until the violation complained of shall have been corrected, or why an action in quo warranto should not be commenced against the society.

(b) If on that date the society does not present good and sufficient reasons why it should not be so enjoined or why such action should not be commenced, the Commissioner may present the relevant facts to the Attorney General who shall, if the Attorney General believes the circumstances warrant, commence an action to enjoin the society from transacting business or an action under Rule 75 of the Vermont Rules of Civil Procedure.

(c)(1) The court shall thereupon notify the officers of the society of a hearing. If after a full hearing it appears that the society should be so enjoined or liquidated or a receiver appointed, the court shall enter the necessary order.

(2) No society so enjoined may do business until:

(A) the Commissioner of Financial Regulation finds that the violation complained of has been corrected;

(B) the costs of the action have been paid by the society if the court finds that the society was in default as charged;

(C) the court has dissolved its injunction; and

(D) the Commissioner of Financial Regulation has reinstated the certificate of authority.

(3) If the court orders the society liquidated, the society shall be enjoined from carrying on any further business, whereupon the receiver of the society shall proceed at once to take possession of the books, papers, money, and other assets of the society and, under the direction of the court, immediately proceed to close the affairs of the society and to distribute its funds to those entitled to its funds.

(d) No action under this section shall be recognized in any court of this State unless brought by the Attorney General upon request of the Commissioner of Financial Regulation. Whenever a receiver is to be appointed for a domestic society, the court shall appoint the Commissioner of Financial Regulation as the receiver.

(e) The provisions of this section relating to hearing by the Commissioner of Financial Regulation, action by the Attorney General at the request of the Commissioner of Financial Regulation, hearing by the court, injunction, and receivership shall be applicable to a society that voluntarily determines to discontinue business.
8 V.S.A. § 3837 — VT Code / Title 8 / Chapter 103 / Section 3837
§ 3837. License revocation and denial
Status: in_force

(a) Life settlement providers. The Commissioner may suspend or revoke and may refuse to issue or renew the license of a life settlement provider if the Commissioner finds that:

(1) there was any material misrepresentation in the application for the license;

(2) the licensee or any officer, partner, member, or key management personnel have been convicted of fraudulent or dishonest practices or are subject to a civil judicial adjudication under federal, foreign, or State law or to an administrative action issued by any jurisdiction showing the licensee or any officer, partner, member, or key management personnel to be untrustworthy or incompetent;

(3) the licensee demonstrates a pattern of unreasonable payments to policy owners;

(4) the licensee or any officer, partner, member, or key management personnel have been found guilty of or have pleaded guilty or nolo contendere to any felony or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

(5) the licensee has entered into any life settlement contract that has not been approved pursuant to this subchapter;

(6) the licensee has failed to honor contractual obligations set out in a life settlement contract;

(7) the licensee no longer meets the requirements for initial licensure;

(8) the licensee has assigned, transferred, or pledged a policy subject to a life settlement contract to a person other than a life settlement provider licensed in this state, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a) or Rule 144A promulgated under the Federal Securities Act of 1933, as amended, a financing entity, a special purpose entity, or a related provider trust;

(9) the licensee or any officer, partner, member, or key management personnel has violated any provision of this subchapter or a rule adopted or order issued under this subchapter;

(10) the licensee or any officer, partner, member, or key management personnel have violated any provision of 9 V.S.A. chapter 150 (the Vermont Uniform Securities Act); or

(11) the licensee has, in the conduct of his or her affairs, used fraudulent, coercive, or dishonest practices or has shown himself or herself to be incompetent, untrustworthy or financially irresponsible.

(b) Life settlement brokers. The Commissioner may refuse to issue or renew or may suspend or revoke the license of a life settlement broker if the Commissioner finds that:

(1) there was any material misrepresentation in the application for the license;

(2) the licensee has been convicted of fraudulent or dishonest practices or is subject to a civil judicial adjudication under federal, foreign, or State law or to an administrative action issued by any jurisdiction showing the licensee or any officer, partner, member, or key management personnel to be untrustworthy or incompetent;

(3) the licensee has been found guilty of or has pleaded guilty or nolo contendere to any felony or to a misdemeanor involving fraud, dishonesty, breach of trust, or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

(4) the licensee no longer meets the requirements for initial licensure;

(5) the licensee has engaged in any one or more of the acts or conditions set forth in subsection 4804(a) of this title;

(6) the licensee has violated any provision of this subchapter or a rule adopted or order issued under this subchapter;

(7) the licensee or any officer, partner, member, or key management personnel have violated any provision of 9 V.S.A. chapter 150 (the Vermont Uniform Securities Act); or

(8) the licensee has otherwise engaged in bad-faith conduct with one or more policy owners.
8 V.S.A. § 4223 — VT Code / Title 8 / Chapter 113 / Section 4223
§ 4223. Cancellation of automobile insurance
Status: in_force

(a) A notice of cancellation of a policy 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 under the policy, or violation of any of the terms or conditions of the policy; or

(3) the driver's license of the named insured or of any operator either resident in the same household or who customarily operates an automobile insured under the policy has been suspended or revoked pursuant to law during the policy period or, if the policy is a renewal, during its policy period or the 180 days immediately preceding its effective date.

(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. § 4248 — VT Code / Title 8 / Chapter 113 / Section 4248
§ 4248. Registration required
Status: in_force

(a) All providers of service contracts issued, sold, or covering property located in this State shall file a registration with the Commissioner on a form prescribed by the Commissioner. Such registrations shall be renewed every three years. Providers shall submit a $600.00 fee at the time of registration and at the time of each renewal.

(b) The following are exempt from the scope of this subchapter, inclusive of this subchapter:

(1) warranties;

(2) maintenance agreements; and

(3) service contracts sold or offered for sale in commercial transactions.

(c) The types of agreements defined as service contracts in this subchapter or excluded from coverage by subsection (b) of this section are not insurance under Vermont law.

(d) A foreign or alien provider shall not transact business in this State until it has either registered with the Secretary of State to do business in Vermont or, if it is not registered to do business in Vermont, filed with the Commissioner the name and address of a person in this State upon whom service of process may be served. Failure to file such information with the Commissioner within 60 days of entering into a Vermont service contract shall constitute an appointment by such provider of the Secretary of State as its agent for service of process.
8 V.S.A. § 3624 — VT Code / Title 8 / Chapter 101 / Section 3624
§ 3624. 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, the Association or its agents or employees, the Board of Directors, or the Commissioner or his or her representatives for any action taken by them in the performance of their powers and duties under this subchapter.
8 V.S.A. § 3305 — VT Code / Title 8 / Chapter 101 / Section 3305
§ 3305. Petition; hearing
Status: in_force

Before the articles of association are transmitted to the Secretary of State, the incorporators shall petition the Commissioner to hold a public hearing, in the county where the proposed corporation is to have its principal office, to determine whether the establishment and maintenance of the proposed corporation will promote the general good of the State. The Commissioner shall thereupon appoint a time and place in such county for hearing the petition and shall make an order for the publication of the substance of the petition and of the time and place of the hearing three weeks successively in a newspaper published in the county, or, for want thereof, in an adjoining county, the last publication to be at least 12 days before the day appointed for the hearing. If, after the hearing, the Commissioner finds and adjudges that the establishment and maintenance of the proposed corporation will promote the general good of the State, he or she shall give the incorporators a certificate to that effect under his or her seal. In determining the general good of the State as herein required, the Commissioner shall consider:

(1) The character, reputation, financial standing, and purposes of the organizers, incorporators, and subscribers organizing the proposed insurer or organization.

(2) The character, reputation, financial responsibility, insurance experience, and business qualifications of its proposed officers and directors.

(3) Such other aspects of the proposed insurer or financing as he or she may deem advisable.
8 V.S.A. § 2260 — VT Code / Title 8 / Chapter 74 / Section 2260
§ 2260. Annual reports
Status: repealed

(a) Annually, on or before April 1, each company registered under this chapter shall file a report with the Commissioner under oath and in the form and manner prescribed by the Commissioner. In addition to information required by section 2120 of this title, the report shall include any information the Commissioner requires concerning the company's business and operations during the preceding calendar year within Vermont and, in addition, shall include:

(1) the number of contracts entered into;

(2) the dollar value of funded amounts to consumers;

(3) the dollar value of charges under each contract, itemized and including the annual rate of return;

(4) the dollar amount and number of litigation funding transactions in which the realization to the company was as contracted; and

(5) the dollar amount and number of litigation funding transactions in which the realization to the company was less than contracted.

(b) [Repealed.]

(c) [Repealed.]
8 V.S.A. § 7114 — VT Code / Title 8 / Chapter 147 / Section 7114
§ 7114. Order
Status: in_force

(a) Within 30 days of the date the hearing is held on the plan, the Commissioner shall issue an order setting forth the amount of fees payable by the assuming company under subdivision 7116(a)(2) of this chapter, payable not later than 14 days after the date of such order. Upon receipt of such payment, the Commissioner shall within five days issue an order approving or disapproving the plan in whole or in part. Whenever it is not practicable to issue an order within 30 days, the Commissioner may extend such time up to an additional 30 days. If the order approves the plan, the order shall:

(1) include the terms and conditions of the Commissioner's oversight with regard to ongoing oversight of the operations, management, and solvency relating to the closed block and any specific standards that the assuming company will be required to comply with, including standards relating to:

(A) material transactions with affiliates;

(B) adequacy of surplus; and

(C) dividends and other distributions, including limitations on dividends;

(2) set forth the tax payable by the assuming company under subsection 7116(b) of this chapter, which tax shall be payable not later than 14 days after the date of such order;

(3) not be effective until such time as the costs and transfer tax described in this subsection have been paid in full.

(b) The Commissioner shall not approve a plan unless the Commissioner finds that the assuming company has:

(1) sufficient assets to meet its liabilities;

(2) sufficient procedures in place for the handling of claims;

(3) consented to sufficient regulatory oversight by the Department; and

(4) excluded from the plan any policy or agreement required to be excluded under subsections 7112(j) and (l) of this chapter.

(c) An order issued under subsection (a) of this section approving the plan shall have the full force and effect of a statutory novation with respect to all policyholders and reinsurance counterparties and their respective policies and reinsurance agreements under the plan and shall provide that the transferring insurer shall have no further rights, obligations, or liabilities with respect to such policies and reinsurance agreements, and that the assuming company shall have all such rights, obligations, and liabilities as if it, instead of the transferring insurer, were the original party to such policies and reinsurance agreements.

(d) The Commissioner may issue any other orders he or she reasonably deems necessary to fully implement an order issued under subsection (a) of this section.

(e) No order issued under subsection (a) or (d) of this section shall be construed to modify or amend the terms of a policy or reinsurance agreement, other than with respect to matters specifically subject to modification or amendment under this chapter.

(f) If a policyholder or inward reinsurance counterparty provides express written notice that he or she objects to the plan after the comment period has expired, and provides evidence reasonably satisfactory to the Commissioner that he or she was not provided notice of the plan in the form and manner previously approved by the Commissioner, or if an outward reinsurance counterparty or other party provides express written notice that he or she objects to a plan, the Commissioner may not approve the plan with respect to such party unless the Commissioner determines that the plan:

(1) does not materially adversely affect the objecting party; and

(2) otherwise complies with the requirements of this chapter.

(g) At any time before the Commissioner issues the order described in subsection (a) of this section, the assuming company may file an amendment to the plan, subject to the Commissioner's approval.

(h) At any time before the Commissioner issues the order described in subsection (a) of this section, the assuming company may withdraw the plan without prejudice. Upon such withdrawal, however, the Commissioner shall issue an order setting forth the amount of fees payable by the assuming company under subdivision 7116(a)(2) of this chapter, payable not later than 14 days after the date of such order.
8 V.S.A. § 8204 — VT Code / Title 8 / Chapter 157 / Section 8204
§ 8204. Assumption, transfer, and notice requirements
Status: in_force

(a) Except as provided in, and subject to, subsection 8207(d) of this title, the transferring insurer shall provide or cause to be provided to each policyholder a notice of transfer by first-class mail, addressed to the policyholder's last known address or to the address to which premium notices or other policy documents are sent or, with respect to home service business, by personal delivery with receipt acknowledged by the policyholder. A notice of transfer shall also be sent to the transferring insurer's agents or brokers of record on the affected policies.

(b) The notice of transfer shall state or provide:

(1) the date the transfer and novation of the policyholder's contract of insurance is proposed to take place;

(2) the name, address, and telephone number of the assuming and transferring insurer;

(3) that the policyholder has the right to either consent to or reject the transfer and novation;

(4) the procedures and time limit for consenting to or rejecting the transfer and novation;

(5) a summary of any effect that consent to or rejection of the transfer and novation will have on the policyholder's rights, including disclosure of the possible loss of insurability;

(6) a statement that the assuming insurer is licensed to write the type of business being assumed in the state where the policyholder resides, or is otherwise authorized, as provided in this chapter, to assume such business;

(7) the name and address of the person at the transferring insurer to whom the policyholder should send a written statement of acceptance or rejection of the transfer and novation;

(8) the address and telephone number of the insurance department of the state where the policyholder resides so that the policyholder may write or call the insurance department for further information regarding the financial condition of the assuming insurer; and

(9) the following financial data for both companies:

(A) ratings for the last five years if available or for such lesser period as is available from two nationally recognized insurance rating services acceptable to the Commissioner, including the rating service's explanation of the meaning of the ratings. If ratings are unavailable for any year of the five-year period, this fact shall also be disclosed, together with those ratings that are available;

(B) balance sheets as of December 31 for the previous three years if available or for such lesser period as is available and as of the date of the most recent quarterly statement;

(C) a copy of the management's discussion and analysis that was filed as a supplement to the previous year's annual statement; and

(D) an explanation of the reason for the transfer.

(c) The form contained in section 8208 of this title may be used as general guidance in complying with the requirements of subsection (b) of this section.

(d) The notice of transfer shall include a pre-addressed, postage-paid response card that a policyholder may return as his or her written statement of acceptance or rejection of the transfer and novation.

(e) Prior approval by the Commissioner is required for any transaction where an insurer domiciled in this State assumes or transfers obligations or risks on contracts of insurance under an assumption reinsurance agreement. An insurer domiciled in this State shall not assume obligations or risks on contracts of insurance issued to or owned by policyholders residing in any other state unless it is licensed in the other state or the insurance regulatory official of that state has approved the assumption.

(f) Prior to the transfer of any of the obligations or risks on contracts of insurance issued to or owned by residents of this State that is the subject of this chapter, any licensed foreign insurer that enters into an assumption reinsurance agreement shall obtain the Commissioner's approval under subsection (g) of this section or shall apply to the Commissioner for a determination that the requirements imposed on the transaction by the state of domicile of each participating insurer are substantially similar to the requirements of this chapter. An insurer making a request for a determination of substantial similarity shall file or cause to be filed with the Commissioner the assumption certificate, a copy of the proposed notice of transfer, an analysis of the requirements to be imposed by its state of domicile, and an affidavit that the transaction is subject to requirements substantially similar to this chapter. The Commissioner shall review the submissions and determine whether the requirements are substantially similar to the requirements of this chapter. If the law of the state of domicile permits the policyholder a longer period of time for consent or rejection than provided by section 8205 of this title, the Commissioner may, at the request of the insurer, waive the time limitations in section 8205 of this title in determining substantial similarity. If the Commissioner does not act on the insurer's request for a determination of substantial similarity within 30 days of receipt, the insurer's request shall be deemed approved. If the Commissioner determines that the requirements imposed on the licensed foreign insurers are not substantially similar to the requirements of this chapter, then the requirements of subsection (g) of this section shall apply to the transfer.

(g) Any licensed foreign insurer that enters into an assumption reinsurance agreement that proposes to transfer the obligations or risks on contracts of insurance issued to or owned by residents of this State, subject to all other requirements of this chapter with respect to residents of this State, shall submit the transaction to the Commissioner for approval. If the Commissioner does not act on the insurer's request within 60 days of receipt, the insurer's request shall be deemed approved. The Commissioner may extend by not more than an additional 30 days the period within which he or she may so affirmatively approve or disapprove any such transaction by giving notice to the insurer of such extension before expiration of the initial 60-day period. At the end of any such period of extension and in the absence of an affirmative approval or disapproval, any such transaction shall be deemed approved.

(h) The following factors, along with such other factors as the Commissioner deems appropriate under the circumstances, shall be considered by the Commissioner in reviewing a request for approval:

(1) the financial condition of the transferring and assuming insurers and the effect the transaction is expected to have on the financial condition of each company;

(2) the competence, experience, and integrity of those persons who control the operation of the assuming insurer;

(3) any plans the assuming party has with respect to the administration of the policies subject to the proposed transfer;

(4) whether the transfer is fair and reasonable to the policyholders of both companies; and

(5) whether the notice of transfer to be provided by the insurer is fair, adequate, and not misleading.

(i) No insurer shall transfer obligations or risks on contracts of insurance issued to or owned by residents of this State to any insurer that is not licensed in this State.

(j) Except as provided in, and subject to, subsection 8207(d) of this title, the Commissioner may modify the notice requirements of this chapter if the Commissioner determines that the transfer is between affiliates or that the transfer is not contemplated within the purposes of this chapter.
8 V.S.A. § 12501 — VT Code / Title 8 / Chapter 202 / Section 12501
§ 12501. Voluntary dissolution; procedure; criteria
Status: in_force

(a) An investor-owned Vermont financial institution shall submit to the Commissioner for approval a plan of dissolution or wind-up prior to filing its articles of dissolution under Title 11A or winding up its business under Title 11. The plan shall contain the following items:

(1) pro forma financial statements that demonstrate that the financial institution will, upon dissolution or during its wind-up, discharge or make provision for discharging its liabilities;

(2) a method to distribute all remaining assets among its investors according to their interests;

(3) the process of and resources dedicated to the oversight of the dissolution or winding up of the financial institution;

(4) the plan to transfer to any of its affiliates or any other financial institution its deposit, loan, and trust accounts, including escheat of all remaining deposit accounts to the State of Vermont;

(5) the procurement or continuation of insurance or the provision of other security as the Commissioner deems necessary;

(6) an acknowledgment that, before the articles of dissolution are filed or the wind-up begins, there will be no distributions or equity interest repurchases without the Commissioner's prior written approval; and

(7) such other information or assurances as the Commissioner may require.

(b) Upon approval of the plan, the financial institution may file its articles of dissolution under Title 11A and proceed with its dissolution or may proceed with the wind-up and dissolution under Title 11, as provided by law.

(c) During its wind-up, a dissolved or dissolving entity shall not transact any further banking business after its deposit insurance has terminated.
8 V.S.A. § 2110 — VT Code / Title 8 / Chapter 72 / Section 2110
§ 2110. Revocation, suspension, termination, or nonrenewal of license; cease and desist orders
Status: in_force

(a) The Commissioner may deny, suspend, terminate, revoke, condition, or refuse to renew a license or order that any person or licensee cease and desist in any specified conduct if the Commissioner finds:

(1) the licensee failed to pay the renewal of license fee or an examination fee as provided in this part, or to maintain in effect the required liquid assets or the bond or bonds required under the provisions of this part, or to file any annual report or other report, or to comply with any lawful demand, ruling, or requirement of the Commissioner;

(2) the licensee violated any applicable provision of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any rule, order, or directive, adopted pursuant to those provisions;

(3) the licensee engages in fraud, intentional misrepresentation, or gross negligence;

(4) the licensee engages in an unsafe or unsound practice;

(5) the licensee is convicted of a violation of a state or federal anti-money-laundering statute;

(6) the competence, experience, character, or general fitness of the licensee, person in control of a licensee, or key individual indicates that it is not in the public interest to permit the person to provide services in this State;

(7) the licensee fails to continue to meet the initial licensing requirements of this title, or withholds information, or fails to cooperate with an examination or investigation, or makes a material misstatement in a license application, license renewal, or any document submitted to the Commissioner or to the Nationwide Multistate Licensing System and Registry;

(8) any cause for which issuance of the license could have been refused had it then existed and been known to the Commissioner at the time of issuance, including unconscionable conduct that takes advantage of a borrower's lack of bargaining power or lack of understanding of the terms or consequences of the transaction;

(9) the licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money, is insolvent, suspends payment of its obligations, or makes an assignment for the benefit of its creditors; or

(10) a money transmission licensee does not remove an authorized delegate after the Commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this part.

(b) The Commissioner may issue orders or directives to any person:

(1) to cease and desist from conducting business;

(2) to cease any harmful activities or violations of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any order, directive, or rule adopted pursuant to those provisions;

(3) to cease business under a license or any conditional license if the Commissioner determines that such license was erroneously granted or the licensee is currently in violation of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any order, directive, or rule adopted pursuant to those provisions;

(4) enjoining or prohibiting any person from engaging in the financial services industry in this State;

(5) to remove any officer, director, employee, key individual, or person in control; or

(6) regarding any other action or remedy as the Commissioner deems necessary to carry out the purposes of this part.

(c) The Commissioner shall provide not less than 15 days' notice and an opportunity to be heard before he or she issues an order or directive pursuant to subsection (b) of this section. Mailing notice to the licensee's current address as stated on the license shall be presumptive evidence of its receipt by the licensee. However, if the Commissioner finds that the public safety or welfare imperatively requires emergency action, action with no prior notice or prior opportunity to be heard may be taken, pending proceedings for revocation or other action.
8 V.S.A. § 32207 — VT Code / Title 8 / Chapter 222 / Section 32207
§ 32207. Provisions when title to deposit is litigated
Status: in_force

The provisions of section 14207 of this title relating to when title to a deposit is litigated shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 4813k — VT Code / Title 8 / Chapter 131 / Section 4813k
§ 4813k. Temporary licensing
Status: in_force

(a) The Commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the Commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases:

(1) to the surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer's business;

(2) to a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or license;

(3) to the designee of a licensed insurance producer entering active service in the Armed Forces of the United States of America; or

(4) in any other circumstance where the Commissioner deems that the public interest will best be served by the issuance of this license.

(b) The Commissioner may, by order, limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The Commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The Commissioner may, by order, revoke a temporary license if the interest of insureds or the public is endangered. A temporary license may not continue after the owner or the personal representative disposes of the business.
8 V.S.A. § 4001 — VT Code / Title 8 / Chapter 105 / Section 4001
§ 4001. Assessments; accumulations; limitation
Status: in_force

Domestic mutual fire insurance companies, in any year in which the assessments required to pay losses and expenses would not equal five percent of the face of its premium notes, may lay assessments not to exceed five percent and carry the amount not necessary to pay losses and expenses of such year to a surplus account for the payment of future fire losses and expenses. Such surplus shall at no time exceed 10 percent of the face of the premium notes then in force.
8 V.S.A. § 8201 — VT Code / Title 8 / Chapter 157 / Section 8201
§ 8201. Purpose
Status: in_force

The purpose of this chapter is to regulate the transfer and novation of contracts of insurance, including annuities, through the assumption of the contract.
8 V.S.A. § 6048g — VT Code / Title 8 / Chapter 141 / Section 6048g
§ 6048g. Minimum capital and surplus
Status: in_force

A special purpose financial insurance company shall not be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of not less than $5,000,000.00.
8 V.S.A. § 6049d — VT Code / Title 8 / Chapter 141 / Section 6049d
§ 6049d. Formation
Status: in_force

(a) An affiliated reinsurance company may be incorporated as a stock insurer with its capital divided into shares, or in such other organizational form as may be approved by the Commissioner.

(b) An affiliated reinsurance company's organizational documents shall limit the affiliated reinsurance company's authority to the transaction of the business of insurance or reinsurance and to those activities that the affiliated reinsurance company conducts to accomplish its purposes as expressed in this subchapter.
8 V.S.A. § 2755 — VT Code / Title 8 / Chapter 83 / Section 2755
§ 2755. Bond required
Status: in_force

(a) Each applicant shall submit to the Commissioner, with the application for a license, a bond, in such form as the Commissioner shall direct, in the amount of $50,000.00, or such greater amount as the Commissioner may determine is required by the business circumstances of the applicant.

(b) The bond shall be in a form and in accordance with such terms and conditions satisfactory to the Commissioner and payable to the State for use of the State and for the benefit of any claimant against the licensee to secure the faithful performance of the obligations of the licensee.

(c) The Commissioner may require a larger bond if he or she determines, in his or her sole discretion, that a licensee has engaged in a pattern of conduct resulting in bona fide consumer complaints of misconduct and that such increased bond is necessary for the protection of consumers; or the Commissioner may increase or decrease the amount of such bond based upon the applicant's or licensee's financial condition, business plan, number of locations, and the actual or estimated aggregate amount of payments and fees paid by debtors under the debt adjustment contracts.
8 V.S.A. § 3845 — VT Code / Title 8 / Chapter 103 / Section 3845
§ 3845. Prohibited practices and conflicts of interest
Status: in_force

(a) With respect to any life settlement contract or insurance policy, no life settlement broker shall solicit an offer from, effectuate a life settlement with, or make a sale to any life settlement provider, financing entity, or related provider trust that is controlling, controlled by, or under common control with such life settlement broker.

(b) No broker shall have a financial relationship or affiliation with a life settlement provider unless the broker fully discloses such relationship or affiliation. A broker shall not participate in or form a financial arrangement or affiliation with a life settlement provider if such arrangement or affiliation conflicts with the broker's fiduciary duty to the policy owner.

(c) With respect to any life settlement contract or insurance policy, no life settlement provider shall knowingly enter into a life settlement contract with a policy owner if, in connection with such life settlement contract, anything of value will be paid to a life settlement broker that is controlling, controlled by, or under common control with such life settlement provider, the life settlement purchaser, life settlement investment agent, a financing entity, or a related provider trust that is involved in such life settlement contract.

(d) A violation of subsection (a), (b), or (c) of this section shall be deemed a fraudulent life settlement act.

(e) No life settlement provider shall enter into a life settlement contract unless the life settlement promotional, advertising, and marketing materials, as may be prescribed by regulation, have been filed with the Commissioner. In no event shall any marketing materials expressly reference that the insurance is “free” for any period of time. The inclusion of any reference in the marketing materials that would cause a policy owner to reasonably believe that the insurance is free for any period of time shall be considered a violation of this subchapter.

(f) No life insurance producer, insurance company, life settlement broker, or life settlement provider shall make any statement or representation to the applicant or policyholder in connection with the sale or financing of a life insurance policy to the effect that the insurance is free or without cost to the policyholder for any period of time unless provided in the policy.
8 V.S.A. § 17202 — VT Code / Title 8 / Chapter 207 / Section 17202
§ 17202. Merger of investor-owned institution with national financial institution
Status: in_force

(a) Nothing contained in the law of this State restricts the right of a financial institution organized under chapter 202 of this title to merge or consolidate into a resulting national financial institution. The corporate action to be taken by the investor-owned institution and its rights and liabilities and those of its investors are the same as those prescribed in section 17201 of this title, except that approval of the Commissioner is not required.

(b) Upon the effective date of the merger or consolidation, the authority of the participating investor-owned Vermont financial institution shall terminate automatically. The resulting national financial institution shall notify the Secretary of State of the termination.
8 V.S.A. § 4109 — VT Code / Title 8 / Chapter 109 / Section 4109
§ 4109. Premiums and refunds
Status: in_force

(a) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the Commissioner its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the Commissioner. No insurer shall issue any credit life insurance policy or credit accident and health insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the Commissioner. The Commissioner may require the filing of the schedule of premium rates for use in connection with and as a part of the specific policy filings as provided by section 4108 of this title. Each such filing shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00 per schedule of premium rates.

(b) Each individual policy, group certificate, or notice of proposed insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that the Commissioner shall prescribe a minimum refund and no refund that would be less than such minimum need be made. The formula to be used in computing such refund shall be filed with and approved by the Commissioner.

(c) If a creditor requires a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the amount.

(d) The amount charged by the creditor to the debtor for any credit life or credit health and accident insurance shall not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined.

(e) Nothing in this chapter shall be construed to authorize any payments for insurance prohibited under any statute or rule governing credit transactions. However, in the case of a debtor under chapter 73 of this title, the collection of identifiable charges for group credit life insurance by the creditor shall not be deemed as a violation of said chapter if the transaction complies with this chapter and the payment of such identifiable charge is optional with the debtor.
8 V.S.A. § 30503 — VT Code / Title 8 / Chapter 220 / Section 30503
§ 30503. Exemption from annual report to Secretary of State
Status: in_force

Vermont credit unions shall not be required to make any annual report to the Vermont Secretary of State.
8 V.S.A. § 6048a — VT Code / Title 8 / Chapter 141 / Section 6048a
§ 6048a. Applicable law
Status: in_force

(a) A special purpose financial insurance company shall be subject to the provisions of this subchapter and to the provisions of subchapter 1 of this chapter. In the event of any conflict between the provisions of this subchapter and the provisions of subchapter 1 of this chapter, the provisions of this subchapter shall control.

(b) A special purpose financial insurance company shall be subject to all applicable rules adopted pursuant to section 6015 of this chapter that are in effect as of July 1, 2007 and that are adopted after July 1, 2007.

(c) The Commissioner may, by order, exempt a special purpose financial insurance company from any provision of this chapter or from any rule adopted pursuant to section 6015 of this chapter if the Commissioner determines such provision to be inappropriate based on the special purpose financial insurance company's plan of operation.
8 V.S.A. § 7088 — VT Code / Title 8 / Chapter 145 / Section 7088
§ 7088. External audit of the receiver's books
Status: in_force

The Superior Court of Washington County may, as it deems desirable, cause audits to be made of the books of the Commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the Commissioner and with the court. The books, records, and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.
8 V.S.A. § 6047a — VT Code / Title 8 / Chapter 141 / Section 6047a
§ 6047a. Confidentiality
Status: in_force

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

(b) In furtherance of the Commissioner's duties, the Commissioner may share and receive documents, materials, or other information pursuant to section 22 of this title.
8 V.S.A. § 4043 — VT Code / Title 8 / Chapter 107 / Section 4043
§ 4043. Association health plans
Status: in_force

(a)(1) As used in this section, “association health plan” means a policy issued to an association; to a trust; or to one or more trustees of a fund established, created, or maintained for the benefit of the members of one or more associations or a contract or plan issued by an association or trust or by a multiple employer welfare arrangement as defined in the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq.

(2) No association health plan shall be issued, offered, or renewed in this State to any person other than an association that was formed or could have been formed under the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., and accompanying U.S. Department of Labor regulations and guidance, in each case, as in effect as of January 19, 2017.

(b) The Commissioner shall adopt rules pursuant to 3 V.S.A. chapter 25 regulating association health plans in order to protect Vermont consumers and promote the stability of Vermont's health insurance markets, to the extent permitted under federal law, including rules regarding licensure, solvency and reserve requirements, and rating requirements.

(c) The provisions of section 3661 of this title shall apply to association health plans. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4201a — VT Code / Title 8 / Chapter 113 / Section 4201a
§ 4201a. Filing fees
Status: in_force

Each filing of a policy or contract form or document, submitted pursuant to section 4201 of this title, shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00 per filing submission.
8 V.S.A. § 2202a — VT Code / Title 8 / Chapter 73 / Section 2202a
§ 2202a. Application for commercial lender license
Status: in_force

(a) Application for a license for a lender making solely commercial loans shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the name and address of the residence and the place of business of the applicant and, if the applicant is a partnership or association, of every member thereof, and, if a corporation, of each officer, director, and control person thereof; the county and municipality with street and number, if any, where the business is to be conducted; and such further information as the Commissioner may require.

(b) At the time of making application, the applicant shall pay to the Commissioner an initial licensing fee and an application and investigation fee pursuant to subdivision 2102(b)(2) of this title.

(c) In connection with an application for a commercial lender license, the applicant and each officer, director, and control person of the applicant shall furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity and the identity of each of the applicant's officers, directors, and control persons, including:

(1) fingerprints for submission to the Federal Bureau of Investigation and for any other governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check;

(2) personal history and experience in a form prescribed by the NMLS, including the submission of authorization for the NMLS and the Commissioner to obtain information related to any administrative, civil, or criminal findings by any governmental jurisdiction; and

(3) any other information required by the NMLS or the Commissioner.
8 V.S.A. § 5105 — VT Code / Title 8 / Chapter 139 / Section 5105
§ 5105. Examinations
Status: in_force

(a) The Commissioner shall make an examination of the affairs of any health maintenance organization organized or holding a certificate of authority as a health maintenance organization in this State as often as the Commissioner deems it necessary, but not less frequently than once in every three years to ensure that the financial and contractual obligations of the health maintenance organization are being met in accordance with Vermont law. The Commissioner may enlarge this three-year period to five years, provided the health maintenance organization is subject to a comprehensive annual audit during such period of a scope satisfactory to the Commissioner, by independent auditors approved by the Commissioner. The Commissioner shall examine a health maintenance organization that is organized in another state as if it were organized in this State. In lieu of such examination, the Commissioner may accept an examination report on the company as prepared by the insurance department of the company's state of domicile. Prior to accepting an examination report from any foreign jurisdiction, the Commissioner shall determine that the examination was performed in a manner and using methods and criteria that are as stringent as those established for Vermont examinations. Nothing in this section shall restrict the Commissioner's power to examine a health maintenance organization when the Commissioner deems it to be in the best interests of members or policyholders.

(b) All financial and market conduct examinations shall be conducted pursuant to and in conformity with sections 3573, 3574, 3575, and 3576 of this title at the expense of the health maintenance organization and shall be conducted in accordance with guidelines, principles, manuals, instructions, and other procedures promulgated by the National Association of Insurance Commissioners, including the use of statutory accounting principles for financial examinations, together with any useful or necessary modifications or adaptation thereof required or approved by the Commissioner. Every health maintenance organization shall provide the Commissioner with all books and records relating to its operation, including books and records of any affiliate or subsidiary as defined in section 3681 of this title. For the purpose of examinations, the Commissioner may issue subpoenas, administer oaths to, and examine any person and the officers and agents of the health maintenance organization.
8 V.S.A. § 2112 — VT Code / Title 8 / Chapter 72 / Section 2112
§ 2112. Surrender of license; no effect on liability; reinstatement
Status: in_force

(a) A licensee may surrender a license by delivering to the Commissioner notice that the licensee surrenders the license.

(b) Surrender shall not affect the licensee's administrative, civil, or criminal liability for acts committed prior to surrender. A revocation, suspension, termination, refusal to renew, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract.

(c) The Commissioner may reinstate a revoked, suspended, terminated, expired, inactive, or nonrenewed license or issue a new license to a licensee whose license was revoked, suspended, terminated, expired, inactive, or nonrenewed if no fact or condition then exists that would have warranted the Commissioner to refuse to issue the license under this part; provided, however, that the Commissioner shall not issue a new license or reinstate a license to a mortgage loan originator whose license was revoked unless the revocation order is vacated.
8 V.S.A. § 2916 — VT Code / Title 8 / Chapter 85 / Section 2916
§ 2916. Segregated accounts
Status: in_force

(a) All amounts paid by borrowers to a licensee subject to this chapter shall be deposited in one or more accounts maintained at a federally insured depository institution and with respect to such funds, the licensee shall act as a fiduciary. Such account or accounts shall be segregated from all other accounts of the licensee. Such funds shall not be used in the conduct of the licensee's personal affairs or in the licensee's business affairs.

(b) The licensee may withdraw funds from the segregated account for payment directly to the owner of the loan or other third party of principal and interest and other payments as may be required pursuant to the terms of the loan document or servicing contract.

(c) The licensee may withdraw funds from the segregated account for commissions to which it is entitled for services actually performed.

(d) The licensee may return funds from the segregated account to the borrower if not prohibited.

(e) The licensee shall maintain complete and accurate account records, including, at a minimum, the source of all deposits, the nature and recipient of all disbursements, the date and amount of each transaction, and the name of the borrower. All documents pertaining to account activity shall be produced upon request of the Commissioner.
8 V.S.A. § 2123 — VT Code / Title 8 / Chapter 72 / Section 2123
§ 2123. Licenses modified, amended, or repealed by amendment to this part
Status: in_force

The State of Vermont may amend or repeal this chapter so as to effect a cancellation or alteration of a license or right of a licensee, provided that such an amendment or repeal shall not impair or affect an obligation under a preexisting lawful contract.
8 V.S.A. § 4673 — VT Code / Title 8 / Chapter 127 / Section 4673
§ 4673. Exceptions
Status: repealed

(a) No rate increase may be applied for a claim payment under uninsured motorist, medical payment, comprehensive, fire, theft, or a combined additional coverage.

(b) This subchapter shall not apply to an automobile that is:

(1) [Repealed.]

(2) used in the business of driver training; or

(3) insured under a commercial plan.

(c) No surcharge may be applied to a policy written for a term in excess of 12 months unless that policy provides for an annual adjustment of premiums.

(d) The Commissioner may by rule designate mitigating circumstances, the existence of any of which shall remove the basis for application of a surcharge.

(e) If a policy is surcharged as the result of an accident and subsequently the circumstances of the accident are found to include a mitigating circumstance, the insurer shall refund to the insured the increased portion of the premium generated by the accident.
8 V.S.A. § 4076 — VT Code / Title 8 / Chapter 107 / Section 4076
§ 4076. Home health services
Status: in_force

(a) As used in this section:

(1) “Home health agency” means a nonprofit home health agency that has been certified under Title XVIII of the Social Security Act (42 U.S.C. § 1395 et seq.).

(2) “Home health care” means care and treatment provided by a home health agency and designed and supervised by a health care professional, without which care and treatment a person would require admission to a hospital or skilled nursing facility, as those terms are defined by Medicare regulations. The care and treatment shall consist of one or more of the following:

(A) Part-time or intermittent skilled nursing care.

(B) Physical therapy.

(C) Part-time or intermittent home health aide services that consist primarily of caring for the patient.

(D) Medical supplies, drugs and equipment, and laboratory services to the extent that laboratory services would have been covered if the patient had been admitted to a hospital or skilled nursing facility. The medical necessity of equipment may be reviewed by reference to the Medicare guidelines for durable medical equipment.

(b)(1) A major medical insurance plan shall provide coverage for home health care.

(2) A health insurer may require evidence of insurability as a prerequisite to coverage.

(3) The coverage shall consist of at least 40 visits by a home health agency in any calendar year, or in any continuous period of 12 months, for each person covered under the health insurance plan.

(4) Each visit by a member of a home health care agency, other than a home health aide, shall be considered one home health care visit, and four hours of home health aide service shall be considered one home health care visit. Coverage shall be provided for maternity and childbirth.

(c) Nothing in this section shall be deemed to require that home health care coverage be provided to individuals eligible for Medicare.

(d) A health insurance plan shall not impose greater coinsurance, co-payment, deductible, or other cost-sharing requirements for coverage of home health care than apply to the diagnosis and treatment of any other physical or mental condition under the plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4063 — VT Code / Title 8 / Chapter 107 / Section 4063
§ 4063. Independent external review of health care service decisions
Status: in_force

(a) As used in this section, “covered individual” includes a member of a health insurance plan not otherwise subject to the Department's jurisdiction that has voluntarily agreed to use the external review process provided under this section.

(b) A covered individual who has exhausted all applicable internal review procedures provided by the health insurance plan shall have the right to an independent external review of a decision under a health insurance plan to deny, reduce, or terminate health care coverage or to deny payment for a health care service. The independent review shall be available when requested in writing by the affected covered individual, provided the decision to be reviewed requires the plan to expend at least $100.00 for the service and the decision by the plan is based on one of the following reasons:

(1) The health care service is a covered benefit that the health insurer has determined to be not medically necessary.

(2) A limitation is placed on the selection of a health care provider that is claimed by the covered individual to be inconsistent with limits imposed by the health insurance plan and any applicable laws and rules.

(3) The health care treatment has been determined to be experimental or investigational or is an off-label drug. A health insurance plan that denies use of a prescription drug for the treatment of cancer as not medically necessary or as an experimental or investigational use shall treat any internal appeal of such denial as an emergency or urgent appeal and shall decide the appeal within the time frames applicable to emergency and urgent internal appeals under rules adopted by the Commissioner.

(4) The health care service involves a medically based decision that a condition is preexisting.

(5) The decision involves an adverse determination related to surprise medical billing, as established under Section 2799A-1 or 2799A-2 of the Public Health Service Act, including with respect to whether an item or service that is the subject of the adverse determination is an item or service to which Section 2799A-1 or 2799A-2 of the Public Health Service Act, or both, applies.

(c) The right to review under this section shall not be construed to change the terms of coverage under a health insurance plan.

(d) The Department shall adopt rules necessary to carry out the purposes of this section. The rules shall ensure that the independent external reviews have the following characteristics:

(1) The independent external reviews shall be conducted:

(A) by independent review organizations pursuant to a contract with the Department, and the reviewers shall include health care providers credentialed with respect to the health care service under review and shall have no conflict of interest relating to the performance of their duties under this section; and

(B) in accordance with standards of decision making based on objective clinical evidence, shall resolve all issues in a timely manner, and shall provide expedited resolution when the decision relates to emergency or urgent health care services.

(2) A covered individual shall:

(A) Be provided with adequate notice of the covered individual's review rights under this section.

(B) Have the right to use outside assistance during the review process and to submit evidence relating to the health care service.

(C) Pay an application fee of $25.00 for each request for an independent external review of an appealable decision not to exceed a total of $75.00 annually. The application fee may be waived or reduced based on a determination by the Commissioner that the financial circumstances of the covered individual warrant a waiver or reduction. The application fee shall be paid by the health insurer, not the covered individual, if the independent review organization reverses the health insurer's decision to deny payment for a health care service.

(D) Be protected from retaliation for exercising the covered individual's right to an independent external review under this section.

(3) Other costs of the independent review shall be paid by the health insurance plan.

(4) The independent review organization shall issue to both parties a written review decision that is evidence-based. The decision shall be binding on the health insurance plan.

(5) The confidentiality of any health care information acquired or provided to the independent review organization shall be maintained in compliance with any applicable State or federal laws.

(6) The records of, and internal materials prepared for, specific reviews by any independent review organization under this section shall be exempt from public inspection and copying under the Public Records Act.

(e) Decisions relating to the following health care services shall not be reviewed under this section but shall be reviewed by the review process provided by law:

(1) health care services provided by the Vermont Medicaid program or Medicaid benefits provided through a contracted health plan; and

(2) health care services provided to incarcerated individuals by the Department of Corrections. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)