8 V.S.A. § 32501 — VT Code / Title 8 / Chapter 222 / Section 32501
§ 32501. Participation loans
Status: in_force

(a) Subject to the provisions of this section, a credit union may participate in loans to credit union members jointly with other state or federally chartered credit unions, credit union organizations, or other federally insured financial institutions pursuant to written policies established by the credit union's governing body. As used in this section, “credit union organization” means any organization established primarily to serve the daily operational needs of its member credit unions. The term does not include trade associations, membership organizations principally composed of credit unions, or corporations or other businesses that principally provide services to credit union members as opposed to corporations or businesses whose business relates to the daily in-house operations of credit unions.

(b) No credit union shall obtain an interest in a participation loan if the sum of that interest and any other indebtedness owing to the credit union by the borrower exceeds the limitations set forth in this title and in rules adopted by the Commissioner.

(c) The credit union shall execute a written master participation agreement and shall retain the written master agreement in the credit union's office. The master agreement shall include provisions for identifying, either through a document that is incorporated by reference into the master agreement or directly in the master agreement, the participation loan or loans prior to their sale.

(d) A credit union may sell to or purchase from any participant the servicing of any loan in which it owns a participation interest.

(e) The credit union originating the loan shall:

(1) Originate loans only to its members.

(2) Retain an interest of at least ten percent in the face amount of the loan.

(3) Retain the original or copies of the loan documents.

(4) Require the credit committee or loan officer to use the same underwriting standards for participation loans as are used for loans that are not being sold in a participation agreement, unless there is a participation agreement in place prior to the disbursement of the loan. Where a participation agreement is in place prior to disbursement, either the credit union's loan policies or the participation agreement shall address any variance from nonparticipation loan underwriting standards.

(f) A participant credit union that is not the originating lender shall:

(1) participate only in loans it is empowered to grant and shall have a participation policy in place that sets forth the loan underwriting standards prior to entering into a participation agreement;

(2) participate in participation loans only if made to its own members or members of another participating credit union; however, this subdivision shall not apply if the originating lender is a federally insured financial institution that is not a credit union;

(3) retain the original or a copy of the written participation loan agreement and a schedule of the loans covered by the agreement; and

(4) obtain the approval of the governing body, such person or persons or such committee authorized by the governing body to act on participation loans, or the investment committee for the disbursement of proceeds to the originating lender in accordance with the credit union's loan participation policy.
8 V.S.A. § 4053 — VT Code / Title 8 / Chapter 107 / Section 4053
§ 4053. Short-term, limited-duration health insurance
Status: in_force

(a) As used in this section, “short-term, limited-duration health insurance” means health insurance that provides medical, hospital, or major medical expense benefits coverage pursuant to a policy or contract with a health insurer and that has an expiration date specified in the policy or contract that is three months or less after the original effective date of the policy or contract.

(b) No person shall provide short-term, limited-duration health insurance coverage without a certificate of authority from the Commissioner to offer health insurance in this State unless the person is exempted by subdivision 3368(a)(4) of this title.

(c) A short-term, limited-duration health insurance policy or contract shall be nonrenewable, and a health insurer shall not issue a short-term, limited-duration health insurance policy or contract to any person if the issuance would result in the person being covered by short-term, limited-duration health insurance coverage for more than three months in any 12-month period.

(d) A policy or contract for short-term, limited-duration health insurance coverage shall display prominently in the policy or contract and in any application materials provided in connection with enrollment in that coverage, in at least 14-point type, certain disclosures regarding the scope of short-term, limited-duration health insurance coverage, including the types of benefits and consumer protections that are and are not included. The Commissioner shall determine the specific disclosure language that shall be used in all short-term, limited-duration health insurance policies, contracts, and application materials and shall provide the language to the health insurers offering that coverage.

(e) The Commissioner shall adopt rules pursuant to 3 V.S.A. chapter 25:

(1) establishing the minimum financial, marketing, service, and other requirements for registration of a health insurer to provide short-term, limited-duration health insurance coverage to individuals in this State;

(2) requiring a health insurer seeking to provide short-term, limited-duration health insurance coverage to individuals in this State to file its rates and forms with the Commissioner for the Commissioner's approval;

(3) requiring a health insurer seeking to provide short-term, limited-duration health insurance coverage to individuals in this State to file its advertising materials with the Commissioner for the Commissioner's approval; and

(4) establishing such other requirements as the Commissioner deems necessary to protect Vermont consumers and promote the stability of Vermont's health insurance markets.

(f) The provisions of section 4063 of this title, and any rules adopted under that section, shall apply to short-term, limited-duration health insurance coverage. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2232a — VT Code / Title 8 / Chapter 73 / Section 2232a
§ 2232a. Requirements regarding the borrower
Status: in_force

(a) Each licensed lender shall deliver to the borrower at the time any loan is made a statement showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and of the licensee, and the agreed rate of charge.

(b) Each licensed lender shall, in advance of any loan closing, deliver to each prospective borrower, based on the type of loan applied for, a full and accurate schedule of the charges to be made and the method of computing the same.

(c) Each licensed lender or holder shall give to the borrower a plain and complete statement of all payments made on account of any such loan specifying the amount applied to finance charges and the amount, if any, applied to principal, and stating the unpaid principal balance, if any, of such loan. When payment is made, a licensee shall provide the borrower with a statement therefor within 30 days after the payment is received, or shall provide, on an annual basis, statements setting forth the information required herein. Each licensed lender or holder shall provide a transaction history of the loan to the borrower upon request.

(d) Each licensed lender or holder shall permit payment to be made in advance without prepayment premium or penalty in any amount on any contract of loan at any time, but the licensee or holder may apply such payment first to all finance charges in full at the agreed rate up to the date of such payment.

(e) Each licensed lender or holder shall, upon repayment of the loan in full, promptly mark indelibly every obligation and security signed by the borrower with the word “Paid” or “Canceled,” and within 30 days release any mortgage, restore any pledge, cancel and return any note, record or file any necessary release or discharge, cancel and return any assignment given to the licensee by the borrower, and refund to the borrower, in accordance with rules adopted by the Commissioner any unearned portion of the premium for credit life or disability insurance if a premium for such insurance was disbursed on behalf of the borrower at the time the loan was originally made. The provisions of this subsection shall not affect the right of action created by 27 V.S.A. § 464.

(f) This section shall not apply to commercial loans.
8 V.S.A. § 6072 — VT Code / Title 8 / Chapter 142A / Section 6072
§ 6072. Licensure
Status: in_force

(a) A person shall not act in the capacity of managing general agent as defined in subdivision 6071(1)(A) of this title for a risk retention group unless such person is licensed under the provisions of this chapter. A person shall not act in the capacity of managing general agent as defined in subdivision 6071(1)(B) of this title for a risk retention group unless within 90 days of the end of the risk retention group's fiscal year in which such person became a managing general agent, such person becomes licensed under the provisions of this chapter. An officer, director, or employee of a person licensed or exempt from licensure under this chapter shall not be required to be licensed. The Commissioner may exempt any other person upon a finding that the activities to be performed by such person on behalf of a risk retention group are not of the nature or magnitude requiring the protection of this chapter. A person shall not be required to obtain more than one license under this chapter in order to serve as managing general agent for more than one risk retention group.

(b) No risk retention group shall employ the services of a reinsurance intermediary to solicit, negotiate, or place reinsurance on its behalf, unless such person is licensed as a reinsurance intermediary under the provisions of chapter 131 of this title or under the provisions of another state's law governing reinsurance intermediaries or is licensed as a managing general agent under this chapter and is acting as such for the risk retention group.

(c) Application for a license under this section shall be made on a form prescribed by the Commissioner and accompanied by a $30.00 fee plus the initial 12 months' licensing fee of $150.00.

(d) The Commissioner shall issue a license to any person who has complied with the requirements of this chapter, unless the Commissioner determines that the applicant; anyone named in the application; or any member, principal, officer, or director of the applicant is not competent or trustworthy or that any controlling person of such applicant is not competent or trustworthy to act as a managing general agent or that any of the foregoing persons have given cause for revocation or suspension of such license or have failed to comply with any prerequisite for the issuance of such license.

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

(f) A license issued under this chapter shall continue in force not longer than 12 months but shall expire as of 12:01 a.m. on the first day of April of the year next following date of issuance unless the licensee previously filed with the Commissioner, on forms prescribed and furnished by the Commissioner, a request for renewal of such license for an ensuing 12-month period. Such request must be accompanied by payment of a renewal fee equal to the initial licensing fee for such license.
8 V.S.A. § 8515 — VT Code / Title 8 / Chapter 165 / Section 8515
§ 8515. Severability and construction
Status: in_force

(a) The provisions of this compact shall be severable and if any phrase, clause, sentence, or provision is deemed unenforceable, the remaining provisions of the compact shall be enforceable.

(b) The provisions of this compact shall be liberally construed to effectuate its purposes.
8 V.S.A. § 19308 — VT Code / Title 8 / Chapter 209 / Section 19308
§ 19308. Order
Status: in_force

When on hearing and after such reasonable notice as the Superior judge may direct, any order as to a lien upon assets of a closed Vermont financial institution or of subrogation to the rights of depositors in the institution made by the judge under the authority of sections 19304 through 19307 of this title, and provided no objections have been filed within 10 days after the making of the order, the order shall be binding and effective to the extent necessary to secure the repayment of monies advanced.
8 V.S.A. § 2752 — VT Code / Title 8 / Chapter 83 / Section 2752
§ 2752. License
Status: in_force

No person shall engage in the business of debt adjustment except as authorized by this chapter and without first obtaining a license from the Commissioner.
8 V.S.A. § 6048l — VT Code / Title 8 / Chapter 141 / Section 6048l
§ 6048l. License suspension and revocation
Status: in_force

(a) The Commissioner shall notify a special purpose financial insurance company not less than 30 days before suspending or revoking its license pursuant to section 6009 of this chapter, which notice shall state the basis for such suspension or revocation. The special purpose financial insurance company shall be afforded the opportunity for a hearing pursuant to the provisions of the Vermont Administrative Procedure Act, 3 V.S.A. chapter 25.

(b) Notwithstanding subsection (a) of this section and 3 V.S.A. § 814(c), no prior notice or hearing shall be required if the grounds for suspension or revocation of a special purpose financial insurance company's license pursuant to section 6009 of this chapter relate primarily to the financial condition or soundness of the special purpose financial insurance company or to a deficiency in its assets.

(c) For purposes of this subchapter, reference to section 6004 in subdivision 6009(a)(2) of this title shall be construed also as a reference to section 6048g of this subchapter.
8 V.S.A. § 17101 — VT Code / Title 8 / Chapter 207 / Section 17101
§ 17101. General provisions on mergers, share exchanges, consolidations, and acquisitions
Status: in_force

(a) The provisions of this chapter and Titles 11 and 11A govern mergers, consolidations, acquisition of assets, or assumption of liabilities undertaken by financial institutions subject to the laws of this State. References in this chapter to mergers shall be deemed to include share exchanges, as applicable in the circumstances.

(b) Commissioner's approval. Following approval by a majority vote of the governing body of each participating institution, unless a higher percentage is required by either institution's organizational documents, the plan of merger, consolidation, acquisition, or assumption, together with certified copies of the authorizing resolutions adopted by the governing body of each participating institution, shall be forwarded to the Commissioner for approval pursuant to chapter 201, subchapter 7 of this title; provided, however, the approval of the Commissioner shall not be required for any transaction in which the resulting institution will be a national financial institution. If the Commissioner disapproves the plan, the Commissioner shall state the reasons for the disapproval in writing and furnish them to the participating institutions. The institutions shall be given an opportunity to amend the plan to eliminate the reasons for disapproval.

(c) Vote of investors or mutual voters. The plan of merger or consolidation, as approved by the Commissioner, shall be submitted to the investors or mutual voters of the participating institutions for their approval at an annual meeting or at a special meeting called for that purpose in the following manner:

(1) Unless a greater percentage is required by the organizational documents of either financial institution, the plan of merger, consolidation, acquisition, or assumption must be approved by the investors or mutual voters by each voting group entitled to vote separately on the plan by a majority of all votes entitled to be cast on the plan by that voting group at the meeting called for this purpose. The vote constitutes the adoption of the organizational documents of the resulting institution, including amendments, contained in the merger, or consolidation agreement.

(2) The rights of investors dissenting to the merger or consolidation are those specified in Title 11 or 11A, depending upon the organizational form of the institution. To the extent that dissenters' rights are not addressed in Title 11 or 11A or these rights are less beneficial to the dissenting investors than those rights listed in the institution's organizational documents, the organizational documents govern.

(3) The rights of dissenting investors in a national financial institution shall be governed by federal law.

(d) Executed plan; certificate; effective date. The following provisions apply to the executed plan, certificate, and effective date.

(1) Upon approval by the investors or mutual voters of the participating institutions, an executive officer and the secretary of each institution shall submit the executed plan of merger or consolidation to the Commissioner, together with the certified record of the vote of the investors or mutual voters approving it, each certified by these officers.

(2) Upon receipt of the items in subdivision (1) of this subsection and evidence that the participating institutions have complied with all applicable federal law and regulations, the Commissioner shall issue to the resulting institution a certificate specifying the name of each participating institution and the name of the resulting institution. The resulting institution shall file a copy of the certificate with the Secretary of State for record. This certificate is conclusive evidence of the merger or consolidation and of the correctness of all proceedings relating to the merger or consolidation in all courts and places. The certificate may be filed in any land records office to evidence the new name in which property of the participating institutions is to be held.

(3) Unless a later date is specified in the certificate, the merger or consolidation is effective upon filing of the certificate as provided in subdivision (2) of this subsection and the authority of all but the resulting institution shall terminate automatically upon filing. The Commissioner may file or order any financial institution to file conforming documents with the Secretary of State.

(4) Any plan of merger or consolidation may contain a provision that, notwithstanding approval of the investors, mutual voters or the Commissioner, the plan may be abandoned at any time prior to the effective date of the merger or consolidation by the governing body of any participating institution either at the absolute discretion of the governing body or upon the occurrence of any stated condition.

(e) Chapter 208 of this title applies to mergers, consolidations, and acquisitions made pursuant to this chapter.

(f) Authority of expedited mergers and consolidations. Notwithstanding any other provision of law, or any organizational document of any participating institution, following approval of the plan of merger or consolidation by a majority vote of the governing body of each participating institution and receipt by the Commissioner of certified copies of the authorizing resolutions adopted by the governing body of each participating institution, the Commissioner may order that the merger of the consolidation become effective immediately if the Commissioner believes that the action is necessary for the protection of depositors or the public.
8 V.S.A. § 3693 — VT Code / Title 8 / Chapter 101 / Section 3693
§ 3693. Judicial review
Status: in_force

(a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this subchapter may appeal therefrom to the Superior Court. The Court shall conduct its review without a jury and by trial de novo, except that if all parties, including the Commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.

(b) The filing of an appeal pursuant to this section shall stay the application of any such rule, regulation, order or other action of the Commissioner to the appealing party unless the Court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.

(c) Any person aggrieved by any failure of the Commissioner to act or make a determination required by this subchapter may file a complaint in the Superior Court for an order directing the Commissioner to act or make such determination forthwith.
8 V.S.A. § 4813 — VT Code / Title 8 / Chapter 131 / Section 4813
§ 4813. Purpose and scope
Status: in_force

This subchapter governs the qualifications and procedures for the licensing of insurance producers. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology, and reduces costs associated with issuing and renewing insurance licenses.
8 V.S.A. § 4091 — VT Code / Title 8 / Chapter 107 / Section 4091
§ 4091. Definitions
Status: in_force

As used in this subchapter:

(1) “Direct solicitation” means direct contact, including telephone, computer, email, instant messaging, or in-person contact, by a pharmacy provider or its agent to an individual covered under a health insurance plan without the covered individual's consent for the purpose of marketing the pharmacy provider's services.

(2) “Health care professional” means an individual licensed to practice medicine under 26 V.S.A. chapter 23 or 33, an individual licensed as a physician assistant under 26 V.S.A. chapter 31, or an individual licensed as an advanced practice registered nurse under 26 V.S.A. chapter 28.

(3) “Health insurance plan” has the same meaning as in section 4011 of this chapter and includes prescription drug benefits managed by a health insurer or by a pharmacy benefit manager on behalf of a health insurer.

(4) “Interchangeable biological products” has the same meaning as in 18 V.S.A. § 4601.

(5) “Out-of-pocket expenditure” means a co-payment, coinsurance, deductible, or other cost-sharing mechanism.

(6) “Pharmacy benefit manager” means an entity that performs pharmacy benefit management. “Pharmacy benefit management” means an arrangement for the procurement of prescription drugs at negotiated dispensing rates, the administration or management of prescription drug benefits provided by a health insurance plan for the benefit of beneficiaries, or any of the following services provided with regard to the administration of pharmacy benefits:

(A) mail service pharmacy;

(B) claims processing, retail network management, and payment of claims to pharmacies for prescription drugs dispensed to beneficiaries;

(C) clinical formulary development and management services;

(D) rebate contracting and administration;

(E) certain patient compliance, therapeutic intervention, and generic substitution programs; and

(F) disease management programs.

(7) “Pharmacy benefit manager affiliate” means a pharmacy or pharmacist that, directly or indirectly, through one or more intermediaries, is owned or controlled by, or is under common ownership or control with, a pharmacy benefit manager.

(8) “Prescription drug” or “drug” has the same meaning as “prescription drug” in 26 V.S.A. § 2022 and includes:

(A) biological products, as defined in 18 V.S.A. § 4601;

(B) medications used to treat complex, chronic conditions, including medications that require administration, infusion, or injection by a health care professional;

(C) medications for which the manufacturer or the U.S. Food and Drug Administration requires exclusive, restricted, or limited distribution; and

(D) medications with specialized handling, storage, or inventory reporting requirements.

(9) “Prescription insulin medication” means a prescription drug that contains insulin and is used to treat diabetes.

(10) “Step therapy” means protocols that establish the specific sequence in which prescription drugs for a specific medical condition are to be prescribed. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 7034 — VT Code / Title 8 / Chapter 145 / Section 7034
§ 7034. Cooperation of officers, owners, and employees
Status: in_force

(a) An officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. “To cooperate” shall include the following:

(1) to reply promptly in writing to any inquiry from the Commissioner requesting such a reply; and

(2) to make available to the Commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in his or her possession, custody, or control.

(b) A person shall not obstruct or interfere with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding.

(c) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders.

(d) A person described in subsection (a) of this section who fails to cooperate with the Commissioner, or any person who obstructs or interferes with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding, or who violates any order the Commissioner issued validly under this chapter may:

(1) be sentenced to pay a fine not exceeding $10,000.00 or to undergo imprisonment for a term of not more than one year, or both; or

(2) after a hearing, be subject to the imposition by the Commissioner of a civil penalty not to exceed $10,000.00 and shall be subject further to the revocation or suspension of any insurance licenses issued by the Commissioner.
8 V.S.A. § 10102 — VT Code / Title 8 / Chapter 200 / Section 10102
§ 10102. Penalties
Status: in_force

The provisions of chapter 201, subchapter 6 of this title shall apply to any violation of this chapter, unless the section or subchapter that is the subject of the violation contains its own penalty. The procedures in chapter 201, subchapter 6 of this title shall apply to any penalty imposed for a violation of this chapter.
8 V.S.A. § 31701 — VT Code / Title 8 / Chapter 221 / Section 31701
§ 31701. General application
Status: in_force

(a) Any corporate credit union chartered by the Commissioner shall be subject to such rules and orders as the Commissioner deems appropriate and, except as otherwise specifically provided in such rules or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to all Vermont state-chartered credit unions.

(b) A corporate credit union shall be federally insured by the National Credit Union Administration (NCUA), or its successor, and shall be subject to such regulations and orders as the NCUA or its successor deems appropriate. In the event State laws or rules are inconsistent with the regulations of the NCUA or its successor, the federal regulations will supersede.
8 V.S.A. § 10 — VT Code / Title 8 / Chapter 1 / Section 10
§ 10. Declaration of policy
Status: in_force

It is declared to be the policy of the State of Vermont that:

(1) the business of organizations that offer financial services and products shall be supervised by the Commissioner in a manner to ensure the solvency, liquidity, stability, and efficiency of all such organizations; to ensure reasonable and orderly competition, thereby encouraging the development, expansion, and availability of financial services and products advantageous to the public welfare; and to maintain close cooperation with other supervisory authorities; and

(2) all such organizations shall be supervised in such a way as to protect consumers against unfair and unconscionable practices and to provide consumer education.
8 V.S.A. § 14211 — VT Code / Title 8 / Chapter 204 / Section 14211
§ 14211. Claims not clearly consistent
Status: in_force

If any claim not clearly consistent with the terms of any applicable authority on file with a financial institution is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the financial institution's possession or control, in whole or in part, by any person, including any depositor, individual, or group of individuals, whether or not authorized to draw on or exercise any right or control with respect to the property, the financial institution is not required to recognize the claim without one of the following:

(1) a court order, issued by a court of competent jurisdiction and served on the financial institution, enjoining or restraining the financial institution from taking any action with respect to the property or instructing the financial institution to pay the balance of the account, provide access to the safe deposit box, or deliver the property as provided in the order; or

(2) a bond in the form and amount and with sureties satisfactory to the financial institution, indemnifying the financial institution against any liabilities, loss, and expenses it might incur because of its recognition of the claim or because of its refusal, due to the claim, to honor or recognize any right with respect to the property.
8 V.S.A. § 2203 — VT Code / Title 8 / Chapter 73 / Section 2203
§ 2203. Bond; liquid assets required
Status: in_force

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

(1) For licensed lenders:

(A) who annually originate $0.00 to $1,000,000.00 in loans, a surety bond not less than $50,000.00;

(B) who annually originate $1,000,000.01 to $15,000,000.00 in loans, a surety bond not less than $100,000.00;

(C) who annually originate $15,000,000.01 or more in loans, a surety bond not less than $150,000.00.

(2) For mortgage brokers:

(A) who annually originate $0.00 to $2,000,000.00 in mortgage loans, a surety bond not less than $25,000.00;

(B) who annually originate $2,000,000.01 to $5,000,000.00 in mortgage loans, a surety bond not less than $50,000.00;

(C) who annually originate $5,000,000.01 to $15,000,000.00 in mortgage loans, a surety bond not less than $75,000.00;

(D) who annually originate $15,000,000.01 or more in mortgage loans, a surety bond not less than $100,000.00.

(3) The Commissioner may adopt regulations modifying the minimum bond requirements set forth in this subsection.

(b) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee of a person subject to this chapter, the surety bond of such licensed lender or licensed mortgage broker can be used in lieu of the mortgage loan originator's surety bond requirement, provided that the surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in this section.

(c) A loan solicitation licensee shall maintain a surety bond in an amount not less than $25,000.00 or in such other amount as the Commissioner may require.

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

(e) Every applicant for a lender's license shall also prove, in form satisfactory to the Commissioner, that the applicant has liquid assets of $25,000.00, or such greater amount as the Commissioner may require, available for the operation of such business at the location specified in the application. Every applicant wishing to make commercial loans shall prove liquid assets in an amount of $50,000.00 or such greater amount as the Commissioner may require.

(f) Notwithstanding subsections (a) and (e) of this section, the Commissioner may waive or modify the requirement for or amount of a bond or liquid asset set forth in this section, or accept other appropriate means of assuring the financial responsibility of a licensee.

(g) This section does not apply to a lender making only commercial loans.
8 V.S.A. § 8005 — VT Code / Title 8 / Chapter 151 / Section 8005
§ 8005. Continuing care contracts
Status: in_force

(a) A continuing care contract shall be in writing and shall contain at a minimum the provisions required in subsection (d) of this section.

(b) All contract forms and the form of any attachments, addenda, or attachments by reference shall be filed with, and approved by, the Commissioner prior to use by the provider. The Commissioner shall have the authority to require disclosure of contract provisions and omissions in the contract. The Commissioner shall have the same authority and be subject to the same procedures in approving contracts under this section as provided for approving applications under subsections 8002(c) and (d) of this title. A single contract form may be used for several types of plans offered by the provider, as long as the Commissioner determines that the use of such forms will not have the tendency to be confusing.

(c) All text in contract forms, except as provided in subdivision (d)(14) of this section, shall be printed in a type the size of which shall be uniform and not less than 10-point.

(d) The contract shall include at least the following provisions:

(1) Termination rights. A statement of the resident's termination rights under section 8006 of this title.

(2) Living unit. A description of the particular living unit the resident will occupy.

(3) Fees. A listing of all fees and the amounts that are required to be paid by the resident, including processing fees, entrance fees or portion thereof, and periodic fees if any. A statement of the values of all properties, if any, subject to transfer under the contract to the provider shall be included.

(4) Fee adjustments. A statement of the bases upon which periodic fees may be adjusted. The contract shall provide that the resident will be notified at least 60 days in advance of any change in scope or price of any component of care or service.

(5) Effect of civil marriage. A statement relating to the civil marriage of a resident, of fee changes, terms affecting entry of a spouse to the facility, and consequences if the spouse does not meet entry requirements.

(6) Occupancy date. An occupancy date shall be specified; however, a provider shall not require a resident to move into the facility on a date that is less than 30 days after the date on which the contract is executed. For facilities under development, the occupancy date may be estimated.

(7) Charges. A listing of all services to which the resident is entitled without additional charge. The contract shall clearly specify any additional services available at the facility for which additional charges will be made, the extent to which nursing care is provided, and the charges for that care. Services such as additional meals, personal care, medical care, drugs, and burial, which a resident might reasonably expect to be included in the contract but which are not covered under the contract, shall be specified.

(8) Failure to pay. A statement describing whether, and under what circumstances, the resident shall be permitted to remain at the facility in the event he or she is unable to pay periodic or other charges according to the contract and a statement describing eligibility for participation in the resident assistance fund.

(9) Transfers. A statement explaining the conditions under which a resident may be transferred from the resident's living unit and the conditions governing reoccupancy of that unit; any financial adjustment to be made in the case of a resident who permanently transfers to another unit in the facility providing a different level of care, or to a hospital and who permanently gives up the resident's living unit; whether the provider has any responsibility to provide services following care in another facility; whether a refund will be due if the resident vacates the resident's living unit and the provider will not permit reoccupancy by the resident.

(10) Death, divorce, or transfer of spouse. In instances where the living unit is shared, the options available to a resident upon the death, divorce, or transfer of a resident spouse shall be listed. The contract shall specify how each option affects the monthly rate. The contract shall also specify the options available to a person if his or her spouse dies prior to occupancy of a unit. No resident shall be required to move to another living unit because of the death or transfer of a second resident occupying the same living unit.

(11) Preexisting conditions. A statement of any limitations on the provider's responsibility for costs associated with the treatment or medication of an ailment or illness existing prior to the date of occupancy. In such case, the medical or surgical exceptions shall be listed in the contract.

(12) Absence from facility. A statement explaining whether any reimbursement is to be made by the provider for the support, maintenance, board, or lodging supplied to a resident who requires medical attention while absent from the facility. The contract shall designate any credit or allowance a resident will receive when absent from the facility for an extended period of time.

(13) Interest in assets. A statement of the resident's proprietary interest in the assets of the facility, if any.

(14) Refunds. A statement, in clear and understandable language, in print no smaller than the largest used in the body of the agreement, highlighted by boldface, underlining, or one size larger type, of the terms governing a refund of any portion of the entrance fee and periodic fees.

(e) The contract may include the following provisions:

(1) a clause restricting transfer or assignment of a resident's rights and privileges under the contract;

(2) a clause permitting the provider, in the event the resident breaches the contract, to waive the breach without relinquishing the provider's right to insist that the resident comply with the remaining terms of the contract;

(3) a clause requiring that the resident reimburse the provider for any loss or damage beyond normal wear and tear suffered by the provider as the result of carelessness or negligence on the part of the resident; and

(4) a clause providing for subrogation of any cause of action a resident might have as a result of injuries sustained by a resident due to the negligence of a third party, and for a lien on any judgment, settlement, or recovery, for any additional expense incurred by the provider in caring for the resident as a result of such injury, and requiring the cooperation of the resident in assisting the diligent prosecution of any claim or action against such third party.

(f) The contract shall not contain any language purporting to absolve the provider from liability for negligence.
8 V.S.A. § 8017 — VT Code / Title 8 / Chapter 151 / Section 8017
§ 8017. Consumers guide
Status: in_force

The Commissioner shall publish and distribute a consumers' guide to continuing care retirement communities and a directory of such facilities.
8 V.S.A. § 2504 — VT Code / Title 8 / Chapter 79 / Section 2504
§ 2504. Exemptions
Status: in_force

This chapter does not apply to:

(1) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.

(2) A person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, provided that:

(A) there exists a written agreement between the payee and the agent directing the agent to collect and process payments from payors on the payee's behalf;

(B) the payee holds the agent out to the public as accepting payments for goods or services on the payee's behalf; and

(C) payment for the goods and services is treated as received by the payee upon receipt by the agent so that the payor's obligation is extinguished and there is no risk of loss to the payor if the agent fails to remit the funds to the payee.

(3) A person that acts as an intermediary by processing payments between an entity that has directly incurred an outstanding money transmission obligation to a sender, and the sender's designated recipient, provided that the entity:

(A) is properly licensed or exempt from licensing requirements under this chapter;

(B) provides a receipt, electronic record, or other written confirmation to the sender identifying the entity as the provider of money transmission in the transaction; and

(C) bears sole responsibility to satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender's designated recipient.

(4) The United States or a department, agency, or instrumentality thereof, or its agent.

(5) Money transmission by the U.S. Postal Service or by an agent of the U.S. Postal Service.

(6) A state, county, city, or any other governmental agency or governmental subdivision or instrumentality of a state, or its agent.

(7) A financial institution as defined in subdivision 11101(32) of this title, or a credit union, provided their deposits are federally insured.

(8) A financial institution holding company as defined in subdivision 11101(33) of this title; an office of an international banking corporation; a foreign bank that establishes a federal branch pursuant to the International Bank Act, 12 U.S.C. § 3102, as may be amended; a corporation organized pursuant to the Bank Services Company Act, 12 U.S.C. §§ 1862–1867, as may be amended; a corporation organized under the Edge Act, 12 U.S.C. §§ 611– 633, as may be amended; an independent trust company organized under chapter 77 of this title; or a special purpose financial institution that is organized under the laws of this State.

(9) Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or on behalf of a state or governmental subdivision, agency, or instrumentality thereof.

(10) A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. §§ 1–25, as may be amended, or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.

(11) A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.

(12) A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer.

(13) An individual employed by a licensee, authorized delegate, or any person exempted from the licensing requirements of this chapter when acting within the scope of employment and under the supervision of the licensee, authorized delegate, or exempted person as an employee and not as an independent contractor.

(14) A person expressly appointed as a third-party service provider to or agent of an entity exempt under subdivision (7) of this section, solely to the extent that:

(A) such service provider or agent is engaging in money transmission on behalf of and pursuant to a written agreement with the exempt entity that sets forth the specific functions that the service provider or agent is to perform; and

(B) the exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations upon receipt of the purchaser's or holder's money or monetary value by the service provider or agent.

(15) The sale or issuance of stored value by a public or nonprofit school to its students and employees.

(16) A debt adjuster licensed pursuant to chapter 133 of this title when engaged in the business of debt adjustment.

(17) A person exempt by rule or order if the Commissioner finds such exemption to be in the public interest and that the regulation of such person is not necessary for the purposes of this chapter.

(18) A person that performs payroll calculations, prepares payroll instructions, prepares and files State or federal income withholding tax reports and unemployment insurance compensation reports, or provides other payroll-related services, but that does not engage in the business of payroll processing services or otherwise engage in the business of money transmission in this State or other acts requiring a license under this chapter.

(19) A person that does not provide payroll processing services to any employer that has its principal place of business in this State and that does not otherwise engage in the business of money transmission in this State or other acts requiring a license under this chapter.

(20) A person that:

(A) provides payroll processing services to 25 or fewer employers that have their principal place of business in this State;

(B) provides payroll processing services to 500 or fewer employers, regardless of where the principal place of business of each employer is located;

(C) provides payroll processing services involving transmission to fewer than 300 Vermont resident employees, regardless of where the principal place of business of their employer is located;

(D) has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court, and no key individual or person in control of such person has been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court;

(E) has never had a financial services license or professional license revoked in any jurisdiction and no key individual or person in control of such person has ever had a financial services license or professional license revoked in any jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation;

(F) does not otherwise engage in the business of money transmission in this State or other acts requiring a license under this chapter; and

(G) receives and holds all money or monetary value received for transmission exclusively in:

(i) segregated trust accounts with federally insured financial institutions or credit unions for the benefit of its employer customers or applicable governmental authorities, such that the funds in such accounts are not subject to claims or liens of its creditors; or

(ii) deposit accounts at federally insured financial institutions or credit unions that are both titled in the name and tax identification number of the financial institution or credit union and for the benefit of the person's customers.
8 V.S.A. § 18101 — VT Code / Title 8 / Chapter 208 / Section 18101
§ 18101. Effect of merger, share exchange, consolidation, conversion, or acquisition
Status: in_force

(a) Applicability. From and after the effective date of a merger, including a share exchange, consolidation, conversion, or acquisition, under chapter 205, 206, or 207 of this title, the resulting institution may conduct business in accordance with the terms of the plan as approved and in accordance with this chapter.

(b) Continuing entity. Whenever the authority of any participating or converting institution has been terminated, the resulting institution shall be deemed to be a continuation of the entity of the participating or converting institution such that all property of the participating or converting institution, including rights, titles, and interests in and to all property of whatsoever kind, whether real, personal, or mixed, and things in action, and every right, privilege, interest, and asset of any conceivable value or benefit then existing, or pertaining to it, or that would inure to it, including appointments, designations, and nominations, and all other rights and interests as trustee, personal representative, guardian, and conservator, and in every other fiduciary capacity, shall immediately by act of law and without any conveyance or transfer and without further act or deed be vested in and continue to be that property of the resulting institution, and such institution shall have, hold, and enjoy the same in its own right as fully and to the same extent as the same was possessed, held, and enjoyed by the participating or converting institution and such resulting institution as of the time of the taking effect of such merger, consolidation, conversion, or acquisition shall continue to have and succeed to all the rights, obligations, and relations of the participating or converting institution.

(c) Effect on judicial proceedings. All pending actions and other judicial proceedings to which the participating or converting institution is a party shall not be deemed to have been abated or to have been discontinued by reason of such merger, consolidation, conversion, or acquisition, but may be prosecuted to final judgment, order, or decree in the same manner as if such merger, consolidation, conversion, or acquisition had not been taken; and such institution resulting from such merger, consolidation, conversion, or acquisition may continue such action in its new name, and any judgment, order, or decree may be rendered for or against it that might have been rendered for or against the participating or converting institution involved in such judicial proceedings.

(d) Creditor's rights. The resulting institution in a merger, consolidation, conversion, or acquisition shall be liable for all obligations of the participating or converting institution that existed prior to such merger, consolidation, conversion, or acquisition, and the merger, consolidation, conversion, or acquisition taken shall not prejudice the right of a creditor of the participating or converting institution to have his or her debts paid out of the assets thereof, nor shall such creditor be deprived of, or prejudiced in, any action against the officers, directors, corporators, or members of a participating or converting institution for any neglect or misconduct.

(e) Exception. In the event of an acquisition of assets pursuant to section 17501 of this title, the provisions of subsections (b), (c), and (d) of this section shall apply only to the assets acquired and the liabilities assumed by the resulting institution, provided that the transferring institution retains sufficient assets to satisfy all liabilities not assumed by the resulting institution.

(f) Powers and attributes of resulting organization. Whenever financial institutions merge or consolidate, the resulting organization, except as provided in this subchapter, shall have, possess, and own, but separately and distinguishably as provided by this subchapter, all property, rights, powers, franchises, privileges, and appointments whether existing, contingent, or future, corporeal or incorporeal, tangible or intangible, of every nature whatsoever of each of the merging organizations. If any of the merging organizations are acting or have been acting or have been nominated, appointed, delegated, or designated by any court, person, or otherwise to act as trustee, attorney, agent, executor, administrator, receiver, assignee, guardian, or in any like capacity, the resulting organization shall have, possess, and be vested with and succeed to all of the property, rights, powers, privileges, duties, and obligations appertaining to each such fiduciary capacity, without further or additional appointment, obligation, or designation. The resulting financial institution shall be a continuation of the entity of each and all of the organizations so merged, each such entity, however, remaining separable and distinguishable to the extent provided in this subchapter. It may exercise the franchise of each of the organizations separably and distinguishably as well as the composite franchises of all. Except as provided in this subchapter, it shall hold, exercise, and perform all rights, powers, privileges, duties, and obligations appertaining to any and all trust, representative, or fiduciary relationships of each of the merged financial institutions, and shall be liable for all of the debts, contracts, and obligations of each of the merged financial institutions. Any such debt, undertaking, or obligations of any merged financial institution may be enforced against it as fully and effectively as it could have been against the merged financial institution.

(g) Disposal of property and assets. The resulting financial institution shall have the right to use, control, sell, or dispose of all real and personal estate, rights, or interests of the merged financial institutions and convey the same by deed, assignment, endorsement, contract, or other conveyance, either in its own name or in the name of any merged financial institutions as provided in this section, or in the names of both, as fully and effectively as the merged financial institutions could have done; and may maintain suit in its own name or in the name of any such financial institution, as provided in this subchapter, or in the names of both, to foreclose or recover any title, right, demand, or claim appertaining to the merged financial institutions. To this end and except as provided in the contract of merger, the corporate existence of each of the merged financial institutions shall be deemed and treated as having continued each separably and distinguishably for all purposes necessary or convenient to liquidate the assets of any merged financial institutions. Any receipt; assignment; endorsement; transfer; option; contract to sell, convey, or exchange; compromise; acquittance; and release may be executed in its name or in the name of the resulting financial institutions, or both. Any other thing may be done in either or both of these names that may be necessary or proper for the reduction to cash of any assets of a foreclosure of any rights or titles or the doing of any other acts or things appropriate to the winding up of the affairs of the merging organization as a separate entity. Those contracts and agreements shall be executed and those acts shall be done under the control of the directors of the resulting organization.
8 V.S.A. § 32103 — VT Code / Title 8 / Chapter 222 / Section 32103
§ 32103. Expanded powers of Vermont credit unions
Status: in_force

(a) Subject to the requirements of this section, in addition to all other powers permitted under these statutes, a credit union may exercise any of the powers or engage in any activity conferred upon a federal credit union chartered under the laws of the United States of America.

(b) Prior to engaging in such power or activity, the credit union shall notify the Commissioner of its intent to engage in the activity or power conferred upon a federal credit union. The notification shall identify the power or activity, shall identify the specific federal law or regulation that permits such power or activity, shall identify any Vermont law or regulation that may prohibit or restrict such power or activity, and shall provide such additional information as the Commissioner may request.

(c) If the Commissioner determines that such power or activity is permitted by federal law or regulation, that such power or activity would not adversely affect the safety or soundness of such credit union, and that such power or activity is not prohibited or restricted by any other applicable Vermont law or regulation, the Commissioner shall issue a written letter of nonobjection to the credit union's engaging in such power or activity. A credit union shall not engage in such power or activity without first obtaining a written letter of nonobjection from the Commissioner.

(d) The Commissioner shall respond to the credit union's notification within the time frame set forth in section 30804 of this title.

(e) In the event the Commissioner objects to the credit union's proposed power or activity, the credit union shall have the reconsideration and appeal rights set forth in section 30805 of this title.
8 V.S.A. § 4059 — VT Code / Title 8 / Chapter 107 / Section 4059
§ 4059. Coverage for civil unions
Status: in_force

(a) As used in this section:

(1) “Dependent coverage” means family coverage or coverage for one or more persons.

(2) “Party to a civil union” has the same meaning as in 15 V.S.A. § 1201.

(b) Notwithstanding any provision of law to the contrary, health insurers shall provide dependent coverage to parties to a civil union that is equivalent to that provided to covered individuals who are married. A health insurance policy that provides coverage for a spouse or family member of the covered individual shall also provide the equivalent coverage for a party to a civil union. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4095c — VT Code / Title 8 / Chapter 107 / Section 4095c
§ 4095c. Prostate cancer screenings
Status: in_force

A health insurance plan shall provide coverage for prostate cancer screenings consistent with the recommendations of the Centers for Disease Control and Prevention or upon recommendation of the covered individual's health care professional. Benefits provided shall be at least as favorable as coverage for other cancer screening procedures and subject to the same dollar limits, deductibles, and coinsurance factors within the provisions of the policy. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4683 — VT Code / Title 8 / Chapter 128 / Section 4683
§ 4683. Definitions
Status: in_force

As used in this chapter:

(1) “Advisory or service organization” means any person or organization that assists insurers as authorized by section 4690 of this title, but such an organization shall not include joint underwriting organizations, actuarial or legal consultants, a single insurer, any employees of an insurer, or insurers under common control or management or their employees or managers.

(2) “Classification system” or “classification” means a plan, system, or arrangement for recognizing differences in exposure to hazard among risks.

(3) “Commercial risk insurance” means insurance within the scope of this chapter that is not:

(A) personal risk insurance; or

(B) workers' compensation and employers' liability insurance.

(4) “Competitive market” means a market that has not been found to be noncompetitive pursuant to section 4684 of this title.

(5) “Expenses” means that portion of any rate attributable to acquisition, field supervision and collection expenses, general expenses, and taxes, licenses, and fees.

(6) “Experience rating” means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience to produce a prospective premium credit, debit, or unity modification.

(7) “Joint underwriting” means a voluntary arrangement established on an ad hoc basis to provide insurance coverage pursuant to which two or more insurers separately contract with the insured at a price and under policy terms agreed upon between the insurers.

(8) “Loss cost” means the actuarially developed portion of the rate needed to cover future losses and claims. The loss cost does not include commission expenses, other acquisition expenses, general expenses, taxes, profit, and other contingencies.

(9) “Loss trending” means any procedure for projecting developed losses to the average date of loss for the period during which the policies are to be effective.

(10) “Market” means the statewide interaction between buyers and sellers of a particular line of insurance or product market component.

(11) “Noncompetitive market” means a market for which there is a ruling in effect pursuant to section 4684 of this title that a reasonable degree of competition does not exist.

(12) “Personal risk insurance,” other than workers' compensation and employers' liability insurance, means homeowners, tenants, private passenger nonfleet automobile, mobile home, and other property and casualty insurance primarily for personal, family, or household needs rather than for business or professional needs.

(13) “Pool” means a voluntary arrangement other than a residual market mechanism, established on an ongoing basis, pursuant to which two or more insurers participate in the sharing of risks on a predetermined basis. The pool may operate through an association, syndicate, or other pooling agreement.

(14) “Pure premium rate” means that portion of the rate that represents the loss cost per unit of exposure or loss cost per unit of insurance.

(15) “Rate” means the cost of insurance per exposure base unit, or cost per unit of insurance, prior to the application of individual risk variations based upon loss or expense considerations, and does not include minimum premiums.

(16) “Residual market mechanism” means an arrangement, either voluntary or mandated by law or regulation of the Commissioner, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods.

(17) “Statistical plan” means a plan, system, or arrangement used in collecting insurance or related data.

(18) “Supplementary rate information” includes any manual, schedule, or plan of rates, classification system, rating schedule, minimum premium, policy fee, rating rule, rating plan, or any other similar information needed or used to determine the applicable premium in effect or to be in effect for an insured.

(19) “Supporting information” means:

(A) the experience and judgment of the filer and the experience or data of other insurers or organizations relied upon by the filer;

(B) the interpretation of any statistical data relied upon by the filer;

(C) the description of methods used in making the rates; and

(D) any other similar information relied upon by the filer.
8 V.S.A. § 8084 — VT Code / Title 8 / Chapter 154 / Section 8084
§ 8084. Disclosure standards
Status: in_force

(a) The Commissioner shall adopt rules establishing standards for full and fair disclosure of the terms of a long-term care insurance policy.

(b) The disclosure standards established under subsection (a) of this section shall include provisions setting forth the manner, content, and required disclosures for the sale of long-term care insurance policies, terms of renewability, initial and subsequent conditions of eligibility, nonduplication of coverage provisions, coverage of dependents, preexisting conditions, termination of insurance, continuation, conversion, probationary periods, limitations, exceptions, reductions, elimination periods, requirements for replacement, recurrent conditions, and definitions of terms.
8 V.S.A. § 8301 — VT Code / Title 8 / Chapter 159 / Section 8301
§ 8301. Definitions
Status: in_force

As used in this chapter:

(1) “Adjusted risk-based capital report” means a risk-based capital report that has been adjusted by the Commissioner in accordance with subsection 8302(e) of this title.

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

(3) “Corrective order” means an order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required under this chapter.

(4) “Domestic insurer” means any insurance company organized in this State under chapter 101, subchapter 1 of this title, any fraternal benefit society organized in this State under chapter 121 of this title, any health maintenance organization organized in this State under chapter 139 of this title, and any entity organized in this State under chapter 123 or 125 of this title.

(5) “Fraternal benefit society” means any insurance company licensed under chapter 121 of this title.

(6) “Foreign insurer” means any entity licensed to transact business in this State that is required to file a risk-based capital statement in the state where the entity is domiciled.

(7) “Health maintenance organization” means any entity organized in the State under chapter 139 of this title.

(8) “Life or health insurer” means an insurance company that insures lives or health as defined in subdivisions 3301(a)(1) and (2) of this title, an entity organized in this State under chapter 123 or 125 of this title, or a licensed property and casualty insurer writing only accident and health insurance.

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

(10) “Negative trend” means, with respect to a life or health insurer or fraternal benefit society, negative trend over a period of time as determined in accordance with the trend test calculation included in the life or fraternal risk-based capital instructions.

(11) “Property and casualty insurer” means any insurance company that insures property or casualty as defined in subdivisions 3301(a)(3) and (7) of this title, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers.

(12) “Risk-based capital instructions” means the risk-based capital report form and the related instructions adopted by the NAIC and approved by the Commissioner.

(13) “Risk-based capital level” means one of the following four levels: company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital.

(A) “Company action level risk-based capital” means, with respect to any insurer, the product of 2.0 and its authorized control level risk-based capital.

(B) “Regulatory action level risk-based capital” means, with respect to any insurer, the product of 1.5 and its authorized control level risk-based capital.

(C) “Authorized control level risk-based capital” means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions.

(D) “Mandatory control level risk-based capital” means, with respect to any insurer, the product of 0.70 and its authorized control level risk-based capital.

(14) “Risk-based capital plan” means a comprehensive financial plan containing the elements specified in subsection 8303(b) of this title. If the Commissioner rejects the risk-based capital plan and it is revised by the insurer, with or without the Commissioner's recommendation, the plan shall be called the “revised risk-based capital plan.”

(15) “Risk-based capital report” means the report required in section 8302 of this title.

(16) “Total adjusted capital” means the sum of:

(A) the insurer's statutory capital and surplus reported in the insurer's annual statement under section 3561 of this title; and

(B) such other items, if any, as the risk-based capital instructions may provide.
8 V.S.A. § 3622 — VT Code / Title 8 / Chapter 101 / Section 3622
§ 3622. Tax exemption
Status: in_force

The Association shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions except taxes levied on real or personal property.
8 V.S.A. § 2108 — VT Code / Title 8 / Chapter 72 / Section 2108
§ 2108. Notification of material change
Status: in_force

(a) A licensee shall notify the Commissioner in writing within 30 days of any material change in the information provided in a licensee's application.

(b) A licensee adding or replacing any key individual shall:

(1) notify the Commissioner in writing within 15 days after the effective date of the key individual's appointment; and

(2) provide the information required in subsection 2102(c) of this chapter within 45 days after the effective date of the key individual's appointment.

(c) The Commissioner may issue a notice of disapproval of a key individual if the Commissioner finds that the financial condition and responsibility, financial and business experience, competence, character, or general fitness of the key individual indicates that it is not in the public interest to permit the individual to provide services in this State.

(d) A licensee shall file a report with the Commissioner within 15 business days after the licensee has reason to know of the occurrence of any of the following events involving the licensee, key individual, or person in control, of the licensee:

(1) the filing of a petition by or against the licensee or such person under the U.S. Bankruptcy Code for bankruptcy or reorganization;

(2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;

(3) the commencement of a disciplinary proceeding or a license denial against the licensee or such person in a state or country in which the licensee engages in business or is licensed, including any action by the Attorney General of any state;

(4) the cancellation or other impairment of the licensee's bond or other security;

(5) a charge or conviction against the licensee or such person for a felony;

(6) a charge against or conviction of an authorized delegate for a felony;

(7) receiving notification of the initiation of a class action lawsuit against the licensee; or

(8) any change in the organizational structure of the licensee or any parent company of the licensee.
8 V.S.A. § 4098e — VT Code / Title 8 / Chapter 107 / Section 4098e
§ 4098e. Choice of providers for vision care and medical eye care services
Status: in_force

(a) As used in this section:

(1) “Covered services” means services and materials for which reimbursement from a vision care plan or other health insurance plan is provided by a member's or subscriber's plan contract, or for which a reimbursement would be available but for application of the deductible, co-payment, or coinsurance requirements under the member's or subscriber's health insurance plan.

(2) “Health insurance plan” has the same meaning as in section 4011 of this chapter and also includes vision care plans.

(3) “Materials” includes lenses, devices containing lenses, prisms, lens treatments and coatings, contact lenses, and prosthetic devices to correct, relieve, or treat defects or abnormal conditions of the human eye or its adnexa.

(4) “Ophthalmologist” means a physician licensed pursuant to 26 V.S.A. chapter 23 or an osteopathic physician licensed pursuant to 26 V.S.A. chapter 33 who has had special training in the field of ophthalmology.

(5) “Optician” means a person licensed pursuant to 26 V.S.A. chapter 47.

(6) “Optometrist” means a person licensed pursuant to 26 V.S.A. chapter 30.

(7) “Vision care plan” means an integrated or stand-alone plan, policy, or contract providing vision benefits to enrollees with respect to covered services or covered materials, or both.

(b) To the extent a health insurance plan provides coverage for vision care or medical eye care services, it shall cover those services whether provided by a licensed optometrist or by a licensed ophthalmologist, provided the health care professional is acting within the health care professional's authorized scope of practice and participates in the plan's network.

(c) A health insurance plan shall impose no greater co-payment, coinsurance, or other cost-sharing amount for services when provided by an optometrist than for the same service when provided by an ophthalmologist.

(d) A health insurance plan shall provide to a licensed health care professional acting within the health care professional's scope of practice the same level of reimbursement or other compensation for providing vision care and medical eye care services that are within the lawful scope of practice of the professions of medicine, optometry, and osteopathy, regardless of whether the health care professional is an optometrist or an ophthalmologist.

(e)(1) A health insurer shall permit a licensed optometrist to participate in plans or contracts providing for vision care or medical eye care to the same extent as it does an ophthalmologist.

(2) A health insurer shall not require a licensed optometrist or ophthalmologist to provide discounted materials benefits or to participate as a provider in another health insurance or vision care plan or contract as a condition or requirement for the optometrist's or ophthalmologist's participation as a provider in any health insurance or vision care plan or contract.

(f)(1) An agreement between a health insurer and an optometrist or ophthalmologist for the provision of vision services to plan members or subscribers in connection with coverage under a stand-alone vision care plan or other health insurance plan shall not require that an optometrist or ophthalmologist provide services or materials at a fee limited or set by the plan or insurer unless the services or materials are reimbursed as covered services under the contract.

(2) An optometrist or ophthalmologist shall not charge more for services and materials that are noncovered services under a vision care plan or other health insurance plan than the optometrist's or ophthalmologist's usual and customary rate for those services and materials.

(3) Reimbursement paid by a vision care plan or other health insurance plan for covered services and materials shall be reasonable and shall not provide nominal reimbursement in order to claim that services and materials are covered services.

(4)(A) A vision care plan or other health insurance plan shall not restrict or otherwise limit, directly or indirectly, an optometrist's, ophthalmologist's, or independent optician's choice of or relationship with sources and suppliers of products, services, or materials or use of optical laboratories if the optometrist, ophthalmologist, or optician determines that the source, supplier, or laboratory that the optometrist, ophthalmologist, or optician has selected offers the products, services, or materials in a manner that is more beneficial to the consumer, including with respect to cost, quality, timing, or selection, than the source, supplier, or laboratory selected by the vision care plan or other health insurance plan. The plan shall not impose any penalty or fee on an optometrist, ophthalmologist, or independent optician for using any supplier, optical laboratory, product, service, or material.

(B) The optometrist, ophthalmologist, or optician shall notify the consumer of any additional costs the consumer may incur as the result of procuring the products, services, or materials from the source, supplier, or laboratory selected by the optometrist, ophthalmologist, or optician instead of from the source, supplier, or laboratory selected by the vision care plan or other health insurance plan.

(C) Nothing in this subdivision (4) shall be construed to prevent a vision care plan or other health insurance plan from informing its policyholders of the benefits available under the plan or from conducting an audit of an optometrist's, ophthalmologist's, or optician's use of alternative sources, suppliers, or laboratories.

(D) The provisions of this subdivision (4) shall not apply to Medicaid.

(g)(1) Except as otherwise specified in subdivision (f)(4), this section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State.

(2) The Department of Financial Regulation shall enforce the provisions of this section as they relate to health insurance plans and vision care plans other than Medicaid. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3564 — VT Code / Title 8 / Chapter 101 / Section 3564
§ 3564. Examination of foreign insurers; expenses
Status: in_force

(a) At least once every three years and when the Commissioner determines it to be prudent for the protection of policyholders in this State, he or she shall, in like manner, visit and examine or cause to be visited and examined by some competent person whom the Commissioner may appoint for that purpose, any foreign or alien insurer applying for admission or already admitted to do business in this State. The Commissioner may enlarge the aforesaid three-year period to five years. The examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States unless otherwise required by the Commissioner. The examination shall be conducted in accordance with statutory accounting principles pursuant to guidelines, principles, manuals, instructions, and other procedures promulgated by the National Association of Insurance Commissioners, together with any useful or necessary modifications or adaptations thereof required or approved by the Commissioner. Such insurer shall pay the proper charges incurred in such examination, including the expenses of the Commissioner and the expenses and compensation of his or her assistants employed therein. Such examination shall include a computation of the reinsurance reserve.

(b) In lieu of an examination under this section of any foreign or alien insurer licensed in this State, the Commissioner may accept an examination report on the company as prepared by the insurance department for the company's state of domicile or port-of-entry state.
8 V.S.A. § 3470 — VT Code / Title 8 / Chapter 101 / Section 3470
§ 3470. Mortgage loans to minors
Status: in_force

An insurer is hereby authorized to make loans secured by a mortgage on real estate to a husband and wife where either or both is a minor 18 years old or over and where said real estate is to be used as a home by said husband and wife, subject to statutory conditions relating to such insurer, and may make any contract relating thereto with such minor. Such minors may be legally bound to the full performance of such mortgage and notes and contracts relating thereto without right of rescission because of their minority. The minority of such minor shall not be a defense nor a material issue in any civil action in which such mortgage or contract is material.
8 V.S.A. § 5032 — VT Code / Title 8 / Chapter 138 / Section 5032
§ 5032. Surplus lines broker may accept business from other producers
Status: in_force

(a) A licensed surplus lines broker may originate surplus lines business himself or herself or may accept such business from any other originating producer duly licensed as to the kind or kinds of insurance involved and may compensate such producer therefor.

(b) No originating producer shall knowingly misrepresent to the surplus lines broker any material fact involved in any such insurance transaction or in the eligibility of the risk for placement with a surplus lines broker.
8 V.S.A. § 4522 — VT Code / Title 8 / Chapter 123 / Section 4522
§ 4522. Exempt organizations
Status: in_force

Fraternal benefit societies and life or accident insurance companies are not affected by this chapter.
8 V.S.A. § 14210 — VT Code / Title 8 / Chapter 204 / Section 14210
§ 14210. Real estate trust and escrow
Status: in_force

(a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 V.S.A. chapter 25 to be used in the Agency's single family home mortgage programs.

(b) A financial institution may deduct a reasonable remittance fee for transferring funds to the Housing Finance Agency under this section.
8 V.S.A. § 6049h — VT Code / Title 8 / Chapter 141 / Section 6049h
§ 6049h. Annual report; books and records
Status: in_force

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

(1) Each affiliated reinsurance company shall file its report in the form required by subsection 3561(a) of this title, and each affiliated reinsurance company shall comply with the requirements set forth in section 3569 of this title.

(2) An affiliated reinsurance company shall report using statutory accounting principles in accordance with the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. Reporting 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, with any useful or necessary modifications or adaptions thereof required or approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Commissioner.

(b) Unless otherwise approved in advance by the Commissioner, an affiliated reinsurance company shall maintain its books, records, documents, accounts, vouchers, and agreements in this State. An affiliated reinsurance company shall make its books, records, documents, accounts, vouchers, and agreements available for inspection by the Commissioner at any time. An affiliated reinsurance 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.

(c) 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 outside this State of the items listed in this subsection, the affiliated reinsurance 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.

(d) The provisions of sections 3578a (annual financial reporting) and 3579 (qualified accountants) of this title shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 13105 — VT Code / Title 8 / Chapter 203 / Section 13105
§ 13105. Payment of capital deposits
Status: in_force

(a) A financial institution organized under this chapter shall not commence business until the minimum capital deposits required in its permission to organize have been deposited to the credit of the financial institution in a depository designated by the governing body.

(b) At such time as the institution has received to its credit the minimum capital deposits required in section 13103 of this title, a complete list of the capital depositors, with the name, address, occupation, and the amount of capital deposited by each, shall be filed with the Commissioner, which list shall be verified by an officer and the secretary of the institution. Such deposits shall be handled by the institution in accordance with subchapter 2 of this chapter.
8 V.S.A. § 2410 — VT Code / Title 8 / Chapter 77 / Section 2410
§ 2410. Powers of the Commissioner
Status: in_force

(a) In addition to other powers conferred by this chapter, the Commissioner may:

(1) Restrict the transaction of any trust account when the Commissioner finds that extraordinary circumstances make the restriction necessary for the proper protection of the trust customers of the independent trust company.

(2) Order the holders of shares or other voting interest in an independent trust company to refrain from voting those shares or other voting interest on any matter if the Commissioner finds that the order is necessary to protect the company against reckless, incompetent, or careless management, safeguard the assets of trust customers, or prevent the wilful violation of this chapter or of any lawful order issued under it, and in such a case, the shares or other voting interest of such a holder shall not be counted in determining the existence of a quorum or a percentage of the outstanding shares or voting interest necessary to take any company action.

(3) Order any person to cease violating this title or a lawful regulation issued under it or to cease engaging in any unsound trust or fiduciary practice.

(4)(A) Impose a penalty of not more than $15,000.00 for each violation upon any independent trust company which, or any director, member, trustee, officer, manager, or employee of an independent trust company who:

(i) knowingly violates this title or a lawful regulation or order issued under it;

(ii) has knowingly engaged or participated in any materially unsafe or unsound practice in connection with the independent trust company; or

(iii) has knowingly committed or engaged in any act, omission, or practice which constitutes a breach of fiduciary duty to the independent trust company.

(B) In determining the amount of a penalty assessed pursuant to this subsection (a), the Commissioner shall consider the following factors:

(i) the appropriateness of the penalty with respect to the financial resources and good faith of the person or independent trust company charged;

(ii) the gravity of the violation or practice;

(iii) the history of previous violations or practices of a similar nature;

(iv) the economic benefit derived by the person from the violation or practice; and

(v) other factors as justice may require.

(C) An independent trust company shall not indemnify a director, member, officer, manager, or employee for a penalty imposed under this subsection.

(5) Suspend or revoke the certificate of authority of an independent trust company if, after notice and opportunity for a hearing, the Commissioner determines that:

(A) the independent trust company has failed or refused to comply with any law or regulation or an order issued pursuant to this title;

(B) the application for certificate of authority contained a false representation or omission of a material fact; or

(C) any officer or manager or agent of the independent trust company, in connection with an application for a certificate of authority, knowingly made a false representation of a material fact or failed to disclose a material fact to the Commissioner or the duly authorized agent of the Commissioner.

(6)(A) Remove a director, member, trustee, officer, manager, or employee of an independent trust company who:

(i) knowingly violates this title or a lawful regulation or an order issued under this title;

(ii) is convicted of a crime involving dishonesty;

(iii) has knowingly engaged or participated in any materially unsafe or unsound practice in connection with the independent trust company; or

(iv) has knowingly committed or engaged in any act, omission, or practice which constitutes a breach of fiduciary duty to the independent trust company.

(B) Provided further, with respect to the acts or omissions under subdivisions (A)(iii) and (iv) of this subdivision (6) that the Commissioner finds:

(i) the independent trust company has suffered or probably will suffer substantial financial loss or other damage;

(ii) the interest of its trust customers or accounts could be seriously prejudiced by such violation, practice, or breach of fiduciary duty; or

(iii) the director, member, trustee, officer, manager, or employee has received material financial gain by reason of such violation, practice, or breach.

(b) The Commissioner shall provide notice of any order proposed pursuant to this chapter and the grounds thereof by mail to the independent trust company and any affected director, member, trustee, officer, manager, or employee. The independent trust company or any person so served may, within 30 days of service on the independent trust company, request that a hearing be held by the Commissioner. The provisions of 3 V.S.A. chapter 25 shall govern any hearing held by the Commissioner under this chapter. The hearing shall be private unless the Commissioner determines that a public hearing is necessary to protect the public interest. If no hearing is requested, the proposed order shall become final 30 days after service on the independent trust company. If it is deemed necessary to ensure the continued safety and soundness of the independent trust company, the Commissioner may order an immediate suspension of the certificate of authority of the independent trust company or, in the case of a removal, immediate suspension of the director, member, trustee, officer, manager, or employee pending completion of further administrative proceedings on removal pursuant to subdivision (a)(6) of this section.

(c) It shall be a criminal offense, punishable by a fine of $1,000.00 or a year in prison, or both, for any person to violate this title, to violate any order of the Commissioner, or, after receipt of a removal order, or an order assessing a penalty, to perform any duty or exercise any power of any independent trust company until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the removal or penalty order is vacated by the Commissioner or by a court of competent jurisdiction.
8 V.S.A. § 8098 — VT Code / Title 8 / Chapter 154 / Section 8098
§ 8098. Buyer's guide
Status: in_force

The Commissioner shall require that a person offering long-term care insurance distribute to applicants a buyer's guide in a form prescribed by the Commissioner.
8 V.S.A. § 7052 — VT Code / Title 8 / Chapter 145 / Section 7052
§ 7052. Rehabilitation orders
Status: in_force

(a) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this State, shall appoint the Commissioner and the Commissioner's successors in office the rehabilitator and shall direct the rehabilitator immediately to take possession of the assets of the insurer and to administer them under the general supervision of the court. The filing or recording of the order with the Clerk of the Superior Court of Washington County or town clerk of the town in which the principal business of the company is conducted, or the town in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted. The order to rehabilitate the insurer shall by operation of law vest title to all assets of the insurer in the rehabilitator.

(b) Any order issued under this section shall require accounting to the court by the rehabilitator. Accountings shall be at such intervals as the court specifies in this order but no less frequently than semiannually. Each accounting shall include a report concerning the rehabilitator's opinion as to the likelihood that a plan under subsection 7053(d) of this title will be prepared by the rehabilitator and the timetable for doing so.

(c) Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer nor shall it be grounds for retroactive revocation or retroactive cancellation of any contracts of the insurer, unless such revocation or cancellation is done by the rehabilitator pursuant to section 7053 of this chapter.
8 V.S.A. § 5110 — VT Code / Title 8 / Chapter 139 / Section 5110
§ 5110. Name of health maintenance organization
Status: in_force

No health maintenance organization, unless licensed as an insurer, may use in its name, evidences of coverage, contracts, or literature, any of the words “insurance,” “casualty,” “surety,” “mutual,” or any other words descriptive of the insurance, casualty, or surety business or deceptively similar to the name or description of any insurance or surety corporation doing business in this State.
8 V.S.A. § 4813e — VT Code / Title 8 / Chapter 131 / Section 4813e
§ 4813e. Application for examination
Status: in_force

A resident individual applying for an insurance producer license shall pass a written examination as set forth in subdivision 4800(3)(E) of this title unless exempt pursuant to section 4813i of this subchapter.
8 V.S.A. § 6049i — VT Code / Title 8 / Chapter 141 / Section 6049i
§ 6049i. Insurance holding company systems
Status: in_force

Except as otherwise provided in this section, the provisions of chapter 101, subchapter 13 of this title shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 6049a — VT Code / Title 8 / Chapter 141 / Section 6049a
§ 6049a. Applicable law
Status: in_force

(a) An affiliated reinsurance 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) An affiliated reinsurance company shall be subject to all applicable rules adopted pursuant to section 6015 of this chapter that are in effect as of July 1, 2018 and those that are adopted after July 1, 2018.
8 V.S.A. § 3563 — VT Code / Title 8 / Chapter 101 / Section 3563
§ 3563. Examination of companies; fees
Status: in_force

The Commissioner shall thoroughly inspect and examine the affairs of each domestic insurer to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the provisions of law. Such an inspection and examination shall be conducted personally or by a competent person appointed by the Commissioner at least every three years and whenever determined to be prudent by the Commissioner. The Commissioner may enlarge the aforesaid three-year period to five years, provided the insurer 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 examination shall include a review of the financial analysis performed by the Commissioner and shall be conducted in accordance with statutory accounting principles pursuant to guidelines, principles, manuals, instructions, and other procedures promulgated by the National Association of Insurance Commissioners, together with any useful or necessary modifications or adaptations thereof required or approved by the Commissioner. The expenses of the examinations shall be paid to the State by the company or companies examined and the Commissioner of Finance and Management shall issue his or her warrants for the proper charges incurred in all examinations.
8 V.S.A. § 3733 — VT Code / Title 8 / Chapter 103 / Section 3733
§ 3733. Excluded or restricted coverage in life insurance policies
Status: in_force

A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy that exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause.
8 V.S.A. § 4838 — VT Code / Title 8 / Chapter 132 / Section 4838
§ 4838. Power of attorney
Status: reserved

(a) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. A valid power of attorney shall be in writing, executed by the subscriber, and duly executed by the attorney-in-fact.

(b) The power of attorney must set forth:

(1) the powers of the attorney;

(2) the general services to be performed by the attorney;

(3) the maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer; and

(4) except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount.

(c) The power of attorney may:

(1) provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;

(2) impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;

(3) provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and

(4) contain other lawful provisions deemed advisable.

(d) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this State until approved by the Commissioner.
8 V.S.A. § 4851 — VT Code / Title 8 / Chapter 132 / Section 4851
§ 4851. Time limit for assessments
Status: in_force

Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of, any assessment, as computed and limited in accordance with this chapter, if:

(1) while his or her policy is in force or within one year after its termination, he or she is notified by either the attorney or the Commissioner of his or her intentions to levy such assessment; or

(2) if an order to show cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while his or her policy is in force or within one year after its termination.
8 V.S.A. § 3568 — VT Code / Title 8 / Chapter 101 / Section 3568
§ 3568. Preservation of records
Status: in_force

(a) Every domestic and foreign insurer shall preserve their business records in accordance with the rules adopted under this section.

(b) The Commissioner may by rule require insurers to preserve any records relating to the business of insurance as are necessary for efficient and effective insurance regulation.

(c) If a record is disposed of in accordance with rules adopted by the commissioner, an insurer shall be under no duty to produce the record in any administrative or judicial proceeding.

(d) The rules adopted by the Commissioner may designate methods of reproduction of records into electronic, microfilm or microfiche form, or other process. Any such reproduction shall have the same force and effect as the original and may be admitted in evidence as the original itself.
8 V.S.A. § 4147 — VT Code / Title 8 / Chapter 111 / Section 4147
§ 4147. Fiduciaries may secure surety from loss
Status: in_force

A person, partnership, association, or corporation holding property for the benefit of another, except when acting under wills allowed or trusts created before November 27, 1894, may make such covenants with the sureties upon his or her official bond as will enable such fiduciary to secure such sureties from loss in any manner provided by section 4145 of this title. However, if such fiduciary was appointed by the decree of any court within this State, the approval of such court shall first be obtained to such covenant.
8 V.S.A. § 14206 — VT Code / Title 8 / Chapter 204 / Section 14206
§ 14206. Deposits of minors; exemption from trustee process
Status: in_force

(a) Payment. The governing body of a financial institution, in its discretion, may accept deposits from a minor and may pay to a minor such sum as is deposited to the credit of such person, and is due, as if such minor were of age. The check and receipt or acquittance of such minor shall be a full discharge for the amount for which it is given.

(b) Minor's deposits exempt from trustee process. A financial institution shall not be chargeable as trustee on account of funds deposited to the credit of a minor, provided such funds are earned by or belong to such minor.
8 V.S.A. § 33104 — VT Code / Title 8 / Chapter 223 / Section 33104
§ 33104. Supervisory agreements; costs of examinations
Status: in_force

(a) In implementing this chapter, the Commissioner may cooperate with credit union regulators in other states or jurisdictions and may share with the regulators the information received by the Commissioner to the extent necessary to supervise and regulate the credit union.

(b) The Commissioner may enter into supervisory agreements with a state credit union and its regulators to prescribe the applicable laws governing the powers and authorities of Vermont offices of the state credit union.

(c) The agreements may address, but are not limited to, corporate governance and operational matters. The agreements may resolve any conflict of laws and specify the manner in which the examination, supervision, and application processes must be coordinated with the regulators.

(d) The Commissioner may adopt rules for the periodic examination and investigation of the affairs of a state credit union operating in this State. The costs of examination and supervision must be fully borne by the state credit union.
8 V.S.A. § 4095f — VT Code / Title 8 / Chapter 107 / Section 4095f
§ 4095f. Off-label use of prescription drugs for cancer
Status: in_force

(a) As used in this section:

(1) “Medical or scientific evidence” means one or more of the following sources:

(A) peer-reviewed scientific studies published in or accepted for publication by medical journals that meet nationally recognized requirements for scientific manuscripts and that submit most of their published articles for review by experts who are not part of the editorial staff;

(B) peer-reviewed literature, biomedical compendia, and other medical literature that meet the criteria of the National Institutes of Health's National Library of Medicine for indexing in Index Medicus, Excerpta Medicus (EMBASE), Medline, and MEDLARS database Health Services Technology Assessment Research (HSTAR);

(C) medical journals recognized by the Secretary of the U.S. Department of Health and Human Services under Section 1861(t)(2) of the Social Security Act;

(D) the following standard reference compendia: the American Hospital Formulary Service-Drug Information, the American Medical Association Drug Evaluation, and the United States Pharmacopoeia-Drug Information;

(E) findings, studies, or research conducted by or under the auspices of federal government agencies and nationally recognized federal research institutes, including the Agency for Health Care Policy and Research, National Institutes of Health, National Cancer Institute, National Academy of Sciences, Centers for Medicare and Medicaid Services, and any national board recognized by the National Institutes of Health for the purpose of evaluating the medical value of health services; and

(F) peer-reviewed abstracts accepted for presentation at major medical association meetings.

(2) “Medically accepted indication” includes any use of a drug that has been approved by the U.S. Food and Drug Administration and includes another use of the drug if that use is prescribed by the covered individual's health care professional and supported by medical or scientific evidence.

(3) “Off-label use” means the prescription and use of drugs for medically accepted indications other than those stated in the labeling approved by the U.S. Food and Drug Administration.

(b) A health insurance plan shall provide coverage for off-label use in cancer treatment in accordance with the following:

(1) A health insurance plan contract shall not exclude coverage for any drug used for the treatment of cancer on grounds that the drug has not been approved by the U.S. Food and Drug Administration, provided the use of the drug is a medically accepted indication for the treatment of cancer.

(2) Coverage of a drug required by this section also includes medically necessary services associated with the administration of the drug.

(3) This section shall not be construed to require coverage for a drug when the U.S. Food and Drug Administration has determined its use to be contraindicated for treatment of the current indication.

(4) A drug use that is covered under subdivision (1) of this subsection shall not be denied coverage based on a “medical necessity” requirement except for a reason unrelated to the legal status of the drug use.

(5) A health insurance plan that provides coverage of a drug as required by this section may contain provisions for maximum benefits and coinsurance and reasonable limitations, deductibles, and exclusions to the same extent these provisions are applicable to coverage of all prescription drugs and are not inconsistent with the requirements of this section.

(c) A determination by a health insurer that an off-label use of a prescription drug under this section is not a medically accepted indication supported by medical or scientific evidence is eligible for review under section 4063 of this title.

(d) This section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4176 — VT Code / Title 8 / Chapter 112 / Section 4176
§ 4176. Creation of the Association
Status: in_force

(a) There is created a nonprofit legal entity to be known as the Vermont Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or health maintenance organization business in Vermont. The Association shall perform its functions under the plan of operation established and approved under section 4180 of this chapter and shall exercise its powers through a board of directors established under section 4177 of this chapter. For purposes of administration and assessment, the Association shall maintain two accounts:

(1) The life insurance and annuity account that includes the following subaccounts:

(A) life insurance account;

(B) annuity account, which shall include annuity contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code, but shall otherwise exclude unallocated annuities; and

(C) unallocated annuity account, which shall exclude contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code.

(2) The health account.

(b) The Association shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this State. Meetings and records of the Association may be opened to the public upon majority vote of the Board of Directors of the Association.
8 V.S.A. § 6049e — VT Code / Title 8 / Chapter 141 / Section 6049e
§ 6049e. Minimum capital and surplus
Status: in_force

An affiliated reinsurance company shall not be issued a license unless it possesses and thereafter maintains unimpaired paid-in capital and surplus of not less than $5,000,000.00. The Commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of reinsurance business transacted. Except as otherwise provided in this section, the provisions of chapter 159 of this title, Risk Based Capital for Insurers, shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 3750 — VT Code / Title 8 / Chapter 103 / Section 3750
§ 3750. Standard Nonforfeiture Law for Individual Deferred Annuities
Status: in_force

(a) This section shall be known as the Standard Nonforfeiture Law for Individual Deferred Annuities.

(b) This section shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract that shall be delivered outside this State through an agent or other representative of the company issuing the contract.

(c) In the case of contracts issued on or after the operative date of this section as defined in subdivision (1) of this subsection, no contract of annuity, except as stated in subsection (b) of this section, shall be delivered or issued for delivery in this State unless it contains in substance the following provisions, or corresponding provisions that in the opinion of the Commissioner are at least as favorable to the contractholder, upon cessation of payment of considerations under the contract:

(1) That upon cessation of payment of considerations under a contract, the company will grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in subsections (e), (f), (g), (h), and (j) of this section.

(2) If a contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company will pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified in subsections (e), (f), (h), and (j) of this section. The company shall reserve the right to defer the payment of such cash surrender benefit for a period of six months after demand therefor with surrender of the contract.

(3) A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender, or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of such benefits.

(4)(A) A statement that any paid-up annuity, cash surrender, or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which such benefits are altered by the existence of any additional amounts credited by the company to the contract, any indebtedness to the company on the contract, or any prior withdrawals from or partial surrenders of the contract.

(B) Notwithstanding the requirements of this subsection, any deferred annuity contract may provide that if no considerations have been received under a contract for a period of two full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid prior to such period would be less than $20.00 monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.

(d) The minimum values as specified in subsections (e), (f), (g), (h), and (j) of this section of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section.

(1)(A) The minimum nonforfeiture amount at any time at or prior to the commencement of any annuity payments shall be equal to an accumulation up to such time at rates of interest as indicated in subdivision (C) of this subdivision (1) of the net considerations (as hereinafter defined) paid prior to such time decreased by the sum of:

(i) any prior withdrawals from or partial surrenders of the contract accumulated at rates of interest as indicated in subdivision (C) of this subdivision (1);

(ii) the amount of any indebtedness to the company on the contract, including interest due and accrued; and

(iii) an annual contract charge of $50.00, accumulated at rates of interest as indicated in subdivision (C) of this subdivision (1).

(B) The net considerations for a given contract year used to define the minimum nonforfeiture amount shall be an amount equal to 87 and one-half percent of the corresponding gross considerations credited to the contract during that contract year.

(C) The interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of three percent per annum and the following, which shall be specified in the contract if the interest will be reset:

(i) The five-year Constant Maturity Treasury Rate reported by the Federal Reserve as of a date, or average over a period, rounded to the nearest one-twentieth of one percent, specified in the contract no longer than 15 months prior to the contract issue date or redetermination date under subdivision (iv) of this subdivision (C).

(ii) Reduced by 125 basis points.

(iii) Where the resulting interest rate is not less than 0.15 percent.

(iv) The interest rate shall apply for an initial period and may be redetermined for additional periods. The redetermination date, basis, and period, if any, shall be stated in the contract. The basis is the date or average over a specified period that produces the value of the five-year Constant Maturity Treasury Rate to be used at the redetermination date.

(D) During the period or term that a contract provides substantive participation in an equity indexed benefit, it may increase the reduction described in subdivision (C)(ii) of this subdivision (1) by up to an additional 100 basis points to reflect the value of the equity index benefit. The present value at the contract issue date, and at each redetermination date thereafter, of the additional reduction shall not exceed the market value of the benefit. The Commissioner may require a demonstration that the present value of the additional reduction does not exceed the market value of the benefit. Lacking such a demonstration that is acceptable to the Commissioner, the Commissioner may disallow or limit the additional reduction.

(E) The Commissioner may adopt rules to implement the provisions of subdivision (D) of this subdivision (1) and to provide for further adjustments to the calculation of minimum nonforfeiture amounts for contracts that provide substantive participation in an equity index benefit and for other contracts that the Commissioner determines adjustments are justified.

(2) With respect to contracts providing for fixed scheduled considerations, minimum nonforfeiture amounts shall be calculated on the assumption that considerations are paid annually in advance and shall be defined as for contracts with flexible considerations that are paid annually with two exceptions:

(A) The portion of the net consideration for the first contract year to be accumulated shall be the sum of 65 percent of the net consideration of the first contract year plus 22 and one-half percent of the excess of the net consideration for the first contract year over the lesser of the net considerations for the second and third contract years.

(B) The annual contract charge shall be the lesser of:

(i) $30.00; or

(ii) 10 percent of the gross annual consideration.

(3) With respect to contracts providing for a single consideration, minimum nonforfeiture amounts shall be defined as for contracts with flexible considerations except that the percentage of net consideration used to determine the minimum nonforfeiture amount shall be equal to 90 percent and the net consideration shall be the gross consideration less a contract charge of $75.00.

(e) Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.

(f) For contracts that provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit that would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.

(g) For contracts that do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present values being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts that do not provide any death benefits prior to the commencement of any annuity payments, such present value shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.

(h) For the purpose of determining the benefits calculated under subsections (f) and (g) of this section, in the case of annuity contracts under which any election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract but shall not be deemed to be later than the anniversary of the contract next following the annuitant's 70th birthday or the 10th anniversary of the contract, whichever is later.

(i) Any contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.

(j) Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.

(k) For any contract that provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of subsections (e), (f), (g), (h), and (j) of this section, additional benefits payable (1) in the event of total and permanent disability, (2) as reversionary annuity or deferred reversionary annuity benefits, or (3) as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required by this section. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits.

(l) After the effective date of this section, any company may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before the second anniversary of the effective date of this section. After the filing of such notice, then upon such specified date, which shall be the operative date of this section for such company, this section shall become operative with respect to annuity contracts thereafter issued by such company. If a company makes no such election, the operative date of this section for such company shall be the second anniversary of the effective date of this section.
8 V.S.A. § 6001 — VT Code / Title 8 / Chapter 141 / Section 6001
§ 6001. Definitions
Status: in_force

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

(1) “Affiliated company” means any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management.

(2) “Agency captive insurance company” means a captive insurance company that is owned or directly or indirectly controlled by one or more insurance agencies or brokerages licensed under the laws of any state and that only insures risks of policies that are placed by or through such agency or agencies, or brokerage or brokerages, as applicable.

(3) “Association” means any legal association of individuals, corporations, limited liability companies, partnerships, associations, or other entities, the member organizations of which or which does itself, whether or not in conjunction with some or all of the member organizations:

(A) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or

(B) have complete voting control over an association captive insurance company incorporated as a mutual insurer; or

(C) constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; or

(D) have complete voting control over an association captive insurance company formed as a limited liability company.

(4) “Association captive insurance company” means any company that insures risks of the member organizations of the association and that also may insure the risks of affiliated companies of the member organizations and the risks of the association itself.

(5) “Captive insurance company” means any pure captive insurance company, association captive insurance company, sponsored captive insurance company, industrial insured captive insurance company, agency captive insurance company, risk retention group, affiliated reinsurance company, or special purpose financial insurance company formed or licensed under the provisions of this chapter. For purposes of this chapter, a branch captive insurance company shall be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the Commissioner.

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

(7) “Controlled unaffiliated business” means any person:

(A) that is not in the corporate system of a parent and its affiliated companies in the case of a pure captive insurance company, or that is not in the corporate system of an industrial insured and its affiliated companies in the case of an industrial insured captive insurance company;

(B) that has an existing contractual relationship with a parent or one of its affiliated companies in the case of a pure captive insurance company, or with an industrial insured or one of its affiliated companies in the case of an industrial insured captive insurance company; and

(C) whose risks are managed by a pure captive insurance company or an industrial insured captive insurance company, as applicable, in accordance with section 6019 of this title.

(8) “Excess workers' compensation insurance” means, in the case of an employer that has insured or self-insured its workers' compensation risks in accordance with applicable State or federal law, insurance in excess of a specified per-incident or aggregate limit established by the Commissioner.

(9) “Industrial insured” means an insured:

(A) who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;

(B) whose aggregate annual premiums for insurance on all risks total at least $25,000.00; and

(C) who has at least 25 full-time employees.

(10) “Industrial insured captive insurance company” means any company that insures risks of the industrial insureds that comprise the industrial insured group, and that may insure the risks of the affiliated companies of the industrial insureds and the risks of the controlled unaffiliated business of an industrial insured or its affiliated companies.

(11) “Industrial insured group” means any group of industrial insureds that collectively:

(A) own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer;

(B) have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or

(C) constitute all of the subscribers of an industrial insured captive insurance company formed as a reciprocal insurer; or

(D) have complete voting control over an industrial insured captive insurance company formed as a limited liability company.

(12) “Member organization” means any individual, corporation, limited liability company, partnership, association, or other entity that belongs to an association.

(13) “Mutual corporation” means a corporation organized without stockholders and includes a nonprofit corporation with members.

(14) “Parent” means a corporation, limited liability company, partnership, other entity, or individual, that directly or indirectly owns, controls, or holds with power to vote more than 50 percent of the outstanding voting:

(A) securities of a pure captive insurance company organized as a stock corporation; or

(B) membership interests of a pure captive insurance company organized as a nonprofit corporation; or

(C) membership interests of a pure captive insurance company organized as a limited liability company.

(15) “Pure captive insurance company” means any company that insures risks of its parent and affiliated companies or controlled unaffiliated business.

(16) “Risk retention group” means a captive insurance company organized under the laws of this State pursuant to the Liability Risk Retention Act of 1986, 15 U.S.C. § 3901 et seq., as amended, as a stock or mutual corporation, a reciprocal or other limited liability entity.
8 V.S.A. § 7153 — VT Code / Title 8 / Chapter 149 / Section 7153
§ 7153. Definitions
Status: in_force

(a) If a pet insurer uses any term defined in this section in a policy of pet insurance, the pet insurer shall use the definition of the term provided in this section and include the definition of the term in the policy. The pet insurer shall also make the definition available through a clear and conspicuous link on the main page of the website of either the pet insurer or the pet insurer's program administrator.

(b) Nothing in this chapter shall in any way prohibit or limit the types of exclusions pet insurers may use in their policies or require pet insurers to have any of the limitations or exclusions defined in this section.

(c) As used in this chapter:

(1) “Chronic condition” means a condition that can be treated or managed, but not cured.

(2) “Congenital anomaly or disorder” means a condition that is present from birth, whether inherited or caused by the environment, which may cause or contribute to illness or disease.

(3) “Hereditary disorder” means an abnormality that is genetically transmitted from parent to offspring and may cause illness or disease.

(4) “Orthopedic” refers to conditions affecting the bones, skeletal muscle, cartilage, tendons, ligaments, and joints. It includes elbow dysplasia, hip dysplasia, intervertebral disc degeneration, patellar luxation, and ruptured cranial cruciate ligaments. It does not include cancers or metabolic, hemopoietic, or autoimmune diseases.

(5) “Pet insurance” means a property insurance policy that provides coverage for accidents and illnesses of pets.

(6)(A) “Preexisting condition” means any condition for which any of the following are true within 180 days prior to the effective date of a pet insurance policy or during any waiting period:

(i) a veterinarian provided medical advice;

(ii) the pet received previous treatment; or

(iii) based on information from verifiable sources, the pet had signs or symptoms directly related to the condition for which a claim is being made.

(B) A condition for which coverage is afforded on a policy cannot be considered a preexisting condition on any renewal of the policy.

(7) “Renewal” means to issue and deliver at the end of an insurance policy period a policy that supersedes a policy previously issued and delivered by the same pet insurer or affiliated pet insurer and that provides types and limits of coverage substantially similar to those contained in the policy being superseded.

(8) “Veterinarian” means an individual who holds a valid license to practice veterinary medicine from the appropriate licensing entity in the jurisdiction in which the veterinarian practices.

(9) “Veterinary expenses” means the costs associated with medical advice, diagnosis, care, or treatment provided by a veterinarian, including the cost of drugs prescribed by a veterinarian.

(10) “Waiting period” means the period of time specified in a pet insurance policy that is required to transpire before some or all of the coverage in the policy can begin. A waiting period may not be applied to a renewal of existing coverage.

(11) “Wellness program” means a subscription or reimbursement-based program that is separate from an insurance policy that provides goods and services to promote the general health, safety, or well-being of the pet. If any wellness program meets the definition of insurance in section 3301a of this title and does not qualify for any exclusion, it is transacting in the business of insurance and is subject to the applicable insurance laws and rules. This definition is not intended to classify a contract directly between a service provider and a pet owner that only involves the two parties as being “the business of insurance,” unless other indications of insurance also exist.
8 V.S.A. § 3968 — VT Code / Title 8 / Chapter 105 / Section 3968
§ 3968. Penalty for violations
Status: in_force

If an insurance company violates a provision of sections 3961-3967 of this title or if the Commissioner is satisfied, after a hearing, that a company declines or refuses to write insurance on any building because of the requirement that the value of such building shall be agreed upon as provided in section 3964 of this title, the Commissioner shall suspend its authority to do business in this State for such period, not exceeding one year, as he or she may deem advisable.
8 V.S.A. § 4253 — VT Code / Title 8 / Chapter 113 / Section 4253
§ 4253. Prohibited acts
Status: in_force

(a) A provider shall not use in its name, contracts or literature:

(1) the words “insurance,” “casualty,” “surety,” “mutual”; or

(2) a name deceptively similar to the name or description of any insurance or surety corporation or any other provider licensed to do business in this State.

(b) No provider or its agent shall advertise, print, display, publish, distribute, or broadcast, or cause to permit the foregoing to occur, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions of a service contract that is false, misleading, or deceptive.

(c) No service contract sold or offered for sale to a consumer in this State shall fail to contain the authorization of the original service contract holder to return the contract within 20 days of receipt of the contract if no claim has been made under the contract and obtain a refund of the full purchase price of the contract. Each provider shall provide or mail a copy of the service contract to the customer within 14 days of the date of sale, unless the provider makes a copy of the service contract terms and conditions available to the consumer at the point of sale, in which event the provider must provide or mail the service contract to the customer within a reasonable period of time.

(d) Nothing in this subchapter shall be construed to impair or in any way affect any rule of law applicable to or governing service contracts not otherwise subject to this subchapter.
8 V.S.A. § 11202 — VT Code / Title 8 / Chapter 201 / Section 11202
§ 11202. Banking day
Status: in_force

(a) Each Vermont and state depository institution shall be open not less than five banking days each week, except for the days enumerated in subsection 11201(a) of this title or except as otherwise provided in this chapter.

(b) In addition to the hours of each banking day established by an institution under subsection (a) of this section, a Vermont or state depository institution may, at its discretion, establish days and hours for its offices, including opening offices for business on days that are not defined as business days in section 11201 of this title. The financial institution's governing body is responsible for determining the scope of operations of each branch, including the services to be provided and the days and hours of operation.

(c) A Vermont or state depository institution shall post the days and hours of operation at or near the public entrances to its banking offices and shall provide customers with reasonable advance notice of reduction in services or hours of operation.

(d) Any act authorized, required, or permitted to be performed at, by, or with respect to any Vermont or state depository institution on a day not defined as a business day or on a day the institution is closed pursuant to section 11204 or 11205 of this title, may be performed on the next succeeding business day and liability or loss of rights of any kind to such financial institution shall not result from this delay.
8 V.S.A. § 3682 — VT Code / Title 8 / Chapter 101 / Section 3682
§ 3682. Subsidiaries of insurers
Status: in_force

(a) Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business:

(1) any kind of insurance business authorized by the jurisdiction in which it is incorporated;

(2) acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries;

(3) investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;

(4) management of any investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and service;

(5) acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended;

(6) rendering investment advice to government agencies, corporations, or other organizations or groups;

(7) rendering other services related to the operations of an insurance business, including actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services;

(8) ownership and management of assets that the parent corporation could itself own or manage;

(9) acting as administrative agent for a governmental instrumentality that is performing an insurance function;

(10) financing of insurance premiums, agents, and other forms of consumer financing;

(11) any other business activity determined by the Commissioner to be reasonably ancillary to an insurance business; and

(12) owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.

(b) In addition to investments in common stock, preferred stock, debt obligations, and other securities permitted under all other sections of this title, a domestic insurer may also:

(1) Invest, in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, amounts that do not exceed the lesser of five percent of such insurer's assets or 50 percent of such insurer's surplus as regards policyholders, provided that after such investments the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. In calculating the amount of such investments, investments made under subsection (a) of this section shall be excluded for all insurers, except to the extent provided in subsection (f) of this section, and there shall be included:

(A) total net monies or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of such subsidiary whether or not represented by the purchase of capital stock or issuance of other securities; and

(B) all amounts expended in acquiring additional common stock, preferred stock, debt obligations, and other securities and all contributions to the capital or surplus, of a subsidiary subsequent to its acquisition or formation.

(2) If the insurer's total liabilities, as calculated for National Association of Insurance Commissioners annual statement purposes, are less than 10 percent of assets, invest any amount in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, provided that after such investment the insurer's surplus as regards policyholders, considering such investment as if it were a disallowed asset, will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs.

(3) Invest any amount in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, provided that each such subsidiary agrees to limit its investments in any asset so that such investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations specified in subdivision (1) of this subsection or in sections 3681 through 3692 of this title applicable to the insurer. For the purpose of this subdivision, “the total investment of the insurer” shall include:

(A) any direct investment by the insurer in an asset; and

(B) the insurer's proportionate share of any investment in an asset by any subsidiary of the insurer, which shall be calculated by multiplying the amount of the subsidiary's investment by the percentage of the insurer's ownership of such subsidiary.

(4) With the approval of the Commissioner, invest any amount in common stock, preferred stock, debt obligations, or other securities of one or more subsidiaries, provided that after such investment the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs.

(5) Invest any amount in the common stock, preferred stock, debt obligations, or other securities of any subsidiary exclusively engaged in holding title to and managing or developing real or personal property, if after considering as a disallowed asset so much of the investment as is represented by subsidiary assets that if held directly by the insurer would be considered as a disallowed asset, the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, and if following such investment all voting securities of such subsidiary would be owned by the insurer.

(c) Investments in common stock, preferred stock, debt obligations, or other securities of subsidiaries made pursuant to subsection (b) of this section shall not be subject to any of the otherwise applicable restrictions or prohibitions contained in this chapter applicable to such investments of insurers.

(d) Whether any investment pursuant to subsection (b) of this section meets the applicable requirements thereof is to be determined immediately after such investment is made, taking into account the then outstanding principal balance on all previous investments in debt obligations, and the value of all previous investments in equity securities as of the date they were made.

(e) If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to this section within three years from the time of the cessation of control or within such further time as the Commissioner may prescribe, unless at any time after such investment shall have been made, such investment shall have met the requirements for investment under any other section of this title, and the insurer has notified the Commissioner thereof.

(f) Nothing in this section shall modify or negate any contractual obligation undertaken by a mutual insurance holding company reorganizing under subchapter 3A of this chapter.
8 V.S.A. § 3369 — VT Code / Title 8 / Chapter 101 / Section 3369
§ 3369. Commissioner may enjoin unauthorized insurer
Status: in_force

Whenever the Commissioner believes, from evidence satisfactory to him or her, that any foreign or alien insurer is violating or about to violate the provisions of section 3368 of this title, the Commissioner may, through the Attorney General of this State, cause a complaint to be filed in Superior Court to enjoin and restrain such insurer from continuing such violation or engaging therein or doing any act in furtherance thereof. The court shall have the power to make and enter an order of judgment awarding such preliminary or final injunctive relief as in its judgment is proper.
8 V.S.A. § 3791o — VT Code / Title 8 / Chapter 103 / Section 3791o
§ 3791o. Requirements of a principle-based valuation
Status: in_force

(a) A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the Valuation Manual:

(1) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, reflects conditions appropriately adverse to quantify the tail risk.

(2) Incorporate assumptions, risk analysis methods and financial models, and management techniques that are consistent with, but not necessarily identical to, those used within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.

(3) Incorporate assumptions that are derived in one of the following manners:

(A) The assumption is prescribed in the Valuation Manual.

(B) For assumptions that are not prescribed, the assumptions shall:

(i) be established using the company's available experience, to the extent it is relevant and statistically credible; or

(ii) to the extent that company data is not available, relevant, or statistically credible, be established using other relevant, statistically credible experience.

(4) Provide margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty, the larger the margin and resulting reserve.

(b) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the Valuation Manual shall:

(1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the Valuation Manual.

(2) Provide to the Commissioner and its Board of Directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls shall be designed to ensure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the Valuation Manual. The certification shall be based on the controls in place as of the end of the preceding calendar year.

(3) Develop and file with the Commissioner, upon request, a principle-based valuation report that complies with standards prescribed in the Valuation Manual.

(c) A principle-based valuation may include a prescribed formulaic reserve component.
8 V.S.A. § 3665c — VT Code / Title 8 / Chapter 101 / Section 3665c
§ 3665c. Damages
Status: in_force

An insurance company, including a society and an association, is responsible for payment of any consequential damages, including all penalties or costs, caused by improper delay in payment or settlement of claims to claimants, loss payees, or beneficiaries under policies of insurance subject to section 3665a or 3665b of this title. Consequential damages for improper delay are not applicable when a policy expressly provides for periodic payments or when a claimant, loss payee, or beneficiary agrees to accept periodic payments, unless an insurer improperly delays making such periodic payments.
8 V.S.A. § 3613 — VT Code / Title 8 / Chapter 101 / Section 3613
§ 3613. Creation of Association
Status: in_force

There is created a nonprofit unincorporated legal entity to be known as the Vermont Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in subdivision 3612(6) of this title shall be and remain members of the Association as a condition of their authority to transact business in this State. The Association shall perform its functions under a plan of operation established and approved under section 3616 of this title and shall exercise its powers through a Board of Directors established under section 3614 of this title. For purposes of administration and assessment, the Association shall be divided into three separate accounts:

(1) the workers' compensation insurance account;

(2) the automobile insurance account; and

(3) the account for all other insurance to which this subchapter applies.
8 V.S.A. § 36104 — VT Code / Title 8 / Chapter 226 / Section 36104
§ 36104. Appointment of director and managing officers of troubled credit unions
Status: in_force

The Commissioner shall approve any director elected or appointed to serve on the governing body and any person appointed as the managing officer of a troubled credit union, before the director or officer takes office. As used in this section, “troubled credit union” means any credit union that, in the opinion of the Commissioner:

(1) is insolvent or is in danger of becoming insolvent;

(2) is not likely to be able to meet the demands of its members or to pay its obligations in the normal course of business or is likely to incur losses that may deplete all or substantially all of its capital; or

(3) is being operated in an unsafe and unsound manner.
8 V.S.A. § 7011 — VT Code / Title 8 / Chapter 143 / Section 7011
§ 7011. Penalties for violations
Status: in_force

Any insurance premium finance company that willfully and knowingly violates the provisions of any section of this chapter shall be fined not more than $2,000.00 for each offense or imprisoned not more than five years, or both. Any insurance premium finance agreement, not invalid for any other reason, in the making or collection of which any act shall have been done that constitutes an offense under this section shall be void and the insurance premium finance company shall have no right to collect or receive any principal, interest, or charges whatsoever. Any insurance premium finance company that violates the provisions of this chapter shall be liable to pay an administrative penalty of not more than $2,000.00 for each such offense.
8 V.S.A. § 4808 — VT Code / Title 8 / Chapter 131 / Section 4808
§ 4808. Representative of fraternal benefit societies
Status: in_force

Representatives of fraternal benefit societies who sell, solicit, and negotiate insurance contracts shall be deemed insurance producers and subject to the same licensing requirements as insurance producers.
8 V.S.A. § 32709 — VT Code / Title 8 / Chapter 222 / Section 32709
§ 32709. Separate entities
Status: in_force

(a) A credit union and a CUSO shall be operated in a manner that demonstrates to the public the separate existence of the credit union and the CUSO.

(b) At the request of the Commissioner, the credit union shall provide to the Commissioner a written legal opinion of counsel as to whether the CUSO is established in a manner that will limit potential exposure of the credit union to no more than the loss of funds invested in, or lent to, the CUSO. The legal opinion shall address factors that have led courts to “pierce the corporate veil” such as inadequate capitalization, lack of separate corporate identity, common boards of directors and employees, control of one entity over another, and lack of separate books and records. Independent legal counsel of the investing credit union or the CUSO may provide the legal opinion.
8 V.S.A. § 4012 — VT Code / Title 8 / Chapter 107 / Section 4012
§ 4012. Compliance with federal law
Status: in_force

(a) Except as otherwise provided in this title, health insurers, hospital and medical service corporations, and health maintenance organizations that issue, sell, renew, or offer health insurance plans in Vermont shall comply with the requirements of the Health Insurance Portability and Accountability Act of 1996, as amended from time to time (42 U.S.C. Chapter 6A, Subchapter XXV), and the Patient Protection and Affordable Care Act of 2010, Pub. L. No. 111-148, as amended by the Health Care and Education Reconciliation Act of 2010, Pub. L. No. 111-152. The Commissioner shall enforce such requirements pursuant to the Commissioner's authority under this title.

(b)(1) Health insurers, hospital and medical service corporations, health maintenance organizations, and health care providers, as that term is defined in 18 V.S.A. § 9432, shall comply with the requirements of the No Surprises Act, Pub. L. No. 116-260, Division BB, Title I, as amended from time to time.

(2) The Commissioner shall enforce the requirements of the No Surprises Act as they apply to health insurers, hospital and medical service corporations, health maintenance organizations, and health care providers, to the extent permitted under federal law, pursuant to the Commissioner's authority under this title. The Commissioner may also refer cases of noncompliance to the U.S. Department of Health and Human Services under the terms of a collaborative enforcement agreement, or to the Office of the Vermont Attorney General. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4689 — VT Code / Title 8 / Chapter 128 / Section 4689
§ 4689. Approval or disapproval of rates
Status: in_force

(a) Timing of approval or disapproval.

(1) A rate may be disapproved at any time subsequent to the effective date.

(2) A rate subject to prefiling may also be disapproved before the effective date.

(3) A rate for a residual market in which insurers are permitted or mandated by law or by order of the Commissioner to participate shall not become effective until approved by the Commissioner, as provided in section 4688 of this title.

(b) Bases of disapproval.

(1) The Commissioner shall disapprove a rate for use in a competitive market if the Commissioner finds that the rate is inadequate or unfairly discriminatory.

(2) The Commissioner shall disapprove a rate for use in a noncompetitive or residual market if the Commissioner finds that the rate is excessive, inadequate, or unfairly discriminatory.

(c) Disapproval procedure; order; interim rates.

(1) Disapproval procedure.

(A) If the Commissioner determines, in accordance with section 4684 of this title, that a reasonable degree of competition does not exist in a market, the Commissioner shall commence a hearing to determine whether or not existing rates are excessive within 30 days of an order finding a market noncompetitive. However, the Commissioner may waive this requirement to hold a hearing if the Commissioner finds such rate filings do not violate the rate standards of this chapter. The Commissioner shall decide whether rates are excessive within 15 days after the conclusion of the hearing. Insurers shall have the burden of proving rates are not excessive in a noncompetitive market.

(B) If the Commissioner believes that rates in a competitive market violate the inadequacy standard in section 4685 of this title or any other requirement of this chapter, the Commissioner shall require insurers in that market to file additional supporting information for rates. If after reviewing such additional supporting rate information the Commissioner continues to believe that the rates violate these requirements, the Commissioner shall call a hearing before entering any order.

(C) The Commissioner may disapprove, without a hearing, prefiled rates. However, the insurer or other filer whose rates have been disapproved shall be given a hearing upon written request made within 30 days after the receipt of the disapproval. The Commissioner shall notice in every order of disapproval that a hearing will be granted within 30 days after receipt of a request from an affected insurer.

(2) Order. If the Commissioner disapproves a rate, the Commissioner shall issue an order specifying in what respect it fails to meet the requirements of this chapter. For rates in effect at the time of disapproval, the Commissioner shall state when the further use of such rate in contracts of insurance made thereafter shall be prohibited.

(3) Interim rates. In the event existing rates of an insurer are found excessive, the Commissioner shall specify an interim rate at the time he or she issues an order disapproving rates. The interim rate may be modified by the Commissioner upon his or her own motion or upon motion of an insurer. The interim rate or any modification thereof shall take effect prospectively in contracts of insurance written or renewed 15 days after the Commissioner's decision setting interim rates.

(4) Distribution of overcharges. When the rates are finally determined, the Commissioner shall order any overcharge in the interim rates to be distributed appropriately, except that refunds to policyholders that are determined to be de minimis by the Commissioner shall be remitted to the State of Vermont General Fund.
8 V.S.A. § 30801 — VT Code / Title 8 / Chapter 220 / Section 30801
§ 30801. Application of subchapter
Status: in_force

(a) An application required to be filed under chapter 221, 224, or 225 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, change in bylaws, change in organizational documents, or other similar request, shall be submitted to and considered by the Commissioner in accordance with the provisions of this subchapter.

(b) An application required to be filed under chapter 222 or 223 of this title for the approval of the Commissioner shall be filed on a form prescribed by the Commissioner and considered in accordance with the standards in section 30803 of this title. If the Commissioner finds that the application promotes the general good, a certificate of approval may be issued in summary fashion. No further approval shall be required.

(c) Nothing in this subchapter shall prevent the Commissioner from issuing a certificate of approval for any application that the Commissioner finds may be approved as filed without further process.
8 V.S.A. § 10501 — VT Code / Title 8 / Chapter 200 / Section 10501
§ 10501. Basic banking
Status: in_force

It is the public policy of this State to promote the economic viability and prosperity of its residents and to promote, attract, and encourage savings. The General Assembly finds and declares that access to basic banking services for basic depository transactions is necessary for the payment of monthly expenses and for the encouragement of thrift by Vermont consumers. The General Assembly further finds and declares that reasonable cost basic banking services promote savings on the part of consumers who are young, old, or have low income and provide, through means of payment by check, draft, negotiable order of withdrawal, or similar instrument, a viable alternative for cash transactions, which is essential to all Vermont consumers. Therefore, it is the purpose of this chapter to ensure that basic banking services remain available to all Vermont consumers.
8 V.S.A. § 3768 — VT Code / Title 8 / Chapter 103 / Section 3768
§ 3768. Calculations of adjusted premiums by the nonforfeiture net level premium method
Status: in_force

(a)(1) This section shall apply to all policies issued on or after the operative date of this section. Except as provided in subsection (g) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impairments or special hazards and also excluding any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid-up nonforfeiture benefits, that the present value, at the date of issue of the policy, of all adjusted premiums shall be equal to the sum of:

(A) the then present value of the future guaranteed benefits provided for by the policy;

(B) one percent of either the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance at the beginning of each of the first 10 policy years; and

(C) 125 percent of the nonforfeiture net level premium as defined in this section.

(2) In applying the percentage specified in subdivision (1)(C) of this subsection, no nonforfeiture net level premium shall be deemed to exceed four percent of either the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance at the beginning of each of the first 10 policy years. The date of issue of a policy for the purpose of this section shall be the date as of which the rated age of the insured is determined.

(b) The nonforfeiture net level premium shall be equal to the present value, at the date of issue of the policy, of the guaranteed benefits provided for by the policy divided by the present value, at the date of issue of the policy, of an annuity of one per annum payable on the date of issue of the policy and on each anniversary of the policy on which a premium falls due.

(c) In the case of policies that cause, on a basis guaranteed in the policy, unscheduled changes in benefits or premiums, or that provide an option for changes in benefits or premiums, other than a change to a new policy, the adjusted premiums and present values shall be calculated initially on the assumption that future benefits and premiums do not change from those stipulated at the date of issue of the policy. At the time of any change in the benefits or premiums, the future adjusted premiums, nonforfeiture net level premiums and present values shall be recalculated on the assumption that future benefits and premiums do not change from those stipulated by the policy immediately after the change.

(d) Except as otherwise provided in subsection (g) of this section, the recalculated future adjusted premiums for any policy shall be the uniform percentage of the respective future premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impairments and special hazards, and also excluding any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid-up nonforfeiture benefits, that the present value, at the time of change to the newly defined benefits or premiums, of all such future adjusted premiums shall be equal to the excess of:

(1) the sum of:

(A) the then present value of the then future guaranteed benefits provided for by the policy; and

(B) the additional expense allowance, if any; over

(2) the then cash surrender value, if any, or present value of any paid-up nonforfeiture benefit under this policy.

(e) The additional expense allowance, at the time of the change to the newly defined benefits or premiums, shall be the sum of:

(1) one percent of the excess, if positive, of the average amount of insurance at the beginning of each of the first 10 policy years subsequent to the change over the average amount of insurance prior to the change at the beginning of each of the first 10 policy years subsequent to the time of the most recent previous change, or, if there has been no previous change, the date of issue of the policy; and

(2) 125 percent of the increase, if positive, in the nonforfeiture net level premium.

(f) The recalculated nonforfeiture net level premium shall be equal to the result obtained by dividing the sum arrived at under subdivision (1) of this subsection by the value specified in subdivision (2) of this subsection.

(1) As used in this subsection, “sum” means:

(A) the nonforfeiture net level premium applicable prior to the change times the present value of an annuity of one per annum payable on each anniversary of the policy on or subsequent to the date of the change on which a premium would have fallen due had the change not occurred; plus

(B) the present value of the increase in future guaranteed benefits provided for by the policy.

(2) As used in this subsection, “value” means the present value of an annuity of one per annum payable on each anniversary of the policy on or subsequent to the date of change on which a premium falls due.

(g) Notwithstanding any other provisions of this section to the contrary, in the case of a policy issued on a substandard basis that provides reduced graded amounts of insurance so that, in each policy year, the policy has the same tabular mortality cost as an otherwise similar policy issued on the standard basis that provides higher uniform amount of insurance, adjusted premiums and present values for the substandard policy may be calculated as if it were issued to provide higher uniform amounts of insurance on the standard basis.

(h) All adjusted premiums and present values referred to in this subchapter shall for all policies of ordinary insurance be calculated on the basis of the Commissioners' 1980 Standard Ordinary Mortality Table or, 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, shall for all policies of industrial insurance be calculated on the basis of the Commissioners' 1961 Standard Industrial Mortality Table, and shall for all policies issued in a particular calendar year be calculated on the basis of a rate of interest not exceeding the nonforfeiture interest rate as defined in this section, for policies issued in that calendar year, provided that:

(1) At the option of the company, calculations for all policies issued in a particular calendar year may be made on the basis of a rate of interest not exceeding the nonforfeiture interest rate, as defined in this section, for policies issued in the immediately preceding calendar year.

(2) Under a paid-up nonforfeiture benefit, including any paid-up dividend additions, any cash surrender value available, whether or not required by section 3762 of this subchapter, shall be calculated on the basis of the mortality table and rate of interest used in determining the amount of such paid-up nonforfeiture benefit and paid-up dividend additions, if any.

(3) A company may calculate the amount of any guaranteed paid-up nonforfeiture benefit, including any paid-up additions under the policy, on the basis of an interest rate no lower than that specified in the policy for calculating cash surrender values.

(4) In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners' 1980 Extended Term Insurance Table for policies of ordinary insurance and not more than the Commissioners' 1961 Industrial Extended Term Insurance Table for policies of industrial insurance.

(5) For insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on appropriate modifications of the aforementioned tables.

(6)(A) For policies issued prior to the operative date of the Valuation Manual defined in subchapter 4A or this chapter, any Commissioners' Standard Ordinary Mortality Tables, adopted after 1980 by the National Association of Insurance Commissioners, approved by rule adopted by the Commissioner for use in determining the minimum nonforfeiture standard may be substituted for the Commissioners' 1980 Standard Ordinary Mortality Table with or without 10-Year Select Mortality Factors or for the Commissioners' 1980 Extended Term Insurance Table.

(B) For policies issued on or after the operative date of the Valuation Manual, the Valuation Manual shall provide the Commissioners' Standard Mortality Table for use in determining the minimum nonforfeiture standard that may be substituted for the Commissioners' 1980 Standard Ordinary Mortality Table with or without 10-Year Select Mortality Factors or for the Commissioners' 1980 Extended Term Insurance Table. If the Commissioner adopts by rule a Commissioners' Standard Ordinary Mortality Table adopted by the NAIC for use in determining the minimum nonforfeiture standard for policies issued on or after the operative date of the Valuation Manual, then that minimum nonforfeiture standard supersedes the minimum nonforfeiture standard provided by the Valuation Manual.

(7)(A) For policies issued prior to the operative date of the Valuation Manual, any Commissioners' Standard Industrial Mortality Tables, adopted after 1980 by the NAIC, approved by rule adopted by the Commissioner for use in determining the minimum nonforfeiture standard may be substituted for the Commissioners' 1961 Standard Industrial Mortality Table or the Commissioners' 1961 Industrial Extended Term Insurance Table.

(B) For policies issued on or after the operative date of the Valuation Manual, the Valuation Manual shall provide the Commissioners' Standard Mortality Table for use in determining the minimum nonforfeiture standard that may be substituted for the Commissioners' 1961 Standard Industrial Mortality Table or the Commissioners' 1961 Industrial Extended Term Insurance Table. If the Commissioner adopts by rule a Commissioners' Standard Industrial Mortality Table adopted by the NAIC for use in determining the minimum nonforfeiture standard for policies issued on or after the operative date of the Valuation Manual, then that minimum nonforfeiture standard supersedes the minimum nonforfeiture standard provided by the Valuation Manual.

(i) The nonforfeiture interest rate is defined as follows:

(1) For policies issued prior to the operative date of the Valuation Manual, the nonforfeiture interest rate per annum for any policy issued in a particular calendar year shall be equal to 125 percent of the calendar year statutory valuation interest rate for such policy as defined under subchapter 4A of this chapter, rounded to the nearer one quarter of one percent, provided the nonforfeiture interest rate shall not be less than four percent.

(2) For policies issued on and after the operative date of the Valuation Manual, the nonforfeiture interest rate per annum for any policy issued in a particular calendar year shall be provided by the Valuation Manual.

(j) Notwithstanding any other provision of law to the contrary, any refiling of nonforfeiture values or their methods of computation for any previously approved policy form that involves only a change in the interest rate or mortality table used to compute nonforfeiture values shall not require refiling of any other provisions of that policy form.

(k) After the effective date of this section, any company may file with the Commissioner a written notice of its election to comply with the provision of this section after a specified date before January 1, 1989, which shall be the operative date of this section for the company. If a company makes no election, the operative date of this section for the company shall be January 1, 1989.
8 V.S.A. § 30301 — VT Code / Title 8 / Chapter 220 / Section 30301
§ 30301. Office hours
Status: in_force

(a) A credit union shall establish the days and hours its offices are open for business. The credit union's governing body is responsible for determining the scope of operations of each office, including the services to be provided and the days and hours of operation.

(b) A credit union shall post the days and hours of operation at or near the public entrances to its offices and shall provide customers with reasonable advance notice of reduction in services or hours of operation.

(c) Any act authorized, required, or permitted to be performed at, by, or with respect to any credit union on a day the credit union is closed may be performed on the next succeeding day the credit union is open for business, and liability or loss of rights of any kind to such credit union shall not result from this delay.

(d) A copy of such schedule of office hours shall be filed with the Commissioner.
8 V.S.A. § 2401 — VT Code / Title 8 / Chapter 77 / Section 2401
§ 2401. Definitions
Status: in_force

As used in this chapter:

(1) “Act as fiduciary” or “acting as a fiduciary” means to:

(A) accept or execute trusts, including to:

(i) act as trustee under a written agreement;

(ii) receive money or other property in its capacity as trustee for investment in real or personal property;

(iii) act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;

(iv) act as trustee of the estate of a deceased person; or

(v) act as trustee for a minor or incapacitated person;

(B) administer in any other fiduciary capacity real or tangible personal property; or

(C) act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.

(2) “Company” means corporation or limited liability company.

(3) “Independent trust company” means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.

(4) “Trust business” means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to act as a fiduciary in this or another state for hire or compensation.
8 V.S.A. § 3501 — VT Code / Title 8 / Chapter 101 / Section 3501
§ 3501. Life insurance and annuities
Status: in_force

For all life insurance policies and annuity contracts, the insurer shall maintain reserves as required by chapter 103, subchapter 4 of this title.
8 V.S.A. § 3617 — VT Code / Title 8 / Chapter 101 / Section 3617
§ 3617. Powers and duties of Commissioner
Status: in_force

(a) The Commissioner shall:

(1) notify the Association of the existence of an insolvent insurer not later than three days after he or she receives notice of the determination of the insolvency and furnish to the Association a copy of any complaint or order that was served on his or her office; and

(2) upon request of the Board of Directors, provide the Association with a statement of the net written premiums of each member insurer.

(b) The Commissioner may:

(1) Require that the Association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this subchapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.

(2) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer that fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $500.00 per month.

(3) Revoke the designation of any servicing facility if he or she finds claims are being handled unsatisfactorily.

(c) Any final action or order of the Commissioner under this subchapter shall be subject to judicial review by the Superior Court for the county in which the aggrieved party resides, or if a corporation, in which the principal office of the corporation is located, or if a nonresident, by the Superior Court for the County of Washington.
8 V.S.A. § 31702 — VT Code / Title 8 / Chapter 221 / Section 31702
§ 31702. Organization
Status: in_force

(a) Application to form a corporate credit union shall be made in writing to the Commissioner. A corporate credit union shall be organized and operated under the provisions of this part, except to the extent such provisions are not consistent with this subchapter.

(b) A corporate credit union shall use the word “corporate” in its name.
8 V.S.A. § 3913 — VT Code / Title 8 / Chapter 105 / Section 3913
§ 3913. Bylaws to be filed
Status: in_force

There shall be filed with such declaration a copy of the bylaws of such corporation, together with the names and post office addresses of the officers and directors thereof for the first year, and such other information as the Commissioner shall require.
8 V.S.A. § 3441 — VT Code / Title 8 / Chapter 101 / Section 3441
§ 3441. Formation of a mutual insurance holding company
Status: in_force

(a) A domestic mutual insurance company, upon approval of the Commissioner, may reorganize by forming an insurance holding company based upon a mutual plan and continue the corporate existence of the reorganizing insurance company as a stock insurance company subsidiary of the mutual insurance holding company. The mutual insurance company shall file with the Commissioner the plan of reorganization, proposed amended and restated charters for the mutual holding company and the insurance company, and such other relevant information as the Commissioner shall require. The Commissioner shall, in accordance with section 3305 of this title, make a determination as to the general good of the proposed reorganization. The Commissioner may, in his or her discretion, conduct a single public hearing as provided by section 3305 of this title to consider the formation of the mutual holding company and stock insurance company. The Commissioner shall, within 90 days, approve any proposed mutual holding company formation unless the Commissioner finds:

(1) disapproval is necessary to prevent practices that will cause financial impairment to the mutual insurance company or proposed stock company;

(2) the financial or management resources of the mutual insurance company warrant disapproval;

(3) the mutual insurance company fails to furnish the information required by this section;

(4) the mutual insurance company fails to provide certified copies of the approval of its plan of reorganization by two-thirds of its board of directors; or

(5) the proposed reorganization would be unfair to policyholders.

(b) All of the initial shares of the capital stock of the reorganized insurance company shall be issued to the mutual insurance holding company or to a stock insurance holding company that is wholly owned by the mutual insurance holding company. The membership interests of the policyholders of the reorganized insurance company shall become membership interests in the mutual insurance holding company. Policyholders of the reorganized insurance company shall be members of the mutual insurance holding company in accordance with the articles of incorporation and bylaws of the mutual insurance holding company. The mutual insurance holding company shall at all times own, directly or indirectly, a majority of the voting shares of the capital stock of the subsidiary stock insurance company. For purposes of this subchapter, “stock insurance holding company” means a corporation at least a majority of the voting shares of that is owned, directly or through another stock insurance holding company, by a mutual insurance holding company and that holds, directly or indirectly, all the voting shares of the reorganized insurer.

(c) Reorganization of the domestic mutual insurance company shall be subject to approval of its members or policyholders in accordance with section 3427 of this title and dissenting members or policyholders may petition the Commissioner in accordance with section 3429 of this title, except the request for a hearing must be filed within 30 days of the giving of notice to policyholders of their right to dissent after the regular or special meeting of the policyholders at which the reorganization was approved; provided, however, that no notice is required to be sent to policyholders who voted in favor of the reorganization.

(d) Notwithstanding the provisions of subsection (a) of this section, the Commissioner, in his or her discretion, may disapprove any proposed mutual holding company formation if he or she determines that the proposal is contrary to the financial interests of the policyholders.
8 V.S.A. § 2759a — VT Code / Title 8 / Chapter 83 / Section 2759a
§ 2759a. Rescission
Status: reserved

(a) Debtor's right to cancel.

(1) In addition to any other right to revoke the contract, the debtor may cancel the debt adjustment contract until midnight of the third business day after the date on which the debtor signed the debt adjustment contract.

(2) Cancellation occurs when notice of cancellation is given to the licensee.

(3) Notice of cancellation, if given by mail, shall be deemed given when deposited in a mailbox properly addressed and postage prepaid.

(4) Notice of cancellation need not take any prescribed form and shall be sufficient if it indicates the intention of the debtor not to be bound.

(b) Disclosure obligations.

(1) The licensee shall furnish the debtor with a fully completed copy of the contract at the time the debtor signs the debt adjustment contract. The copy of the contract shall show the date of the debt adjustment contract, shall contain the name and address of the licensee, and in immediate proximity to the space reserved in the contract for the signature of the debtor and in boldface type of a minimum size of 10 points, a statement in substantially the following form:

You may cancel this transaction at any time prior to midnight of the third business day after the date of this contract. See the attached notice of cancellation for an explanation of this right.

(2) The licensee shall furnish a notice of cancellation to the debtor at the time the debtor signs the debt adjustment contract, which notice shall be attached to the contract and shall be easily detachable.

(A) The notice of cancellation shall contain the following information and statements, printed in not less than 10 point boldface type:

NOTICE OF CANCELLATION

(enter date of transaction)

.................................................

(date)

You may cancel this transaction, without any penalty or obligation, within three business days from the above date.

If you cancel, any payments made by you under the contract will be returned within 10 business days following our receipt of your cancellation notice.

To cancel the debt adjustment contract, return a signed and dated copy of this cancellation notice or any other written notice, using first-class mail or email, to ............................................. at

(name of licensee)

.........................................

(address of licensee's place of business)

(email address of licensee)

not later than midnight of .......................................................

(date)

I hereby cancel this transaction.

.......................

(date)

.................................

(debtor's signature)

(B) Before furnishing copies of the “Notice of Cancellation” to the debtor, the licensee shall complete both copies by entering the name of the licensee, the address of the licensee's place of business, the date of the contract, and the date, not earlier than the third business day following the date of the transaction, by which the debtor may give notice of cancellation.

(C) The licensee shall leave the “Notice of Cancellation” with the debtor.

(D) In addition to the written notice of cancellation, the licensee shall orally inform the debtor of his or her right to cancel at the time of the debt adjustment contract.

(3) Until the licensee has complied with this subsection, the debtor may cancel the debt adjustment contract by notifying the licensee in any manner and by any means of the debtor's intention to cancel. The cancellation period of three business days shall begin to run from the time the licensee complies with this subsection.

(c) Restoration of payments. Within 10 days after the debt adjustment contract has been cancelled, the licensee shall tender to the debtor any payments made by the debtor.

(d) If the debt adjustment contract is principally negotiated in a language other than English, all of the disclosures required by this section shall be given in that language.

(e) If the debtor is unable to write in his or her own handwriting, any of the statements required to be written by the debtor under this section shall be handwritten by a member of the debtor's household at the request of the debtor. If there is no other member of the debtor's household, such statements must be written by the licensee, at the request of the debtor, and the effect of such statements shall be orally explained to the debtor by the licensee.

(f) Use of the cancellation provision provided for in this section shall not prevent any other action being taken under this chapter or otherwise against such licensee.
8 V.S.A. § 3437 — VT Code / Title 8 / Chapter 101 / Section 3437
§ 3437. Redomestication; approval as a domestic insurer
Status: in_force

Any foreign or alien insurer may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type, and by filing with the Secretary of State its articles of association, charter, or other organization document, together with appropriate amendments thereto adopted in accordance with the laws of this State bringing such articles of association, charter, or other organizational document into compliance with the laws of this State, along with a certificate of general good issued by the Commissioner. Said domestic insurer shall be entitled to the necessary or appropriate certificates and licenses to continue its business and to transact business in this State, and shall be subject to the authority and jurisdiction of this State. In connection with any such redomestication, the Commissioner may waive any and all requirements for public hearings, including those relating to the amendment of an insurer's articles of association and that required by section 3305 of this title. No insurer redomesticating into this State need merge, consolidate, transfer assets, or otherwise engage in any other reorganization, other than as specified in this section.
8 V.S.A. § 4982 — VT Code / Title 8 / Chapter 137 / Section 4982
§ 4982. Creation of Vermont joint underwriting associations
Status: in_force

(a) The Commissioner is hereby authorized, under the terms of this chapter, to establish one or more Vermont joint underwriting associations. The purpose of any such association shall be to provide insurance on a self-supporting basis without subsidy from its members. No such association formed pursuant to this chapter shall be formed for the purpose of providing coverage for pollution exposures.

(b) Each insurer authorized to write, and engaged in writing within this State, property and casualty insurance shall be a member of an association established under this chapter by the Commissioner and shall remain a member as a condition of its authority to write such insurance within this State, except that the Commissioner may exclude classes of insurers for administrative convenience or because it is not practicable to require them to participate.

(c) An association shall be a temporary, nonexclusive, nonprofit unincorporated association constituting a legal entity separate and distinct from its members. All funds and reserves of an association shall be separately held and invested.

(d) An association shall not commence or resume after suspension any of its underwriting operations until the Commissioner, after due hearing and investigation, determines, and the emergency board approves such determination, that a voluntary market of insurance does not exist and that a voluntary market assistance plan has failed to restore availability of the needed insurance coverages. Upon such determination, an association shall be authorized to engage in the underwriting of any specific line of insurance determined to be unavailable in the voluntary market. If, after an association commences its operation, the Commissioner determines that insurance can be made available in the voluntary market, he or she shall suspend the operation of the association. The Commissioner may re-establish the association's operations if he or she finds after due hearing and investigation that the insurance industry has failed to provide a voluntary market for the specific line of insurance underwritten through the association.

(e) An association shall, subject to the terms and conditions of this chapter, have power on behalf of its members to:

(1) Issue, or to cause to be issued, policies of insurance to qualified applicants, including incidental coverages and subject to limits as specified in the plan of operation. Coverages under such policies may be made available as primary or excess protection.

(2) Underwrite and otherwise service such policies of insurance and adjust and pay losses with respect thereto, or appoint service companies or associations to perform those functions.

(3) Assume or cede 100 percent reinsurance or a lesser percentage on any policy underwritten by the association.
8 V.S.A. § 4592 — VT Code / Title 8 / Chapter 125 / Section 4592
§ 4592. Exempt organizations
Status: in_force

Fraternal benefit societies and life or accident insurance companies are not affected by this chapter.
8 V.S.A. § 5104 — VT Code / Title 8 / Chapter 139 / Section 5104
§ 5104. Filing and approval of rates and forms; supplemental orders
Status: in_force

(a)(1) A health maintenance organization that has received a certificate of authority under section 5102 of this title shall file and obtain approval of all policy forms and rates as provided in sections 4026 and 4027 of this title. This requirement shall include the filing of administrative retentions for any business in which the organization acts as a third-party administrator or in any other administrative processing capacity. The Commissioner or the Green Mountain Care Board, as appropriate, may request and shall receive any information that the Commissioner or the Board deems necessary to evaluate the filing. In addition to any other information requested, the Commissioner or the Board shall require the filing of information on costs for providing services to the organization's Vermont members affected by the policy form or rate, including Vermont claims experience, and administrative and overhead costs allocated to the service of Vermont members. Prior to approval, there shall be a public comment period pursuant to section 4026 of this title. A health maintenance organization shall file a summary of rate filings pursuant to section 4026 of this title.

(2) The Commissioner or the Board shall refuse to approve the form of evidence of coverage, filing, or rate if it contains any provision that is unjust, unfair, inequitable, misleading, or contrary to the law of the State or plan of operation, or if the rates are excessive, inadequate, or unfairly discriminatory, fail to protect the organization's solvency, or fail to meet the standards of affordability, promotion of quality care, and promotion of access pursuant to section 4026 of this title. No evidence of coverage shall be offered to any potential member unless the person making the offer has first been licensed as an insurance agent in accordance with chapter 131 of this title.

(b) In connection with a rate decision, the Board may also make reasonable supplemental orders and may attach reasonable conditions and limitations to such orders as the Board finds, on the basis of competent and substantial evidence, necessary to ensure that benefits and services are provided at reasonable cost under efficient and economical management of the organization. The Commissioner and, except as otherwise provided by 18 V.S.A. §§ 9375 and 9376, the Green Mountain Care Board shall not set the rate of payment or reimbursement made by the organization to any physician, hospital, or health care provider.
8 V.S.A. § 4180 — VT Code / Title 8 / Chapter 112 / Section 4180
§ 4180. Plan of operation
Status: in_force

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

(2) If the Association fails to submit a suitable plan of operation within 120 days following the effective date of this chapter or if at any time thereafter the Association fails to submit suitable amendments to the plan, the Commissioner shall, after notice and hearing, adopt such reasonable rules as are necessary or advisable to effectuate the provisions of this chapter. Such rules shall continue in force until modified by the Commissioner or superseded by a plan submitted by the Association and approved by the Commissioner.

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

(c) The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:

(1) establish procedures for handling the assets of the Association;

(2) establish the amount and method of reimbursing members of the Board of Directors under section 4177 of this chapter;

(3) establish regular places and times including virtual conference calls for meetings of the Board of Directors;

(4) establish procedures for records to be kept of all financial transactions of the Association, its agents, and the Board of Directors;

(5) establish the procedures whereby selections for the Board of Directors will be made and submitted to the Commissioner;

(6) establish any additional procedures for assessments under section 4179 of this chapter;

(7) contain additional provisions necessary or proper for the execution of the powers and duties of the Association;

(8) establish procedures whereby a Director may be removed for cause, including in the case where a member insurer Director becomes an impaired or insolvent insurer; and

(9) require the Board of Directors to establish a policy and procedures for addressing conflicts of interests.

(d) The plan of operation may provide that any or all powers and duties of the Association, except those under subdivision 4178(l)(3) and section 4179 of this chapter, are delegated to a corporation, association, or other organization that performs or will perform functions similar to those of this Association, or its equivalent in two or more states. Such a corporation, association, or organization shall be reimbursed for any payments made on behalf of the Association and shall be paid for its performance of any function of the Association. A delegation under this subsection shall take effect only with the approval of both the Board of Directors and the Commissioner, and may be made only to a corporation, association, or organization that extends protection not substantially less favorable and effective than that provided by this chapter.
8 V.S.A. § 3791p — VT Code / Title 8 / Chapter 103 / Section 3791p
§ 3791p. Experience reporting for policies in force on or after the operative date of the valuation manual
Status: in_force

A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the Valuation Manual.
8 V.S.A. § 31309 — VT Code / Title 8 / Chapter 221 / Section 31309
§ 31309. Oaths of office; certificate of election
Status: in_force

(a) Within 10 days after election to any position, each person so elected or appointed shall execute an oath of office by which he or she agrees to accept, and diligently and faithfully to carry out, the duties and responsibilities of the position to which he or she has been elected and not negligently or willfully to violate, or permit to be violated, any provision of this title or the bylaws of the credit union.

(b) The chairperson of the governing body and the secretary shall execute a certificate of election, which shall set forth the names and addresses of the officers, directors, and committee members elected or appointed.

(c) The oath of office and the certificate of election shall be executed on forms prepared by the Department, and one copy of each shall be filed with the Department within 15 days after the election or appointment.