8 V.S.A. § 3820 — VT Code / Title 8 / Chapter 103 / Section 3820
§ 3820. Conversion on termination of eligibility
Status: in_force

There shall be a provision that if the insurance, or any portion of it, on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be entitled to have issued to him or her by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits, provided application for the individual policy shall be made, and the first premium paid to the insurer, within 31 days after such termination, and provided further that:

(1) The individual policy shall, at the option of such person, be on any one of the forms, except term insurance, then customarily issued by the insurer at the age and for the amount applied for.

(2) The individual policy shall be in an amount not in excess of the amount of life insurance that ceases because of such termination less the amount of any life insurance for which such person is or becomes eligible under the same or any other group policy within 31 days after such termination, provided that any amount of insurance that shall have matured on or before the date of such termination as an endowment payable to the person insured, whether in one sum or in installments or in the form of an annuity, shall not, for the purposes of this provision, be included in the amount that is considered to cease because of such termination.

(3) The premium on the individual policy shall be at the insurer's then customary rate applicable to the form and amount of the individual policy, to the class of risk to which such person then belongs, and to his or her age attained on the effective date of the individual policy.
8 V.S.A. § 3771 — VT Code / Title 8 / Chapter 103 / Section 3771
§ 3771. Consistency of progression of cash surrender values with increasing policy duration
Status: in_force

(a) This section, in addition to all other applicable sections of this chapter, shall apply to all policies issued on or after January 1, 1987. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary shall be in an amount that does not differ by more than two-tenths of 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, from the sum of:

(1) the greater of zero and the basic cash value specified in this section; and

(2) the present value of any existing paid-up additions less the amount of any indebtedness to the company under the policy.

(b) The basic cash value shall be equal to the present value, on such anniversary, of the future guaranteed benefits that would have been provided for by the policy, excluding any existing paid-up additions and before deduction of any indebtedness to the company, if there had been no default, less the then present value of the nonforfeiture factors, as defined in this subchapter, corresponding to premiums that would have fallen due on and after the anniversary. The effects on the basic cash value of supplemental life insurance or annuity benefits or of family coverage, as described in section 3763 or 3765 of this subchapter, whichever is applicable, shall be the same as the effects specified in those sections, as applicable, on the cash surrender values defined therein.

(c) The nonforfeiture factor for each policy year shall be an amount equal to a percentage of the adjusted premium for the policy year, as defined in section 3765 or section 3768 of this subchapter, as applicable, except that the percentage:

(1) must be the same percentage for each policy year between the second policy anniversary and the later of:

(A) the fifth policy anniversary; or

(B) the first policy anniversary at which there is available under the policy a cash surrender value in an amount, before including any paid-up additions and before deducting any indebtedness, of at least two-tenths of 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

(2) must be such that no percentage after the later of the two policy anniversaries specified in subsection (a) of this section may apply to fewer than five consecutive policy years.

(d) Basic cash value shall not be less than the value that would be obtained if the adjusted premiums for the policy, as defined in section 3768 of this subchapter, were substituted for the nonforfeiture factors in the calculation of the basic cash value.

(e) All adjusted premiums and present values referred to in this section shall for a particular policy be calculated on the same mortality and interest bases as are used in demonstrating the policy's compliance with the other sections of this subchapter. The cash surrender values referred to in this section shall include any endowment benefits provided for by the policy.

(f) A cash surrender value available other than in the event of default in a premium payment due on a policy anniversary, and the amount of any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment shall be determined in manners consistent with the manners specified for determining the analogous minimum amounts in sections 3762, 3763, 3764, 3768, and 3770 of this subchapter. The amounts of any cash surrender values and of any paid-up nonforfeiture benefits granted in connection with additional benefits such as those listed in subdivisions 3770(1)-(6) of this subchapter shall conform with the principles of this section.
8 V.S.A. § 10403 — VT Code / Title 8 / Chapter 200 / Section 10403
§ 10403. Prohibition on discrimination based on sex, marital status, race, color, religion, national origin, age, sexual orientation, gender identity, or disability
Status: in_force

(a) Discrimination prohibited. No financial institution shall discriminate against any applicant for credit services on the basis of the sex, marital status, race, color, religion, national origin, age, sexual orientation, gender identity, or disability of the applicant, provided the applicant has the legal capacity to contract.

(b) Rulemaking. The Department of Financial Regulation shall adopt rules necessary to carry out the provisions of this section.

(c) Definitions. As used in this section:

(1) “Adverse action” means denial, revocation, or termination of credit services. The term does not include a change in the terms of an account expressly agreed to by an applicant nor any action or forbearance relating to an account taken in connection with inactivity, default, or delinquency as to that account.

(2) “Applicant” means any person who applies to a financial institution directly for an extension, renewal, or continuation of credit or applies to a financial institution indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.

(3) “Application” means an oral or written request for an extension of credit that is made in accordance with procedures established by a financial institution for the type of credit requested. The term does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. A completed application means an application in connection with which a financial institution has received all the information that the financial institution regularly obtains and considers in evaluating applications for the amount and type of credit requested, including credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral. The financial institution shall exercise reasonable diligence in obtaining such information.

(4) “Credit services” means credit cards, personal loans, mortgage loans, and commercial loans.

(5) “Financial institutions” means Vermont financial institutions, credit unions, and licensed lenders.

(6) “Disability” applied to an applicant means a person with a disability as defined in 21 V.S.A. § 495d(5). As used in this section, an applicant with a disability does not include an alcoholic or drug abuser who, by reason of current alcohol or drug use, constitutes an unacceptable credit risk.

(7) “Person” means a natural person, a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, association, or other entity.

(d) Notification requirements.

(1) Within 30 days of reaching a decision on a completed application, a financial institution shall notify the applicant of its decision on the application.

(2) Each applicant against whom adverse action is taken shall receive a written statement of reasons for such action from the financial institution.

(3) For commercial credit only, a statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action taken and cites the specific documentation or business judgment that supports the adverse decision on the application. Consumer credit shall be governed by the Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.) and regulations adopted pursuant to the Act.

(4) Financial institutions shall be required to maintain a copy of all “statements of reasons” and the documentation upon which the decision was based for 24 months after the date of issuance.

(e) Civil enforcement. A financial institution that discriminates against an applicant in violation of this section shall be liable to the applicant for punitive damages, for actual damages sustained by the applicant as a result of the discrimination, and for costs and reasonable attorney's fees as determined by the court.
8 V.S.A. § 7079 — VT Code / Title 8 / Chapter 145 / Section 7079
§ 7079. Claims of surety
Status: in_force

Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he or she discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him or her in trust for such other person. The term “other person,” as used in this section, does not apply to a guaranty association or foreign guaranty association.
8 V.S.A. § 4371 — VT Code / Title 8 / Chapter 117 / Section 4371
§ 4371. Investments
Status: in_force

The funds of such association shall be invested by the directors in the same class of securities in which the funds of insurance companies may be lawfully invested.
8 V.S.A. § 17201 — VT Code / Title 8 / Chapter 207 / Section 17201
§ 17201. Mergers and consolidations; investor-owned institutions
Status: in_force

(a) General. Any two or more investor-owned institutions may merge or consolidate into one investor-owned Vermont financial institution in accordance with the procedures, and subject to the conditions and limitations, set forth in this subchapter.

(b) Adoption of plan. The governing body of each participating institution shall adopt, by a majority vote or higher if required by its organizational documents, a plan of merger, or consolidation on such terms as mutually agreed upon. The plan shall include:

(1) The names of the participating institutions and their locations.

(2) With respect to the resulting institution: the name and location of its principal office, branch offices, and facilities; the name, address, and occupation of each director who is to serve until the next annual meeting of the investors; the name and address of each officer.

(3) The amount of capital, the number and the par value of each class of equity interest, and provisions governing the manner and basis of converting the equity interests of the participating institutions into equity interests or other securities of the resulting institution and, if any equity interests of any of the participating institutions are not to be converted solely into equity interests or other securities of the resulting institution, provisions governing the amount of cash, property, rights, or securities of any other institution or corporation that is to be paid or delivered to the holders of the equity interests in exchange for or upon surrender of the equity interests. The cash, property, rights, or securities of any other institution or corporation may be in addition to or in lieu of the equity interests or securities of the resulting institution.

(4) The amendments required to be made to the resulting institution's organizational documents.

(5) A statement that the agreement is subject to approval of the Commissioner and of the investors of each participating institution.

(6) Provisions, if applicable, governing the manner of disposing of equity interests of the resulting institution not taken by dissenting investors of the participating institutions.

(7) The anticipated effective date of such merger or consolidation.

(8) Such other provisions and details as may be necessary to perfect the merger or consolidation or as may be required by the Commissioner.

(c) Commissioner's approval. The Commissioner shall approve the plan of merger or consolidation in accordance with subsection 17101(b) of this title.

(d) Vote of investors. The plan of merger or consolidation, as approved by the Commissioner, shall be submitted to the investors of the participating institutions for their approval at an annual meeting, or at a special meeting called for that purpose, in accordance with subsection 17101(c) of this title. Notice of the proposed transaction and of dissenters' rights, if any, shall be given in accordance with applicable provisions of the charter and bylaws of the participating institutions and applicable provisions of Title 11 or 11A.

(e) Executed plan; certificate; effective date. The executed plan certificate and effective date shall be in accordance with subsection 17101(d) of this title.

(f) National financial institution as participant. If one of the parties to a merger or consolidation with a Vermont financial institution is an investor-owned national financial institution, the participants shall comply with all requirements imposed by federal law for such merger, share exchange, or consolidation in addition to the requirements contained in this title and shall provide evidence of such compliance to the Commissioner.
8 V.S.A. § 4077 — VT Code / Title 8 / Chapter 107 / Section 4077
§ 4077. Reproductive health care services
Status: in_force

(a)(1) A health insurance plan shall provide coverage for outpatient contraceptive services including sterilizations, and shall provide coverage for the purchase of all prescription contraceptives and prescription contraceptive devices approved by the U.S. Food and Drug Administration (FDA), except that a health insurance plan that does not provide coverage of prescription drugs is not required to provide coverage of prescription contraceptives and prescription contraceptive devices.

(2) A health insurance plan providing coverage required under this section shall not establish any rate, term, or condition that places a greater financial burden on a covered individual for access to contraceptive services, prescription contraceptives, and prescription contraceptive devices than for access to treatment, prescriptions, or devices for any other health condition.

(b) A health insurance plan shall provide coverage without any deductible, coinsurance, co-payment, or other cost-sharing requirement for at least one drug, device, or other product within each method of contraception for women identified by the FDA and prescribed by a covered individual's health care professional.

(1) The coverage provided pursuant to this subsection shall include patient education and counseling by the covered individual's health care provider regarding the appropriate use of the contraceptive method prescribed.

(2)(A) If there is a therapeutic equivalent of a drug, device, or other product for an FDA-approved contraceptive method, a health insurance plan may provide coverage for more than one drug, device, or other product and may impose cost-sharing requirements as long as at least one drug, device, or other product for that method is available without cost sharing.

(B) If a covered individual's health care professional recommends a particular service or FDA-approved drug, device, or other product for the covered individual based on a determination of medical necessity, the health insurance plan shall defer to the health care professional's determination and judgment and shall provide coverage without cost sharing for the drug, device, or product prescribed by the health care professional for the covered individual.

(c) A health insurance plan shall provide coverage for voluntary sterilization procedures for men and women without any deductible, coinsurance, co-payment, or other cost-sharing requirement, except to the extent that such coverage would disqualify a high-deductible health plan from eligibility for a health savings account pursuant to 26 U.S.C. § 223.

(d) A health insurance plan shall provide coverage without any deductible, coinsurance, co-payment, or other cost-sharing requirement for clinical services associated with providing the drugs, devices, products, and procedures covered under this section and related follow-up services, including management of side effects, counseling for continued adherence, and device insertion and removal.

(e)(1) A health insurance plan shall provide coverage for a supply of prescribed contraceptives intended to last over a 12-month duration, which may be furnished or dispensed all at once or over the course of the 12 months at the discretion of the health care provider. The health insurance plan shall reimburse a health care provider or dispensing entity per unit for furnishing or dispensing a supply of contraceptives intended to last for 12 months.

(2) This subsection 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.

(f) Benefits provided under this section shall be the same for individuals covered under the health insurance plan.

(g) The coverage requirements of this section shall apply to self-administered hormonal contraceptives prescribed for a covered individual by a pharmacist in accordance with 26 V.S.A. § 2023. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3714 — VT Code / Title 8 / Chapter 103 / Section 3714
§ 3714. Life policy as separate property of married woman
Status: in_force

Every policy of life insurance heretofore or hereafter made payable to or for the benefit of a married woman, or after its issue heretofore or hereafter assigned, transferred or in any way made payable to a married woman, or to any person in trust for her or for her benefit, whether procured by herself, her husband, or any other person, and whether the assignment or transfer is made by her husband, or by any other person, shall, unless contrary to the terms of the policy, inure to her separate use and benefit.
8 V.S.A. § 4840 — VT Code / Title 8 / Chapter 132 / Section 4840
§ 4840. Attorney's bond
Status: in_force

(a) Concurrently with the filing of the declaration provided for in section 4836 of this title, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this State for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond which shall be executed by the attorney and by an authorized corporate surety, and which shall be in the form as set forth in subsection (b) of this section. The bond shall be executed subject to the Commissioner's approval.

(b) The bond shall be in the penal sum of $250,000.00 aggregate in form, conditioned that the attorney will faithfully account for all monies and other property of the insurer coming into his or her hands, and that he or she will not withdraw or appropriate to his or her own use from the funds of the insurer, any monies or property to which he or she is not entitled under the power of attorney.

(c) The bond shall provide that it is not subject to cancellation unless 30 days' notice in writing of cancellation is given both the attorney and the Commissioner.

(d) The Commissioner may waive or reduce the requirements of this section for an attorney that is under common ownership or control with a reciprocal insurer. The Commissioner may reduce by 50 percent the bond amount required by this section for an attorney that is not under common ownership or control with a reciprocal insurer if the Commissioner finds sufficient evidence of financial responsibility, notwithstanding the reduction of the bond amount.
8 V.S.A. § 4365 — VT Code / Title 8 / Chapter 117 / Section 4365
§ 4365. Policies
Status: in_force

A policy shall not be issued by such association until membership in such number and with such numbers of employees as the Commissioner may decide will give a fair diffusion of risks shall have obligated themselves to take policies immediately upon their authorization, nor shall a policy be issued except such as the Commissioner shall have approved as conforming in all respects to the requirements of the law relating to such associations. If, at any time by the retirement of members, reduction of numbers of employees, or other cause the membership of any association shall appear to the Commissioner no longer to afford a fair diffusion of risks, he or she may suspend or forbid the further issue of policies until the former conditions of the association have been restored.
8 V.S.A. § 4833 — VT Code / Title 8 / Chapter 132 / Section 4833
§ 4833. Insuring powers of reciprocals
Status: in_force

(a) A reciprocal insurer may, upon qualifying therefor as provided for by this title, transact any kind or kinds of insurance defined by this title, other than life or title insurances.

(b) Such an insurer may purchase reinsurance upon the risk of any subscriber or subscribers, and may assume or cede reinsurance as to any kind of insurance it is authorized to transact direct.
8 V.S.A. § 3314 — VT Code / Title 8 / Chapter 101 / Section 3314
§ 3314. Annual financial statements; reports; filing fee
Status: in_force

Notwithstanding any other provision of law, any insurer, of whatever form and description other than captive insurance companies organized under chapter 141 of this title, that is required by statute to file an annual statement or report of financial condition, shall pay a fee of $100.00 for filing its statement or report with the Commissioner.
8 V.S.A. § 2760c — VT Code / Title 8 / Chapter 83 / Section 2760c
§ 2760c. Financial privacy
Status: in_force

The licensee shall be subject to and shall comply with subchapter 2 of chapter 200 of this title and any rules or regulations adopted in connection therewith.
8 V.S.A. § 11205 — VT Code / Title 8 / Chapter 201 / Section 11205
§ 11205. Emergency closing by financial institution
Status: in_force

(a) If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal banking transactions or the safety and welfare of a Vermont or state depository institution's plant, assets, or personnel, the financial institution officer or official in charge of any office open to the public may determine not to open the office so threatened or close the same, if open. The financial institution shall notify the Commissioner of the emergency closing, as soon as reasonably possible. In no case, however, shall the office or offices closed under this section remain closed for more than two consecutive business days commencing the day following closure, except as otherwise provided by law, unless the Governor or Commissioner shall expressly authorize and sanction the same.

(b) An emergency closing pursuant to this section, including the hours of any extension sanctioned by the Governor or Commissioner, shall be lawful and the time of such closing, including any partial day before a closing, shall be considered a holiday and not a banking day. Nevertheless, the transaction of any banking business shall be valid and have the same effect as if performed during special hours on other than a banking day in accordance with section 11203 of this title.
8 V.S.A. § 31703 — VT Code / Title 8 / Chapter 221 / Section 31703
§ 31703. Membership
Status: in_force

(a) Membership in the corporate credit union may consist of Vermont-chartered credit unions, any other state-chartered credit union, any federally chartered credit union, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation.

(b) A member of the corporate credit union shall designate one person to be its authorized representative to attend meetings of the corporate credit union and to vote on behalf of the member. A credit union member of the corporate credit union may only designate a member of its own credit union as its authorized representative. No person may serve as the authorized representative of more than one member of the corporate credit union.
8 V.S.A. § 4259 — VT Code / Title 8 / Chapter 114 / Section 4259
§ 4259. Termination and modification requirements
Status: in_force

Notwithstanding any other provision of law, the terms for the termination or modification of a policy of portable electronics insurance shall be as set forth in the policy.
8 V.S.A. § 32211 — VT Code / Title 8 / Chapter 222 / Section 32211
§ 32211. Applicability of other laws
Status: in_force

The provisions of subsection 11501(c) (examination) and section 14212 (joint fiduciary accounts) of this title shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 19202 — VT Code / Title 8 / Chapter 209 / Section 19202
§ 19202. Conservation of assets
Status: in_force

Under the direction of the Commissioner, the conservator shall take possession of the books, records, and assets of every description of the Vermont financial institution and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law.
8 V.S.A. § 4818 — VT Code / Title 8 / Chapter 131 / Section 4818
§ 4818. Contract required
Status: in_force

(a) No person shall transact business with a managing general agent, a reinsurance intermediary-manager, or a controlling producer as qualified by section 4816 of this title unless there is in force a written contract between the parties that sets forth the respective responsibilities of each party and, where both parties share responsibility for a particular function, specifies the division of such responsibilities. The contract must be approved by the board of directors of a reinsurer represented by a reinsurance intermediary-manager or the board of directors of a controlled insurer. At least 30 days before such reinsurer assumes or cedes business through such manager, or reinsurance intermediary, a true copy of the approved contract shall be filed with the Commissioner for approval.

(b) The contract required under subsection (a) of this section shall contain the following minimum provisions:

(1) The contract may be terminated by the insurer or reinsurer for cause upon written notice.

(2) The authority to write business, underwrite, assume, or cede business, or settle claims may be suspended by the insurer or reinsurer during the pendency of any dispute regarding the cause for termination.

(3) All funds due under the contract shall be remitted not less than monthly together with an accounting; however, the due date shall be fixed so that premiums or installments thereof collected shall be remitted not later than 90 days after the effective date of any policy for which the funds are collected.

(4) All funds collected for an insurer or reinsurer under the contract shall be held in a fiduciary capacity in a financial institution approved by the Commissioner; however, funds of a controlling producer not required to be licensed in this State shall be maintained in compliance with the requirements of the controlling producer's domiciliary jurisdiction.

(5) Separate records of all business written under the contract shall be maintained. The contracting insurer or reinsurer shall have access to and the right to copy all accounts and records related to its business in a form usable by the insurer or reinsurer.

(6) The contract may not be assigned in whole or in part.

(7) The required use of underwriting, rating, or reinsurance underwriting standards formulated by the insurer or reinsurer when underwriting or reinsurance underwriting authority is transferred to a party to the contract.

(8) The required use of a claims handling or settlement procedure formulated by the insurer or reinsurer when claims handling or settlement authority is transferred to a party to the contract.

(9) The insurer shall have the right to cancel or nonrenew any policy of insurance subject to any applicable laws and regulations.

(10) The required use of written standards established by the insurer for the cession or retrocession of all risks when ceding or retroceding authority is transferred to a party to the contract.

(11) The managing general agent, reinsurance intermediary-manager, or controlling producer shall not bind or cede reinsurance on behalf of the insurer, reinsurer, or controlled insurer, except for facultative reinsurance contracts pursuant to obligatory facultative agreements if the contract contains reinsurance underwriting guidelines for reinsurance ceded and assumed. The guidelines must list the reinsurers with which such automatic agreements are in effect, the coverages and amounts or percentages that may be reinsured, and commission schedules.

(c) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:

(1) The insurer may terminate the reinsurance intermediary broker's authority at any time.

(2) The reinsurance intermediary broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the reinsurance intermediary broker, and remit all funds due to the insurer within 30 days of receipt.

(3) All funds collected for the insurer's account will be held by the reinsurance intermediary broker in a fiduciary capacity in a financial institution approved by the Commissioner.

(4) The reinsurance intermediary broker will comply with subsection 4821(c) of this title.

(5) The reinsurance intermediary broker will comply with the written standards established by the insurer for the cession or retrocession of all risks.

(6) The reinsurance intermediary broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
8 V.S.A. § 7010 — VT Code / Title 8 / Chapter 143 / Section 7010
§ 7010. Return premiums
Status: in_force

Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract directly to the insurance premium finance company for the account of the insured or insureds as soon as reasonably possible, but in no event shall the period for payment exceed 60 days after the effective date of cancellation of the insurance contract. In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the insurance premium finance company shall refund such excess to the insured provided that no such refund shall be required if it amounts to less than $1.00, unless specifically requested by the insured.
8 V.S.A. § 4493 — VT Code / Title 8 / Chapter 121 / Section 4493
§ 4493. Investments
Status: in_force

A society shall invest its funds only in such investments as are authorized by the laws of this State for the investment of assets of life insurance companies and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this State that invests its funds in accordance with the laws of the State, district, territory, country, or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.
8 V.S.A. § 5113 — VT Code / Title 8 / Chapter 139 / Section 5113
§ 5113. Severability
Status: in_force

If any section, term, or provision of this chapter shall be adjudged invalid for any reason, such judgment shall not affect, impair, or invalidate any other section, term, or provision of this chapter, but the remaining section, terms, and provisions shall be and remain in full force and effect.
8 V.S.A. § 3368 — VT Code / Title 8 / Chapter 101 / Section 3368
§ 3368. Transacting business without certificate of authority prohibited
Status: in_force

(a) It shall be unlawful for any insurer to enter into a contract of insurance as an insurer or to transact insurance business in this State as set forth in subsection (b) of this section, without a certificate of authority from the Commissioner of Financial Regulation, provided that this subsection shall not apply to:

(1) The lawful transaction of surplus lines insurance.

(2) The lawful transaction of reinsurance by insurers.

(3) Transactions in this State involving a policy lawfully solicited, written, and delivered outside this State covering only subjects of insurance not resident, located, or expressly to be performed in this State at the time of issuance and which transactions are subsequent to the issuance of such policy.

(4) Transactions in Vermont involving group or blanket insurance and group annuities if:

(A) the master policy was lawfully issued and delivered in a state in which the insurer was authorized to do an insurance business;

(B)(i) no more than 25 of the certificate holders are Vermont residents; or

(ii) the master policy covers one or more certificate holders who reside in Vermont, are employed at a workplace located outside Vermont, and have obtained insurance coverage through the workplace;

(C) the person or entity holding the master policy exists primarily for purposes other than to procure insurance, is not a Vermont corporation or resident, and does not have its principal office in Vermont; and

(D) the policy is not offered for sale by an agent or broker licensed in Vermont, offered by mail to a Vermont resident, directly advertised to a Vermont resident, or marketed in Vermont in a similar manner.

An insurer exempted from the requirements of this subsection by the provisions of this subdivision shall not issue or deliver a policy or certificate to a resident of Vermont without including a notice approved by the Commissioner that the policy or certificate is not subject to regulation by Vermont.

(5) Transactions involving contracts issued by a life insurance or annuity company, organized and operated without profit, to any private shareholder or individual exclusively for the purpose of aiding and strengthening educational institutions by issuing insurance and annuity contracts only to or for the benefit of such institutions and individuals engaged in the service of such institution.

(6) Transactions involving any insurance company or underwriter issuing contracts of insurance to industrial insured, or to industrial insureds, or to contracts of insurance issued to an industrial insured. For purposes of this section, an “industrial insured” is:

(A) an insured 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; and

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

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

(7) Transactions involving wet marine and transportation insurance covering property in the course of transportation by land, air, or water, to, from, or through this State and including any preparation or storage incidental thereto.

(8) Transactions in this State involving insurance on the property or operations of aircraft or railroads engaged in interstate or foreign commerce.

(9) Transactions in this State involving a policy of insurance or annuity contract issued prior to July 1, 1968, with regard to subdivisions (1) through (7) of this subsection (a) and prior to July 1, 1980, with regard to subdivision (8) of this subsection (a).

(b) Any of the following acts in this State, effected by mail or otherwise by an unauthorized insurer, shall be included among those deemed to constitute transacting insurance business in this State:

(1) the issuance or delivery of contracts of insurance to residents of this State;

(2) the solicitation of applications for such contracts;

(3) the collection of premium, membership fees, assessments, or other considerations for such contracts; or

(4) the transaction of matters subsequent to the execution of such contracts and arising out of them.

(c) Any insurer that violates subsection (a) of this section shall be required to pay an administrative penalty of not less than $500.00 nor more than $5,000.00 for each violation.

(d) The failure of an insurer to obtain a certificate of authority shall not impair the validity of any act or contract of such insurer and shall not prevent such insurer from defending any action in any court of this State, but no insurer transacting insurance business in this State without a certificate of authority shall be permitted to maintain an action in any court of this State to enforce any right, claim, or demand arising out of the transaction of such business until such insurer shall have obtained a certificate of authority, and, with respect to contracts solicited, issued, or delivered after passage of this act, an insurer shall not maintain an action in this State upon such contract if, at the time of soliciting, issuing, or delivering such contract, it was doing business in this State without lawful authority. Nor shall an action be maintained in any court of this State by any successor or assignee of such insurer on any such right, claim, or demand originally held by such insurer until a certificate of authority shall have been obtained by such insurer or by an insurer that has acquired all or substantially all of its assets, and with respect to contracts solicited, issued, or delivered after passage of this act, a successor or assignee of such contract shall not maintain an action in this State upon such contract if, at the time of soliciting, issuing, or delivering such contract, the insurer was doing business in this State without lawful authority.
8 V.S.A. § 4122 — VT Code / Title 8 / Chapter 110 / Section 4122
§ 4122. Fees for covered dental services
Status: in_force

(a) No dental insurer, health insurer, or other similar entity that covers dental services and is subject to regulation by the Department of Financial Regulation, and no contract or participating provider agreement with a dentist, shall require, directly or indirectly, that a dentist who is a participating provider provide dental services to a covered individual at a fee set by, or subject to the approval of, the insurer or other regulated entity unless the dental services are covered services.

(b) No person providing third-party administrator services shall make available to any customers a plan that sets dental fees for providers in its provider network for any dental services other than covered services.

(c) Fees for covered services shall be set in good faith and shall not be nominal.

(d) The Commissioner of Financial Regulation shall enforce the provisions of this section pursuant to the Commissioner's authority under this title.
8 V.S.A. § 32201 — VT Code / Title 8 / Chapter 222 / Section 32201
§ 32201. Deposit powers
Status: in_force

(a) Applicability. The provisions of subsection 14201(b) of this title governing deposit accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.

(b) Insurance. A Vermont credit union that accepts deposits or an office of a state-chartered credit union authorized to do business in this State shall not accept deposits in this State unless the credit union has insurance with the National Credit Union Administration or the successor to that federal agency.

(c) Cash reserve on deposits and accounts. A credit union shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, as amended, and any regulations adopted pursuant to the Act.
8 V.S.A. § 4987 — VT Code / Title 8 / Chapter 137 / Section 4987
§ 4987. Annual statements
Status: in_force

Each association shall adopt a fiscal year beginning on October 1 and shall file in the office of the Commissioner on or before the 15th day of November each year, or such other month specified in the plan, a statement as prescribed by the Commissioner. The statement shall contain matters and information required by the Commissioner including information with respect to its transactions, condition, operations, and affairs during the preceding year, and shall be in a form approved by the Commissioner. The Commissioner may, at any time, require an association to furnish additional information with respect to matters considered to be material to the scope, operation, and experience of the association.
8 V.S.A. § 4258 — VT Code / Title 8 / Chapter 114 / Section 4258
§ 4258. Premium billings
Status: in_force

The charges for portable electronics insurance coverage may be billed and collected by a portable electronics vendor. Any charge to a customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics shall be separately itemized on the customer's bill. If the portable electronics insurance coverage is included with the purchase or lease of portable electronics, a portable electronics vendor shall clearly and conspicuously disclose to the customer that the portable electronics insurance coverage is included with the portable electronics. A portable electronics vendor billing and collecting such charges shall not be required to maintain such funds in a segregated account, provided that the vendor is authorized by the insurer to hold such funds in an alternative manner and remits such amounts to the insurer or the producer appointed by the insurer to supervise the administration of a portable electronics insurance program within 60 days of receipt. All funds received by a portable electronics vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer. Portable electronics vendors may receive compensation for billing and collection services.
8 V.S.A. § 4069 — VT Code / Title 8 / Chapter 107 / Section 4069
§ 4069. Prosthetic devices
Status: in_force

(a) As used in this section, “prosthetic device” means an artificial limb device to replace, in whole or in part, an arm or a leg.

(b) A health insurance plan shall provide coverage for prosthetic devices that is at least equivalent to the coverage provided by the federal Medicare program. Coverage may be limited to the prosthetic device that is the most appropriate model that is medically necessary to meet the patient's medical needs. Any dispute between the covered individual and the carrier concerning coverage and the application of this section shall be subject to independent external review under section 4063 of this title.

(c) A health insurance plan may require prior authorization for prosthetic devices in the same manner and to the same extent as prior authorization is required for any other covered benefit.

(d) A health insurance plan shall provide coverage under this section for the medically necessary repair or replacement of a prosthetic device.

(e) The coverage for prosthetic devices shall not be subject to a deductible, co-payment, or coinsurance provision that is less favorable to a covered individual than the deductible, co-payment, or coinsurance provisions that apply generally to other nonprimary care items and services under the health insurance plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2403 — VT Code / Title 8 / Chapter 77 / Section 2403
§ 2403. Formation
Status: in_force

(a) One or more persons may form an independent trust company in accordance with the provisions of this chapter.

(b) The organizers forming an independent trust company shall apply to the Commissioner for a certificate of authority on prescribed forms containing information as may be required by the Commissioner. The application shall include the proposed name of the business for approval under section 2404 of this title and the basic organizational documents including any operating agreement for the company prepared in compliance with Title 11 or 11A.

(c) Upon receiving a completed application for a certificate of authority and the proposed basic organizational documents, the Commissioner shall investigate and examine the proposed independent trust company to determine whether it will be adequately staffed, equipped, and able to furnish trust services and that its establishment and maintenance will promote the general good of the State.

(d) If the Commissioner finds that the establishment and maintenance of the proposed trust company will promote the general good of the State, the Commissioner shall deliver to the organizers a certificate of authority under the Commissioner's seal. The certificate of authority, basic organizational documents except the operating agreement and the organizational fee shall be transmitted to the Secretary of State, who shall thereupon proceed according to the provisions of law. If the organizational documents are recorded by the Secretary, the certificate of the Commissioner shall be recorded therewith.

(e) Each application for a certificate of authority shall be accompanied by an application fee as provided in section 19 of this title for new financial institutions.

(f) If the proposed independent trust company fails to open for business within six months after the date the certificate of authority is granted, the certificate of authority shall be void. The Commissioner may extend the time within which the independent trust company may open for business for good cause and upon written application filed prior to the expiration of the six-month period.

(g) At the time it commences business, an independent trust company shall have unimpaired capital in an amount not less than $250,000.00 or one-quarter of one percent of its assets under management, whichever is greater. Thereafter, an independent trust company shall maintain unimpaired capital in an amount not less than $250,000.00 or one-quarter of one percent of its assets under management, whichever is greater, up to a maximum of $1,000,000.00. The unimpaired capital and surplus of an independent trust company shall be held as security for the faithful discharge of the fiduciary duties undertaken as well as for the claims of other creditors. The Commissioner may from time to time require or allow increases or decreases to the unimpaired capital otherwise required by this subsection, up to such $1,000,000.00 maximum, as deemed necessary or desirable for the protection of customers and the safety of the trust business. The safety and soundness factors to be considered by the Commissioner in the exercise of such discretion include:

(1) the nature and type of business conducted;

(2) the nature and degree of liquidity in assets held in a corporate or company capacity;

(3) the amount of fiduciary assets under management;

(4) the complexity of fiduciary duties and degree of discretion undertaken; and

(5) the extent and adequacy of internal controls.

(h) The Commissioner, in addition to the capital requirements provided in subsection (g) of this section, may require any independent trust company authorized to do a trust business in this State to post bond in an amount acceptable to the Commissioner.
8 V.S.A. § 18201 — VT Code / Title 8 / Chapter 208 / Section 18201
§ 18201. Nonconforming activities; cessation
Status: in_force

(a) Applicability. If, as a result of a merger, consolidation, conversion, or acquisition pursuant to this title, the resulting institution is to be of a different type or of a different character than any one or all of the participating or converting institutions, such resulting institution shall be subject to the conditions and limitations as set forth in this subchapter.

(b) Plan for termination. The plan of merger, consolidation, conversion, or acquisition shall set forth the method and schedule for terminating those activities not permitted by the laws of this State for the resulting institution, but that were authorized for any of the participating or converting institutions.

(c) Effective date. The plan of merger, consolidation, conversion, or acquisition shall state that from the effective date of such action, the resulting institution shall not engage in any nonconforming activities, except to the extent necessary to fulfill obligations existing prior to merger, consolidation, conversion, or acquisition, pursuant to subsection (d) of this section.

(d) Compliance with limitations. If, as a result of such merger, consolidation, conversion, or acquisition, the resulting institution exceeds any lending, investment, or other limitations imposed by this title, it shall conform to such limitations within such period of time as shall be established by the Commissioner.

(e) Divestiture. The Commissioner may, as a condition to such merger, consolidation, conversion, or acquisition, require a nonconforming activity to be divested in accordance with such additional requirements as he or she may deem appropriate under the circumstances.
8 V.S.A. § 4095d — VT Code / Title 8 / Chapter 107 / Section 4095d
§ 4095d. Chemotherapy treatment and oral anticancer medications
Status: in_force

(a) A health insurance plan shall provide coverage for medically necessary growth cell stimulating factor injections taken as part of a prescribed chemotherapy regimen.

(b) A health insurance plan shall provide coverage for prescribed, orally administered anticancer medications used to kill or slow the growth of cancerous cells that is not less favorable on a financial basis than intravenously administered or injected anticancer medications covered under the covered individual's plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4809 — VT Code / Title 8 / Chapter 131 / Section 4809
§ 4809. Countersignature
Status: in_force

Notwithstanding any other provisions of the statutes of this State, there shall be no requirement that an insurance producer who is a resident of this State must countersign a policy of insurance written by a foreign insurance company.
8 V.S.A. § 4849 — VT Code / Title 8 / Chapter 132 / Section 4849
§ 4849. Subscribers' liability on judgment
Status: in_force

(a) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.

(b) Any such judgment shall be binding upon each subscriber only in such proportion as his or her interests may appear and in amount not exceeding his or her contingent liability, if any.
8 V.S.A. § 6048e — VT Code / Title 8 / Chapter 141 / Section 6048e
§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business
Status: in_force

(a) Any change in the special purpose financial insurance company's plan of operation shall require prior approval of the Commissioner.

(b) Any transaction or series of transactions shall be subject to the prior approval of the Commissioner if such transaction or series of transactions:

(1) is undertaken to dissolve a special purpose financial insurance company; or

(2) results in the termination of all or any part of a special purpose financial insurance company's business; but no prior approval of the Commissioner shall be required for any transaction or series of transactions described in this subdivision (2) if such transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial insurance company's plan of operation and if the Commissioner is notified in advance of such transaction or series of transactions.

(c) A special purpose financial insurance company shall notify the Commissioner in advance of any change in the legal ownership of any security issued by the special purpose financial insurance company.
8 V.S.A. § 31305 — VT Code / Title 8 / Chapter 221 / Section 31305
§ 31305. Officers
Status: in_force

(a) At the first regularly scheduled meeting of the entire governing body at which a quorum is present following the organizational meeting and thereafter following each annual meeting, but in no event more than 30 days after such organizational meeting or annual meeting of the members, as applicable, the directors shall elect from their own number a chairperson of the governing body, and one or more vice chairpersons, a treasurer, and a secretary. Only the treasurer and the secretary may be the same individual.

(b) Unless sooner removed, the terms of the officers shall be one year, or until their successors are chosen and have duly qualified.

(c) The duties of the officers shall be prescribed in the bylaws.

(d) The governing body shall appoint a person to act as the chief executive officer of the credit union and to be in charge of its operations.

(e) A credit union may use any titles it chooses for the officials holding the positions described in this section, provided such titles are not misleading.

(f) Any person elected to fill a vacancy caused by death, resignation, or removal of an officer shall be appointed by the governing body to serve for the unexpired term of such office until his or her successor is duly elected and qualified.
8 V.S.A. § 3704 — VT Code / Title 8 / Chapter 103 / Section 3704
§ 3704. Trust agreements
Status: in_force

A life insurance company chartered by and doing business in this State shall have power and authority to hold in trust or otherwise the proceeds of any life insurance policy or annuity issued by it upon such terms and subject to such conditions and limitations as may be agreed upon in writing by such company and the owner of the policy or the purchaser of the annuity. The contract, policy, or trust instrument may provide that no payments of interest or of principal shall be in any way subject to the claims of the creditors of the person entitled to any part of the proceeds so held or to his or her debts, contracts, or engagements, or to any judicial process to levy upon or attach such proceeds for payment of such claims or demands, and that the person entitled to any of the proceeds so held shall not be permitted to commute, anticipate, encumber, alienate, or assign the same or any part thereof or the interest thereon. Such life insurance company shall not be required to segregate the funds so held but may hold them as a part of its general corporate assets. Nothing in this section or in the trust or other provisions herein contemplated shall subject such life insurance company to the provisions of the law of this State relative to banks or trust companies.
8 V.S.A. § 3673 — VT Code / Title 8 / Chapter 101 / Section 3673
§ 3673. Penalty for noncompliance
Status: in_force

In the event that an insurance company, its agents, adjusters, or brokers fail to comply with the provisions of section 3671 of this title, the Commissioner may suspend the right of the company to do business in this State until it does so comply and shall suspend the license of any agent, adjuster, or broker until such time as they comply with the provisions of section 3671.
8 V.S.A. § 4020 — VT Code / Title 8 / Chapter 107 / Section 4020
§ 4020. Age limits
Status: in_force

(a) If a health insurance plan contains a provision establishing, as an age limit or otherwise, a date after which the coverage provided by the plan will not be effective, and if that date falls within a period for which the health insurer has accepted a premium or if the health insurer accepts a premium after that date, the coverage provided by the plan shall continue in force subject to any right of cancellation until the end of the period for which a premium has been accepted.

(b) Notwithstanding any provision of subsection (a) of this section to the contrary, if the age of the covered individual has been misstated and if, according to the correct age of the covered individual, the coverage provided by the policy would not have become effective or would have ceased prior to the health insurer's acceptance of the premium or premiums, then the health insurer's liability shall be limited to the refund, upon request, of all premiums paid for the period not covered by the plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 32101 — VT Code / Title 8 / Chapter 222 / Section 32101
§ 32101. Applicability of chapter
Status: in_force

The provisions of this chapter set forth the powers granted to all credit unions organized pursuant to this part and offices of any state-chartered credit union authorized to do business in Vermont under this title. The powers, privileges, duties, and restrictions conferred and imposed in the articles of association of any credit union organized under the prior laws of this State are abridged, enlarged, or modified to conform the articles of association to this title. Notwithstanding anything in the articles of association of such a credit union, every such credit union possesses the powers, rights, and privileges and is subject to the duties, restrictions, and liabilities conferred and imposed by this title.
8 V.S.A. § 2116 — VT Code / Title 8 / Chapter 72 / Section 2116
§ 2116. Administrative procedure
Status: in_force

All administrative proceedings under this part shall be conducted in accordance with 3 V.S.A. chapter 25 and any rules adopted by the Commissioner on hearing procedure.
8 V.S.A. § 8205 — VT Code / Title 8 / Chapter 157 / Section 8205
§ 8205. Policyholder rights
Status: in_force

(a) Policyholders shall have the right to accept or reject the transfer and novation of their contracts of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the pre-addressed, postage-paid response card or other written notice and indicate thereon that the assumption is rejected (collectively referred to as the “Response Card”).

(b) Payment of any premium to the assuming company during the 12-month period after notice is received shall be deemed to indicate the policyholder's consent to the transfer to the assuming insurer and a novation shall be deemed to have been effected, provided that the premium notice states in a manner calculated to give the policyholder notice that payment of the premium to the assuming insurer shall constitute acceptance of the transfer, unless the policyholder reserves the right to reject the transfer. The premium notice shall also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer. With respect to any home service business or any other business not using premium notices, the Commissioner must approve the disclosures and procedures used to inform policyholders of the proposed assumption or transfer, which notice, at a minimum, must meet the requirements set forth in section 8204 of this title.

(c) After no fewer than 12 months from the mailing of the initial notice of transfer required under subsection 8204(a) of this title, if positive consent to, or rejection of, the transfer and assumption has not been received as provided in subsection (a) of this section or consent has not been deemed to have occurred under subsection (b) of this section, the transferring company shall send to the policyholder a second and final notice of transfer as provided in section 8204 of this title. If the policyholder does not accept or reject the transfer during the two-month period immediately following the date on which the transferring insurer mails the second and final notice of transfer, the policyholder's consent will be deemed to have occurred and novation of the contract will be effected. With respect to the home service business or any other business not using premium notices, the 12- and two-month periods shall be measured from the date of delivery of the notice of transfer pursuant to section 8204 of this title.

(d) The transferring insurer will be deemed to have received the response card on the date it is postmarked. A policyholder may also send his or her response card by facsimile or other electronic transmission or by registered mail, express delivery or courier service, in which case the response card shall be deemed to have been received by the assuming insurer on the date of actual receipt by the transferring insurer.
8 V.S.A. § 4588 — VT Code / Title 8 / Chapter 125 / Section 4588
§ 4588. Annual report to Commissioner
Status: in_force

Annually, on or before March 1, a medical service corporation shall file with the Commissioner of Financial Regulation a statement sworn to by the president and treasurer of the corporation showing its condition on December 31, which shall be in such form and contain such matters as the Commissioner shall prescribe. To qualify for the tax exemption set forth in section 4590 of this title, the statement shall include a certification that the medical service corporation operates on a nonprofit basis for the purpose of providing an adequate medical service plan to individuals of the State, both groups and nongroups, without discrimination based on age, gender, geographic area, industry, and medical history, except as allowed by 33 V.S.A. § 1811(f)(2)(B).
8 V.S.A. § 4361 — VT Code / Title 8 / Chapter 117 / Section 4361
§ 4361. Mutual associations authorized
Status: in_force

Employers who are subject to the requirements of 21 V.S.A. chapter 9 may, with the approval of the Commissioner, associate themselves in accordance with the law for the formation of corporations without capital stock for the purpose of establishing and maintaining mutual associations to insure their liabilities under 21 V.S.A. chapter 9.
8 V.S.A. § 4583 — VT Code / Title 8 / Chapter 125 / Section 4583
§ 4583. Purposes and definition
Status: in_force

A medical service corporation is a nonprofit sharing corporation without capital stock, organized under the laws of this State for the purpose of establishing, maintaining, and operating a plan through which medical or medical and dental services may be provided at the expense of the corporation by duly licensed physicians and dentists to subscribers under contract, entitling each subscriber to certain medical services or medical and dental services as provided in the contract. Corporations formed under the provisions of this chapter shall have the privileges and be subject to the provisions of Title 11B as well as the applicable provisions of this chapter. In the event of a conflict between the provisions of Title 11B and the provisions of this chapter, the latter shall control.
8 V.S.A. § 4488 — VT Code / Title 8 / Chapter 121 / Section 4488
§ 4488. Licensing of agents
Status: in_force

Agents of societies shall be licensed in accordance with the provisions of this section.

(1) Insurance agent defined. The term “insurance agent” as used in this section means any authorized or acknowledged agent of a society who acts as such in the solicitation, negotiation, procurement, or making of a life insurance, accident and health insurance, or annuity contract.

(2) License required. Any person who in this State acts as insurance agent for a society without having authority so to do by virtue of a license issued and in force pursuant to the provisions of this section shall, except as provided in subdivision (1) of this section, be guilty of a misdemeanor.

(3) Payment of commissions forbidden. No society doing business in this State may pay any commission or other compensation to any person for any services in obtaining in this State any new contract of life, accident, or health insurance, or any new annuity contract, except to a licensed insurance agent of the society and except to an agent exempted by the Commissioner of Financial Regulation.

(4) Prerequisites, issuance, and renewal of insurance agents' licenses.

(A) The Commissioner of Financial Regulation may issue a license to any person who has paid an annual license fee of $30.00 and who has complied with the requirements of this section, authorizing the licensee to act as an insurance agent on behalf of any society named in the license that is authorized to do business in this State.

(B) Before any insurance agent's license shall be issued, there shall be on file at the Department of Financial Regulation the following documents:

(i) A written application by the prospective licensee in such form or forms and with such supplements, and containing such information, as the Commissioner may prescribe.

(ii) A certificate by the society that is to be named in the license, stating that the society has satisfied itself that the named applicant is trustworthy and competent to act as an insurance agent and that the society will appoint the applicant to act as its agent if the license applied for is issued by the Commissioner of Financial Regulation. The certificates shall be executed and acknowledged by an officer or managing agent of the society.

(C) A written examination may be required of any individual seeking to be named as a licensee to represent a fraternal benefit society as its agent.

(D) The Commissioner of Financial Regulation may refuse to issue or renew any insurance agent's license if in his or her judgment the proposed licensee is not trustworthy and competent to act as an agent, or has given cause for revocation or suspension of the license, or has failed to comply with any prerequisite for the issuance or renewal, as the case may be, of the license.

(E) Every license issued pursuant to this section, and every renewal thereof, shall expire on December 31 of the even-numbered calendar year following the calendar year in which the license or renewal license was issued.

(F) If the application for a renewal license has been filed with the Commissioner of Financial Regulation on or before December 31 of the year in which the existing license is to expire, the applicant named in the existing license may continue to act as insurance agent under the existing license, unless it shall be revoked or suspended, until the issuance by the Commissioner of Financial Regulation of the renewal license or until the expiration of five days after he or she has refused to renew the license and has served written notice of the refusal on the applicant. If the applicant shall, within 30 days after the notice is given, notify the Commissioner of Financial Regulation in writing of his or her request for a hearing on such refusal, the Commissioner of Financial Regulation shall, within a reasonable time after receipt of such notice, grant the hearing, and he or she may, in his or her discretion, reinstate the license.

(G) A renewal license of an insurance agent may be issued upon the application of the society named in the existing license. The application shall be in the form or forms prescribed by the Commissioner and shall contain such information as the Commissioner may require. The application shall contain a certificate executed by the president, or by a vice president, a secretary, an assistant secretary, or corresponding officer by whatever name known, or by an employee expressly designated and authorized to execute the certificate of a domestic or foreign society or by the U.S. manager of an alien society, stating that the addresses in the application given of the agents of the society for whom renewal licenses are requested in the application have been verified in each instance immediately preceding the preparation of the application. Notwithstanding the filing of the application, the Commissioner may, after reasonable notice to the society, require that any or all agents of the society to be named as licensees in renewal licenses shall execute and file separate applications for the renewal of the licenses, as specified in this section, and the Commissioner may also require that each such application shall be accompanied by the certificate specified in subdivision (B)(ii) of this subdivision (4).

(5) Notice of termination of appointment of insurance agent. Every society doing business in this State shall, upon the termination of the appointment of any insurance agent licensed to represent it in this State, immediately file with the Commissioner a statement, in such form as the Commissioner may prescribe, of the facts relative to the termination and the cause thereof. Every statement made pursuant to this section is privileged and shall be kept confidential to the same extent as provided under subsection 4813m(f) of this title.

(6) Revocation or suspension of insurance agent's license.

(A) The Commissioner of Financial Regulation may revoke or may suspend for such period as he or she may determine, any insurance agent's license if, after notice and hearing as specified in this section, he or she determines that the licensee has:

(i) violated any provision of, or any obligation imposed by, this section, or has violated any law in the course of his or her dealings as agent;

(ii) made a material misstatement in the application for the license;

(iii) been guilty of fraudulent or dishonest practices;

(iv) demonstrated his or her incompetency or untrustworthiness to act as an insurance agent; or

(v) been guilty of rebating as defined by the laws of this State applicable to life insurance companies.

(B) The revocation or suspension of any insurance agent's license shall immediately terminate the license of the agent. An individual whose license has been revoked is not entitled to obtain any insurance agent's license under the provisions of this section for a period of one year after the revocation or, if the revocation is judicially reviewed, for one year after the final determination affirming the action of the Commissioner in revoking the license.
8 V.S.A. § 13102 — VT Code / Title 8 / Chapter 203 / Section 13102
§ 13102. Issuance of certificate of general good; refusal to issue certificate of general good
Status: in_force

(a) Certificate of general good. The Commissioner shall determine whether or not a certificate of general good shall be granted to organize a financial institution and shall make the decision in accordance with the requirements of chapter 201, subchapter 7 of this title.

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

(c) Effect of refusal to issue certificate of general good. If the Commissioner refuses to issue a certificate of general good, a new application may be filed by the organizers after one year from the date of the refusal.
8 V.S.A. § 3461d — VT Code / Title 8 / Chapter 101 / Section 3461d
§ 3461d. Registration or filing exemption
Status: in_force

Notwithstanding the provisions of any other section of subchapter 4 of this chapter, an insurer shall not be required to register or file with the SVO any security that meets and continues to meet the conditions for exemption for certain nationally recognized statistical rating organization rated securities consistent with the Purposes and Procedures Manual of the NAIC Investment Analysis Office or any successor publication.
8 V.S.A. § 6073 — VT Code / Title 8 / Chapter 142A / Section 6073
§ 6073. Contract required
Status: in_force

(a) No risk retention group shall enter into a managing general agent relationship unless there is in force a written contract between the parties that sets forth the respective responsibilities of each party.

(b) The contract shall contain the following minimum provisions:

(1) The method for determining compensation and other amounts payable under the contract, and the terms for payment thereof shall be fair and reasonable.

(2) The contract may be terminated by the risk retention group for cause upon written notice.

(3) The authority to underwrite or settle claims may be suspended by the risk retention group during the pendency of any dispute regarding the cause for termination.

(4) The contract shall not result in the transfer of substantial control of the risk retention group or any of the powers vested in the members or board of directors, by statute, articles of incorporation, or bylaws.

(5) Separate records of all business written under the contract shall be maintained. The risk retention group shall have access to and the right to copy all accounts and records related to its business in a form usable by the risk retention group.

(6) The required use of underwriting, rating, and claims settlement and, if applicable, reinsurance cession standards and procedures approved by the risk retention group.

(c) Within 30 days of entering into a contract with a managing general agent, the risk retention group shall provide written notification thereof to the Commissioner. Such notice of appointment shall include a statement of duties that the applicant is expected to perform on behalf of the risk retention group, the lines of insurance for which the applicant is to be authorized to act, a summary of the minimum contract provisions set forth in subsection (b) of this section and any other information reasonably requested by the Commissioner. Information contained in such notification shall be entitled to confidential treatment in accordance with section 6052 of this title. The risk retention group shall give the Commissioner notice of termination of a contract with a managing general agent within 10 days of termination.
8 V.S.A. § 3709 — VT Code / Title 8 / Chapter 103 / Section 3709
§ 3709. Annuity contracts-Assignability of rights
Status: in_force

(a) The benefits, rights, privileges, and options that under any annuity contract heretofore or hereafter issued are due or prospectively due the annuitant, shall not be subject to execution nor shall the annuitant be compelled to exercise any such rights, powers, or options, nor shall creditors be allowed to interfere with or terminate the contract, except:

(1) As to considerations paid for any such annuity with intent to defraud creditors, with interest thereon, and of which the creditor has given the insurer written notice at its home office prior to the making of the payments to the annuitant out of which the creditor seeks to recover. Any such notice shall specify the amount claimed or such facts as will enable the insurer to ascertain such amount and shall set forth such facts as will enable the insurer to ascertain the annuity contract, the annuitant and the payments sought to be avoided on the ground of fraud.

(2) The total exemption of benefits presently due and payable to any annuitant periodically or at stated times under all annuity contracts under which he or she is an annuitant, shall not at any time exceed $350.00 per month for the length of time represented by such installments, and that such periodic payments in excess of $350.00 per month shall be subject to garnishee execution.

(3) If the total benefits presently due and payable to any annuitant under all annuity contracts under which he or she is an annuitant, shall at any time exceed payment at the rate of $350.00 per month, then the court may order such annuitant to pay to a judgment creditor or apply on the judgment, in installments, such portion of such excess benefits as to the court may appear just and proper, after due regard for the reasonable requirements of the judgment debtor and his or her family if dependent upon him or her, as well as any payments required to be made by the annuitant to other creditors under prior court orders.

(b) If the contract so provides, the benefits, rights, privileges, or options accruing under such contract to a beneficiary or assignee shall not be transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained herein for the annuitant, shall apply with respect to such beneficiary or assignee.
8 V.S.A. § 7074 — VT Code / Title 8 / Chapter 145 / Section 7074
§ 7074. Filing of claims
Status: in_force

(a) Proof of all claims shall be filed with the liquidator in the form required by section 7075 of this title on or before the last day for filing specified in the notice required under section 7061 of this title, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.

(b) The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he or she were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:

(1) the existence of the claim was not known to the claimant and he or she filed the claim as promptly thereafter as reasonably possible after learning of it;

(2) a transfer to a creditor was avoided under sections 7065 through 7067 of this title, or was voluntarily surrendered under section 7068 of this title, and the filing satisfies the conditions of section 7068 of this title; or

(3) the valuation under section 7080 of this title, of security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation.

(c) The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if such claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where such payments were made and expenses incurred as provided by law.

(d) The liquidator may consider any claim filed late that is not covered by subsection (b) of this section, and permit it to receive distributions that are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his or her claim as is then being paid to claimants of any lower priority. This shall continue until his or her claim has been paid in full.
8 V.S.A. § 8512 — VT Code / Title 8 / Chapter 165 / Section 8512
§ 8512. Withdrawal
Status: in_force

(a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the compact (“withdrawing state”) by enacting a statute specifically repealing the statute that enacted the compact into law.

(b) The effective date of withdrawal is the effective date of the repealing statute. However, the withdrawal shall not apply to any product filings approved or self-certified, or any advertisement of such products, on the date the repealing statute becomes effective, except by mutual agreement of the Commission and the withdrawing state, unless the approval is rescinded by the withdrawing state as provided in subsection (e) of this section.

(c) The Commissioner of the withdrawing state shall immediately notify the Management Committee in writing upon the introduction of legislation repealing this compact in the withdrawing state.

(d) The Commission shall notify the other compacting states of the introduction of such legislation within 10 days after its receipt of notice thereof.

(e) The withdrawing state is responsible for all obligations, duties, and liabilities incurred through the effective date of withdrawal, including any obligations the performance of which extends beyond the effective date of withdrawal, except to the extent those obligations may have been released or relinquished by mutual agreement of the Commission and the withdrawing state. The Commission's approval of products and advertisement prior to the effective date of withdrawal shall continue to be effective and be given full force and effect in the withdrawing state, unless formally rescinded by the withdrawing state in the same manner as provided by the laws of the withdrawing state for the prospective disapproval of products or advertisement previously approved under state law.

(f) Reinstatement following withdrawal of any compacting state shall occur upon the effective date of the withdrawing state reenacting the compact.
8 V.S.A. § 3367 — VT Code / Title 8 / Chapter 101 / Section 3367
§ 3367. Retaliatory provisions
Status: in_force

(a) If another state or country imposes upon or requires of a domestic insurer, association, or society, or a surety or guaranty company, or its agents doing business therein, fees, fines, penalties, deposits, obligations, or prohibitions exceeding those imposed by this State upon or required of a foreign or alien insurer, association, or society, or a surety or guaranty company doing business herein, an insurer, association, or society or a surety or guaranty company organized under the laws of such other state or country and its agents doing business in this State, shall be subject to the fees, fines, penalties, deposits, obligations, or prohibitions similar to those so imposed in such other state or country, and the same shall be imposed, required, and enforced as like fees, fines, penalties, deposits, obligations, and prohibitions are under the laws of this State; but this section shall not apply unless the fees required by such other state or country of an insurer, association, or society, or a surety or guaranty company of this State doing business in such other state or country are larger in the aggregate on the same amount of business than the fees required by this State of an insurer, association, or society, or a surety or guaranty company of such other state or country doing business in this State. When any other state prohibits all foreign and domestic insurers and associations from writing therein any line or class of insurance permitted to be written in this State, companies and associations domiciled in such other state or country shall not by reason of this section be prohibited from writing such line or class in this State. The Commissioner need not assert the provisions of this section against a foreign company with respect to its request for a certificate of authority to do business in this State if the Commissioner determines that such company would otherwise comply with the requirements for such certificate.

(b) If the Commissioner determines that an insurance department or other similar regulatory entity of any other state or territory of the United States has imposed any sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations of any kind on domestic companies authorized to transact insurance in this State and licensed to transact business in such other state or territory, (1) because the insurance department of this State is not accredited or otherwise approved by the National Association of Insurance Commissioners, or by any agent or representative of the association; or (2) because the insurance department of this State has not complied with any directive, financial annual statement requirement, model act or regulation, market conduct or financial examination report or requirement, or any report or requirement of any kind imposed directly, or indirectly through the laws or regulations of another state, by the National Association of Insurance Commissioners, or by any agent or representative of the association; or (3) because a domestic insurer has refused to comply with, file, or pay any requirement, report, fee, assessment, or charge determined by the Commissioner to be unreasonable and imposed directly, or indirectly through the laws or regulations of another state, by the National Association of Insurance Commissioners, or by any agent or representative of the association, then the Commissioner shall impose similar sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations of any kind on the domestic companies of such other state or territory. The Commissioner shall adopt by rule standards and procedures for imposing, calculating, apportioning, or collecting such similar sanctions, fines, penalties, financial or deposit requirements, prohibitions, restrictions, regulatory requirements, or other obligations.

(c) If any other state requires a domestic insurer licensed to transact insurance in such state to pay, directly or indirectly, a fee, assessment, or charge of any kind to the National Association of Insurance Commissioners in excess of the fees, assessments, or charges, if any, approved by the Commissioner under section 3552 of this title, such fees, assessments, or charges shall be considered excessive and shall be imposed on the domestic insurers of such other state doing business in this State. The Commissioner shall adopt by rule standards and procedures for imposing, calculating, apportioning, and collecting such excessive fees, assessments, or charges.
8 V.S.A. § 7051 — VT Code / Title 8 / Chapter 145 / Section 7051
§ 7051. Grounds for rehabilitation
Status: in_force

The Commissioner may petition the Superior Court of Washington County for an order authorizing him or her to rehabilitate a domestic insurer or an alien insurer domiciled in this State on one or more of the following grounds:

(1) The insurer is in such condition that the further transaction of business would be hazardous financially to its policyholders, creditors, or the public.

(2) There is reasonable cause to believe that there has been embezzlement from the insurer, wrongful sequestration or diversion of the insurer's assets, forgery or fraud affecting the insurer, or other illegal conduct in, by, or with respect to the insurer that if established would endanger assets in an amount threatening the solvency of the insurer.

(3) The insurer has failed to remove any person who in fact has executive authority in the insurer, whether an officer, manager, general agent, employee, or other person, provided that the person has been found after notice and hearing by the Commissioner to be dishonest or untrustworthy in a way affecting the insurer's business.

(4) Control of the insurer, whether by stock ownership or otherwise, and whether direct or indirect, is in a person or persons found after notice and hearing by the Commissioner to be untrustworthy.

(5) A person who in fact has executive authority in the insurer, whether an officer, manager, general agent, director or trustee, employee, or other person, has refused to be examined under oath by the Commissioner concerning the insurer's affairs, whether in this State or elsewhere; and, after reasonable notice of the allegation, the insurer has failed promptly and effectively to terminate the employment and status of the person and all his or her influence on management.

(6) After demand by the Commissioner to examine the books and the records of the insurer, the insurer has failed to promptly make available for examination any of its own property, books, accounts, documents, or other records, or those of a subsidiary or related company within the control of the insurer, or those of a person having executive authority in the insurer so far as the records pertain to the insurer.

(7) Without first obtaining the written consent of the Commissioner, the insurer has transferred, or attempted to transfer, in a manner contrary to the provisions of chapter 101 of this title or other applicable statute, substantially its entire property or business, or has entered into any transaction the effect of which is to merge, consolidate, or reinsure substantially its entire property or business in or with the property or business of any other person.

(8) The insurer or its property has been or is the subject of an application for the appointment of a receiver, trustee, custodian, conservator, or sequestrator or similar fiduciary of the insurer or its property otherwise than as authorized under the insurance laws of this State, and such appointment has been made or is imminent, and such appointment might oust the courts of this State of jurisdiction or might prejudice orderly delinquency proceedings under this chapter.

(9) Within the previous three years the insurer has willfully violated its charter or articles of incorporation, its bylaws, any provisions of this title, or a valid order of the Commissioner.

(10) The insurer has failed to pay within 60 days after due date any obligation to any state or any subdivision thereof or any judgment entered in any state, if the court in which such judgment was entered had jurisdiction over such subject matter except that nonpayment shall not be a ground until 60 days after a good faith effort by the insurer to contest the obligation has been terminated, whether the contest is before the Commissioner or before a court, or the insurer has systematically attempted to compromise or renegotiate previously agreed settlements with its creditors on the ground that it is financially unable to pay its obligations in full.

(11) The insurer has failed to file its annual report or other financial report required by statute within the time allowed by law and, after written demand by the Commissioner, has failed to give an adequate explanation immediately.

(12) The board of directors or the holders of a majority of the shares entitled to vote, or a majority of those individuals entitled to the control of an insurer, requests or consents to rehabilitation under this chapter.

(13) The insurer is insolvent.
8 V.S.A. § 4370 — VT Code / Title 8 / Chapter 117 / Section 4370
§ 4370. Assessments
Status: in_force

If an association has not sufficient funds for the payment of losses incurred, reserves, and expenses, it shall make an assessment for the amount needed to pay such losses, reserves, and expenses upon the members in proportion to their several payrolls and rates.
8 V.S.A. § 4367 — VT Code / Title 8 / Chapter 117 / Section 4367
§ 4367. Power to prescribe and enforce safety rules
Status: in_force

An association formed pursuant to the provisions of this subchapter shall have power to prescribe and enforce reasonable rules for safety on the premises of its members, subject, however, to the approval of the Commissioner of Labor. The association's inspectors shall have free access to all members' premises during regular working hours to ensure the safety of those premises.
8 V.S.A. § 31403 — VT Code / Title 8 / Chapter 221 / Section 31403
§ 31403. Liability of members
Status: in_force

The members of the credit union shall not be personally or individually liable for the acts, debts, liabilities, or obligations of the credit union or the payment of the credit union's debts solely by virtue of their membership in the credit union.
8 V.S.A. § 18 — VT Code / Title 8 / Chapter 1 / Section 18
§ 18. Charges for examinations, applications, reviews, and investigations
Status: in_force

(a) Every person subject to regulation by the Department shall pay the Department the reasonable costs of any examination, review, or investigation that is conducted or caused to be conducted by the Department of such person, or of any application or filing made by such person, or of any examination, review, or investigation of any order, decision, or certificate issued by the Commissioner, at a rate to be determined by the Commissioner. The Department may retain experts or other persons who are independently practicing their professions to assist in such examination, review, or investigation. The Department shall be reimbursed for all reasonable costs and expenses, including the reasonable costs and expenses of such persons retained by the Department, by the person examined, submitting the application or filing reviewed, investigated, or subject to or under the jurisdiction of an order, decision, or certificate issued by the Commissioner under this title or under Title 18. An examination, review, or investigation subject to this section shall include an examination, review, or investigation of any application, information, rate filing, or form filing submitted, or any order, decision, or certificate issued under this title or under Title 18. In unusual circumstances, the Commissioner may waive reimbursement for the costs and expenses of any review in the interests of justice. Except as set forth in subsection (b) of this section, those institutions subject to assessment or fees for services provided under section 19 of this title shall not be billed for a regular examination performed under subsection 11501(a) or 30601(a) of this title or for services for which such fees under subsection 19(a) of this title have been paid.

(b) Merchant banks established under section 12603 of this title, uninsured banks established under section 12604 of this title, and independent trust companies subject to assessment under subdivision 2405(f)(1) of this title shall pay the Department the costs and expenses of all examinations, including regular and special or expanded scope examinations.

(c) The authority granted to the Commissioner by this section is in addition to any other authority granted to the Commissioner by law.

(d) The Commissioner shall bill costs incurred by the Department in connection with any examination, review, or investigation conducted or caused to be conducted by the Department to the EB-5 projects subject to regulatory oversight under 10 V.S.A. chapter 3. It is the intent of the General Assembly that the costs of regulation of EB-5 projects be borne by project developers and not by the State General Fund or special funds.
8 V.S.A. § 2759c — VT Code / Title 8 / Chapter 83 / Section 2759c
§ 2759c. Periodic statements to debtor
Status: in_force

Periodically, but not less frequently than quarterly, the licensee shall provide the debtor with a statement showing the payments made by the debtor, how such payments have been distributed, and for each debt covered by the contract:

(1) the beginning amount of such debt;

(2) the current amount due on such debt; and

(3) the basic terms of such debt.
8 V.S.A. § 8513 — VT Code / Title 8 / Chapter 165 / Section 8513
§ 8513. Default
Status: in_force

(a) If the Commission determines that any compacting state has at any time defaulted (“defaulting state”) in the performance of any of its obligations or responsibilities under this compact, the bylaws or duly adopted rules or operating procedures, after notice and hearing as set forth in the bylaws, all rights, privileges, and benefits conferred by this compact on the defaulting state shall be suspended from the effective date of default as fixed by the Commission. The grounds for default include failure of a compacting state to perform its obligations or responsibilities and any other grounds designated in Commission rules. The Commission shall immediately notify the defaulting state in writing of the defaulting state's suspension pending a cure of the default. The Commission shall stipulate the conditions and the time period within which the defaulting state must cure its default. If the defaulting state fails to cure the default within the time period specified by the Commission, the defaulting state shall be terminated from the compact and all rights, privileges, and benefits conferred by this compact shall be terminated from the effective date of termination.

(b) Product approvals by the Commission or product self-certifications, or any advertisement in connection with such product that are in force on the effective date of termination shall remain in force in the defaulting state in the same manner as if the defaulting state had withdrawn voluntarily pursuant to section 8512 of this chapter.

(c) Reinstatement following termination of any compacting state requires a reenactment of the compact.
8 V.S.A. § 19306 — VT Code / Title 8 / Chapter 209 / Section 19306
§ 19306. Federal deposit insurance corporation
Status: in_force

If the Federal Deposit Insurance Corporation shall have been appointed receiver of a closed Vermont financial institution, it may advance, with the consent and approval of the Superior judge, monies to pay insured deposits or for other proper purposes and shall have a lien upon all or any part of the assets of such financial institution as the court may direct for the repayment of such advances, which shall be deemed to be in the nature of a loan, but provision shall be made in such order to secure ultimately as large a percentage payment on account of uninsured deposits as would be finally available for such deposits if such assets were not so pledged. The Federal Deposit Insurance Corporation, whether or not acting as receiver, may become the purchaser of any assets of such Vermont financial institution that have been offered for public bids, under such terms and conditions as the Superior judge may direct, provided that the purchase be approved by the Superior judge after hearing held on such reasonable notice by publication or otherwise as the Superior judge may direct.
8 V.S.A. § 31107 — VT Code / Title 8 / Chapter 221 / Section 31107
§ 31107. Failure to commence business
Status: in_force

(a) The proposed credit union's certificate of approval and its right to do business shall lapse if the credit union fails to commence business as a credit union within two years after receiving a certificate of approval under section 31102 of this title.

(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner may extend the period in which business shall be commenced for a period not to exceed six months upon written application by the proposed credit union setting forth the reasons for the extension, filed before the expiration of the time period established by subsection (a) of this section. The Commissioner shall notify the Secretary of State of any such extension granted by the Commissioner.

(c) Upon the expiration of the time periods set forth in subsections (a) and (b) of this section, the contributors of initial share deposits of such proposed credit union shall be entitled to the return of any amounts that they have paid to the credit union, and all expenses incurred in the organization of the proposed credit union shall be borne by the original organizers who were named in the application for permission to organize.
8 V.S.A. § 4473 — VT Code / Title 8 / Chapter 121 / Section 4473
§ 4473. No personal liability
Status: in_force

The officers and members of the supreme, grand, or any subordinate body of a society shall not be personally liable for payment of any benefits provided by a society.
8 V.S.A. § 4364 — VT Code / Title 8 / Chapter 117 / Section 4364
§ 4364. Control of association
Status: in_force

Except as otherwise provided pursuant to this subchapter, an association shall be subject to the same rules and control as other corporations or associations taking similar risks in this State, and the Commissioner shall have jurisdiction and power over the association as provided by the insurance laws of this State.
8 V.S.A. § 19501 — VT Code / Title 8 / Chapter 209 / Section 19501
§ 19501. Petition; powers; procedure
Status: in_force

(a) The Commissioner may apply to the Superior Court of Washington County to be appointed ancillary receiver of a state financial institution or any branch or subsidiary of a state financial institution in hazardous financial condition, if the Commissioner finds that:

(1) the protection of customers or depositors in this State so requires;

(2) there are sufficient assets of the state financial institution located in this State to justify the appointment of an ancillary receiver; and

(3) the Federal Deposit Insurance Corporation has not been appointed receiver of the entity.

(b) The court may issue an order appointing the Commissioner on whatever terms it shall deem appropriate. The Commissioner, as receiver, shall administer or liquidate the assets and deposits of such financial institution found in this State under the provisions of this chapter as though the entity were a Vermont financial institution.

(c) If a person in the home state of the entity or the Federal Deposit Insurance Corporation is appointed receiver subsequent to the appointment of the Commissioner under subsections (a) and (b) of this section, the Commissioner shall notify the Superior Court. The court may release the Commissioner as receiver if the court finds that the interests of Vermont customers or depositors of the entity are adequately protected in the proceedings in the home state of the entity. The court may impose conditions on the entity to ensure protection of its Vermont customers or depositors.

(d) The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which its principal office or place of business is located; or, in the case of real estate, with the town clerk of the town where the property is located, and such filing or recording shall impart the same notice that a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.
8 V.S.A. § 20106 — VT Code / Title 8 / Chapter 210 / Section 20106
§ 20106. Issuance of capital stock and debentures by reorganized savings financial institution
Status: in_force

A mutual holding company subsidiary financial institution may issue up to 49 percent of its voting common stock to persons other than the mutual holding company. Depositors of a mutual holding company subsidiary financial institution at the time of commencement of any public offering of voting common stock shall be given the opportunity to participate in such offering in accordance with terms reasonably established by the governing body. A mutual holding company subsidiary financial institution may issue nonvoting stock, preferred stock, or capital debentures to the mutual holding company or to any person other than the mutual holding company. The issuance of stock or debentures by a mutual holding company subsidiary financial institution shall be subject to the procedures and requirements of chapter 204 of this title; provided, however, that the liquidation rights of any preferred shareholders shall be limited to repayment of their original investment in such shares and any dividends earned but unpaid prior to such liquidation.
8 V.S.A. § 2254 — VT Code / Title 8 / Chapter 74 / Section 2254
§ 2254. Prohibited acts
Status: in_force

(a) A consumer litigation funding company shall not engage in any of the following conduct or practices:

(1) Pay or offer to pay commissions, referral fees, or any other form of consideration to any attorney, law firm, health care provider, health care facility, or an employee of a law firm, health care provider, or health care facility for referring a consumer to the company.

(2) Accept any commissions, referral fees, or any other form of consideration from any attorney, law firm, health care provider, health care facility, or an employee of a law firm, health care provider, or health care facility.

(3) Advertise false or misleading information regarding its products or services.

(4) Receive any right to nor make any decisions with respect to the conduct of the consumer's legal claim or any settlement or resolution. The right to make such decisions shall remain solely with the consumer and his or her attorney.

(5) Knowingly pay or offer to pay for court costs, filing fees, or attorney's fees either during or after the resolution of the legal claim.

(6) Refer a consumer to a specific attorney, law firm, health care provider, or health care facility.

(7) Fail to provide promptly copies of contract documents to the consumer or to the consumer's attorney.

(8) Obtain a waiver of any remedy the consumer might otherwise have against the company.

(9) Provide legal advice to the consumer regarding the funding or the underlying legal claim.

(10) Assign a contract in whole or in part to a third party. Provided, however, if the company retains responsibility for collecting payment, administering, and otherwise enforcing the consumer litigation funding contract, the prohibition in this subdivision (10) shall not apply to an assignment:

(A) to a wholly owned subsidiary of the company;

(B) to an affiliate of the company that is under common control with the company; or

(C) granting a security interest under Article 9 of the Uniform Commercial Code or as otherwise permitted by law.

(11) Report a consumer to a credit reporting agency if insufficient funds remain from the net proceeds to repay the company.

(12) Require binding arbitration in the event of a dispute between the consumer and the company. A consumer has the right to a trial in the event of a contractual dispute.

(b) An attorney or law firm retained by a consumer shall not have a financial interest in a company offering litigation funding to the consumer and shall not receive a referral fee or other consideration from such company, its employees, or its affiliates.
8 V.S.A. § 7111 — VT Code / Title 8 / Chapter 147 / Section 7111
§ 7111. Definitions
Status: in_force

As used in this chapter:

(1) “Assuming company” means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner.

(2) “Closed block” means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

(A) that a transferring insurer has ceased to offer, write, or sell to new applicants;

(B) for which all policy periods have been fully expired for not less than 60 months;

(C) for which active premiums are no longer being paid; and

(D) that is not workers' compensation, health, life, or any other personal line of insurance.

(3) “Comment period” means the 60-day period starting on the date notice is issued by an assuming company under subsection 7112(h) of this chapter. The Commissioner may, in his or her discretion, extend the comment period for up to an additional 30 days.

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

(5) “Controlling party” means a person having control of an assuming company or transferring insurer. “Control” shall have the same meaning as in section 3681 of this title.

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

(7) “Domicile regulator” means the primary insurance regulatory authority of the domicile jurisdiction of a transferring insurer.

(8) “Inward reinsurance agreement” means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsurer.

(9) “Inward reinsurance counterparty” means an insurance company, other than the transferring insurer, that is a party to an inward reinsurance agreement as the reinsured.

(10) “Legacy insurance transfer” means the transfer of a closed block in accordance with the requirements of this chapter.

(11) “Legacy insurance transfer plan” or “plan” means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter.

(12) “Non-admitted insurance” means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance.

(13) “Non-admitted insurer” means, with respect to a state, an insurer not licensed to engage in the business of insurance in such state. The term does not include a risk retention group or a captive insurance company.

(14) “Outward reinsurance agreement” means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsured.

(15) “Outward reinsurance counterparty” means an insurance company, other than the transferring insurer, that is a party to an outward reinsurance agreement as the reinsurer.

(16) “Party” means:

(A) the assuming company;

(B) the transferring insurer;

(C) with respect to any policy to be transferred under a plan, each policyholder;

(D) with respect to any inward reinsurance agreement to be transferred under a plan, each inward reinsurance counterparty; and

(E) any other person the Commissioner approves as a party with respect to such proceeding.

(17) “Plan summary” means a written statement of the key terms and provisions of a plan as required under subdivision 7112(b)(19) of this chapter.

(18) “Policy” means a contract of property and casualty insurance that is neither a contract of reinsurance nor a contract of workers' compensation, health, life, or any other personal line of insurance.

(19) “Policyholder” means the person identified as the policyholder or first named in a policy.

(20) “Reinsurance agreement” means an inward reinsurance agreement or an outward reinsurance agreement.

(21) “Reinsurance agreement counterparty” means an inward reinsurance agreement counterparty or an outward reinsurance counterparty.

(22) “Transferring insurer” means a non-admitted insurer that is transferring a closed block to an assuming company under a legacy insurance transfer plan.
8 V.S.A. § 2204d — VT Code / Title 8 / Chapter 73 / Section 2204d
§ 2204d. Mortgage loan originator license inactive status
Status: in_force

The license of a mortgage loan originator that has satisfied all of the requirements of licensure, other than being employed by a licensed lender or licensed mortgage broker, may be placed in an approved inactive status.
8 V.S.A. § 4025 — VT Code / Title 8 / Chapter 107 / Section 4025
§ 4025. Health insurance and the Blueprint for Health
Status: in_force

(a) All major medical insurance plans shall be offered, issued, and administered consistent with the Blueprint for Health established in 18 V.S.A. chapter 13.

(b) Health insurers offering major medical insurance plans shall participate in the Blueprint for Health as specified in 18 V.S.A. § 706. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 33101 — VT Code / Title 8 / Chapter 223 / Section 33101
§ 33101. Relocation of main office
Status: in_force

(a) With the approval of the Commissioner, a Vermont credit union may relocate its main office anywhere within the State to serve effectively its members.

(b) The Commissioner, before granting an approval under subsection (a) of this section, shall consider:

(1) the field of membership to be served by the proposed relocation of the main office;

(2) the adequacy of the current main office;

(3) the economic need for and cost of the proposed relocation; and

(4) the convenience and necessity to the field of membership of the proposed relocation.
8 V.S.A. § 4081 — VT Code / Title 8 / Chapter 107 / Section 4081
§ 4081. Tobacco cessation
Status: in_force

(a) As used in this section, “tobacco cessation medication” means all therapies approved by the U.S. Food and Drug Administration for use in tobacco cessation.

(b) A health insurance plan shall provide coverage of at least one three-month supply per year of tobacco cessation medication, including over-the-counter medication, if prescribed by a licensed health care professional for an individual covered under the plan. A health insurance plan may require the individual to pay the plan's applicable prescription drug co-payment for the tobacco cessation medication.

(c) 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. § 3641 — VT Code / Title 8 / Chapter 101 / Section 3641
§ 3641. Claims, rights, title, and interests of nonresidents
Status: in_force

When by the terms of any policy of insurance, annuity contract, or contract supplemental to any policy of insurance or annuity contract, issued by an insurance company organized under the laws of this State, any claim, right, title, or interest therein is vested in a person residing in another state or country, or in the estate of such nonresident person, such claim may be paid to, and such right, title, or interest may be transferred or released by, the administrator, executor, or guardian of such nonresident person or estate appointed in the State or country where the person resides or resided at the time of death, provided no administrator, executor, or guardian of such nonresident person or estate has been appointed in this State at the time of such payment, transfer, or claim.
8 V.S.A. § 2504a — VT Code / Title 8 / Chapter 79 / Section 2504a
§ 2504a. Authority to require demonstration of exemption
Status: in_force

The Commissioner may require that any person claiming to be exempt from licensing pursuant to section 2504 of this chapter provide information and documentation to the Commissioner demonstrating that it qualifies for any claimed exemption.
8 V.S.A. § 3712 — VT Code / Title 8 / Chapter 103 / Section 3712
§ 3712. Payment discharges insurer
Status: in_force

Whenever the proceeds of or payments under a life or disability insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance therewith or in accordance with any written assignment thereof, the person then designated as being entitled thereto shall be entitled to receive such proceeds or payments and to give full acquittance therefor, and such payments shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.
8 V.S.A. § 2901 — VT Code / Title 8 / Chapter 85 / Section 2901
§ 2901. License required
Status: in_force

(a) No person shall act as a third party loan servicer, directly or indirectly, for a loan to a Vermont borrower without first obtaining a license under this chapter from the Commissioner.

(b) No license shall be required of:

(1) a depository institution;

(2) a lender licensed under chapter 73 of this title that retains the servicing rights on a loan originally closed in the lender's name and subsequently sold in whole or in part to a third party, provided that the provisions of sections 2916 (segregated accounts) and 2922 (prohibited acts and practices) of this title shall apply to such lender;

(3) a debt adjuster licensed in this State;

(4) an attorney licensed in this State when collecting a debt on behalf of a client; or

(5) bona fide nonprofit organizations, exempt from taxation under Section 501(c) of the Internal Revenue Code, that are approved by the Department of Housing and Urban Development as housing counseling agencies, that have a physical location in Vermont, and that lend state or federal funds.

(c) This chapter shall not apply to commercial loans.
8 V.S.A. § 4110 — VT Code / Title 8 / Chapter 109 / Section 4110
§ 4110. Issuance of policies
Status: in_force

All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this State only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licenses or authorizations issued by the Commissioner.
8 V.S.A. § 31304 — VT Code / Title 8 / Chapter 221 / Section 31304
§ 31304. Meetings of governing body
Status: in_force

(a) The governing body of a credit union shall meet as often as necessary and at least monthly, provided that if the governing body delegates its authority to an executive committee, the executive committee shall meet during the months in which the governing body does not meet. The governing body shall meet at least six times a year, including once each quarter. The governing body and the executive committee, if appointed, shall keep complete minutes of all of their meetings, which minutes shall include the names of all persons present at each meeting. Minutes of the executive committee meetings shall be ratified by the governing board.

(b) Unless the bylaws provide otherwise, the governing body may permit any and all directors to participate in all except one meeting per year of the governing body through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.

(c) At the meeting of the governing body following the annual meeting of members, the governing body shall elect officers of the governing board as provided in section 31305 of this title.

(d) Unless a greater number is required by the bylaws, a majority of the governing body shall constitute a quorum. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the governing body unless the act of a greater number is required by this part or the bylaws of the credit union.
8 V.S.A. § 3929 — VT Code / Title 8 / Chapter 105 / Section 3929
§ 3929. Loss payment
Status: in_force

A nonassessment cooperative insurance corporation may borrow on the credit of the corporation sufficient funds to pay any loss.
8 V.S.A. § 4672 — VT Code / Title 8 / Chapter 127 / Section 4672
§ 4672. Accidents
Status: in_force

A surcharge to a private passenger automobile policy may only be applied during the experience period for an accident in which the insurer makes a payment for:

(1) death;

(2) personal injury, where the net payment for any accident exceeds $900.00; or

(3) property damage, where the net payment for any accident exceeds $1,000.00.
8 V.S.A. § 4813h — VT Code / Title 8 / Chapter 131 / Section 4813h
§ 4813h. Nonresident licensing
Status: in_force

(a) Unless denied licensure pursuant to section 4804 of this title, a nonresident person shall receive a nonresident producer license if:

(1) the person is currently licensed as a resident and in good standing in his or her home state;

(2) the person has submitted the proper request for licensure and has paid the fees required by section 4800 of this title;

(3) the person has submitted or transmitted to the Commissioner the application for licensure that the person submitted to his or her home state, or in lieu of the same, a completed Uniform Application; and

(4) the person's home state awards nonresident producer licenses to residents of this State on the same basis.

(b) The Commissioner may verify the producer's licensing status through the producer database maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries.

(c) A nonresident producer who moves from one state to another state or a resident producer who moves from this State to another state shall file a change of address and provide certification from the new resident state within 30 days of the change of legal residence. No fee or license application is required.

(d) Notwithstanding any other provision of this chapter, the Commissioner may allow a person licensed as a limited lines producer in his or her home state to receive a nonresident limited lines producer license, pursuant to subsection (a) of this section, granting the same scope of authority as granted under the license issued by the producer's home state. For the purposes of this section, limited lines insurance is any authority granted by the home state that restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to subdivisions 4813g(a)(1) through (6) of this subchapter.
8 V.S.A. § 12104 — VT Code / Title 8 / Chapter 202 / Section 12104
§ 12104. Failure to commence business
Status: in_force

(a) If a financial institution authorized to commence business under this chapter does not commence business within two years from the filing of its organizational documents in the Office of the Secretary of State, its right to do business shall lapse.

(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner may extend the period in which business shall be commenced for a period not to exceed six months upon written application by the institution setting forth the reasons for the extension filed before the expiration of the time period established in subsection (a) of this section. If an extension is granted by the Commissioner, the Commissioner shall notify the Secretary of State.
8 V.S.A. § 2231 — VT Code / Title 8 / Chapter 73 / Section 2231
§ 2231. Contracts to be repayable in monthly installments; maximum term; additional charges prohibited; invalidity of loan contract
Status: in_force

(a) Except for loans made pursuant to section 2216 of this title and in compliance with applicable regulations of the Commissioner, all loan contracts made under the provisions of this chapter shall require repayment in substantially equal consecutive monthly installments of principal and interest combined.

(b) In addition to the interest and charges herein provided for no further or other charge or amount for any examination, service, brokerage, commission, expense, fee, bonus, or other thing or otherwise shall be directly or indirectly charged, contracted for, or received except filing, recording, releasing, or termination fees paid or to be paid to a public officer; the premium or identifiable charge for credit life or disability insurance obtained, provided, or sold by the licensee subject to the provisions of sections 4101-4115 or sections 3805 and 3806 of this title and any gain or advantage to the licensee from such shall not be deemed in violation of this chapter nor an additional charge in violation of this section or section 2230 of this title. For loans subject to this subsection, if any interest, consideration, or charges in excess of those permitted by this subsection, except as the result of an accidental or bona fide error are charged, contracted for, or received, the contract of loan shall be void and the licensee shall have no right to collect or receive any principal, interest, or charges whatsoever.

(c) This section shall not apply to commercial loans.

(d) The provisions of subsection (b) of this section shall not apply to mortgage loans.
8 V.S.A. § 4702 — VT Code / Title 8 / Chapter 128 / Section 4702
§ 4702. Monitoring competition
Status: in_force

In determining whether or not a competitive market exists pursuant to section 4684 of this title, the Commissioner shall monitor the degree of competition in this State. In doing so, the Commissioner shall utilize existing relevant information, analytical systems, and other sources; cause or participate in the development of new relevant information, analytical systems, and other sources; or rely on some combination thereof. Such activities may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors or in any other appropriate manner.
8 V.S.A. § 3583 — VT Code / Title 8 / Chapter 101 / Section 3583
§ 3583. Risk management framework
Status: in_force

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
8 V.S.A. § 3839 — VT Code / Title 8 / Chapter 103 / Section 3839
§ 3839. Reporting requirements and privacy
Status: in_force

(a) Each life settlement provider shall file with the Commissioner on or before March 1 of each year an annual statement containing such information as the Commissioner may prescribe by rule or order. Information relating to life settlement transactions shall be limited to only those transactions where the policy owner is a resident of this State. Upon proper request by the filer, the Commissioner shall keep confidential trade secret information exempt from public inspection and copying under 1 V.S.A. § 317(c)(9). The annual statement shall not contain individually identifiable life settlement transaction information, but such information shall be provided to the Commissioner pursuant to section 3840 of this title. If available to the provider because of the provider's business relationship or affiliation with one or more life settlement purchasers, the annual statement shall also include such information as the Commissioner may prescribe by rule or by order concerning life settlement purchase agreements or similar investment contracts entered into by residents of this State.

(b) A life settlement provider, life settlement broker, insurance company, life insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured's or a policy owner's identity shall be subject to the Department's Regulation No. IH-2001-I “Privacy of Consumer Financial and Health Information,” as amended.
8 V.S.A. § 4362 — VT Code / Title 8 / Chapter 117 / Section 4362
§ 4362. Commissioner's approval required
Status: in_force

The Commissioner may require the incorporators of an association formed pursuant to section 4361 of this subchapter to include in its proposed certificate of incorporation any lawful provisions for the regulation of the affairs of the association and the definition of its powers and the powers of its officers, directors, and incorporators as the Commissioner may deem necessary to ensure that it is well designed and wisely adapted to its proposed purposes. When the Commissioner has approved the certificate and it has been filed with the Secretary of State, the incorporators shall promptly submit copies of it to the Office of the Commissioner and of the Commissioner of Labor.
8 V.S.A. § 4725 — VT Code / Title 8 / Chapter 129 / Section 4725
§ 4725. Favored agent or insurer; coercion of debtors
Status: in_force

(a) No person may:

(1) require, as a condition precedent to the lending of money or extension of credit, or any renewal thereof, that the person to whom such money or credit is extended or whose obligation the creditor is to acquire or finance, negotiate any policy or contract of insurance through a particular insurer or group of insurers or agent or broker or group of agents or brokers;

(2) unreasonably disapprove the insurance policy provided by a borrower for the protection of property securing the credit or lien; for the purpose of this subdivision, this disapproval shall be deemed unreasonable if it is not based solely on reasonable standards uniformly applied, relating to the extent of coverage required and the financial soundness and service of an insurer; these standards shall not discriminate against a particular type of insurer, nor shall these standards call for the disapproval of an insurance policy because the policy contains coverage in addition to that required;

(3) require directly or indirectly that any borrower, mortgagor, purchaser, insurer, broker, or agent pay a separate charge to substitute the insurance policy of one insurer for that of another. This subdivision does not include the interest that may be charged on premium loans or premium advancements in accordance with the security instrument;

(4) use or disclose information resulting from a requirement that a borrower, mortgagor, or purchaser furnish insurance of any kind on real property being conveyed or used as collateral security to a loan, when this information is to the advantage of the mortgagee, vendor, or lender, or is to the detriment of the borrower, mortgagor, purchaser, insurer, or the agent of broker complying with this request.

(b) The Commissioner may investigate any person to whom this section applies to determine whether such person has violated this section.
8 V.S.A. § 4261 — VT Code / Title 8 / Chapter 114 / Section 4261
§ 4261. Rulemaking; licensing; claims; sales
Status: in_force

The Commissioner shall adopt rules establishing a business entity limited lines producer license for the sale of portable electronics insurance as well as requirements for the sale of portable electronics insurance by a vendor and its employees and authorized representatives and standards for the adjusting of claims under a policy of portable electronics insurance by a supervising entity.
8 V.S.A. § 4019 — VT Code / Title 8 / Chapter 107 / Section 4019
§ 4019. Notice as waiver
Status: in_force

A health insurer shall not be deemed to have waived any rights to defend a claim under a health insurance plan based solely on the health insurer's acknowledgement of receipt of notice under the plan, furnishing or accepting forms for filing proof of loss under the plan, or investigating any claim of loss under the plan. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 7004 — VT Code / Title 8 / Chapter 143 / Section 7004
§ 7004. Revocation or suspension of license; appeal
Status: in_force

(a) The Commissioner may revoke or suspend the license of any insurance premium finance company when after investigation the Commissioner finds that:

(1) the license issued to such company was obtained by fraud;

(2) there was any misrepresentation or material omission in the application for the license;

(3) the holder of such license has otherwise shown himself or herself untrustworthy or incompetent to act as an insurance premium finance company; or

(4) such company has violated any of the provisions of this chapter.

(b) Before the Commissioner shall revoke, suspend, or refuse to renew the license of any insurance premium finance company, the licensee shall be entitled to a hearing in accordance with 3 V.S.A. chapter 25, the Vermont Administrative Procedure Act. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as provided in this section, the Commissioner may subject such company to a penalty of not more than $200.00 for each offense when in the Commissioner's judgment the Commissioner finds that the public interest would not be harmed by the continued operation of such company. The amount of any penalty shall be paid by such company to the Commissioner.

(c) If the Commissioner refuses to issue to any person a license as an insurance premium finance company, or the Commissioner revokes, suspends, or refuses to renew the license of any insurance premium finance company, or the Commissioner imposes a penalty on such company after a hearing as provided under subsection (b) of this section, the applicant or licensee may appeal from such refusal to issue a license or from such adjudication in accordance with 3 V.S.A. chapter 25, the Vermont Administrative Procedure Act.
8 V.S.A. § 3791n — VT Code / Title 8 / Chapter 103 / Section 3791n
§ 3791n. Valuation manual for policies issued on or after the operative date of the valuation manual
Status: in_force

(a) For policies issued on or after the operative date of the Valuation Manual, the standard prescribed in the Valuation Manual is the minimum standard of valuation required under subsection 3791b(b) of this subchapter, except as provided under subsection (e) or (g) of this section.

(b) The operative date of the Valuation Manual is January 1 of the first calendar year following the first July 1 as of which all of the following have occurred:

(1) The Valuation Manual has been adopted by the NAIC by an affirmative vote of at least 42 members, or three-fourths of the members voting, whichever is greater.

(2) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, has been enacted by states representing greater than 75 percent of the direct premiums written as reported in the following annual statements submitted for 2008: life, accident and health annual statements; health annual statements; or fraternal annual statements.

(3) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, has been enacted by at least 42 of the following 55 jurisdictions: The 50 states of the United States, American Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico.

(c) Unless a change in the Valuation Manual specifies a later effective date, changes to the Valuation Manual shall be effective on January 1 following the date when the change to the Valuation Manual has been adopted by the NAIC by an affirmative vote representing:

(1) at least three-fourths of the members of the NAIC voting, but not less than a majority of the total membership; and

(2) members of the NAIC representing jurisdictions totaling greater than 75 percent of the direct premiums written as reported in the following annual statements most recently available prior to the vote in subdivision (1) of this subsection: life, accident and health annual statements, health annual statements, or fraternal annual statements.

(d) The Valuation Manual must specify all of the following:

(1) Minimum valuation standards for and definitions of the policies or contracts subject to subsection 3791b(b) of this subchapter. Such minimum valuation standards shall be:

(A) the Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to subsection 3791b(b) of this subchapter;

(B) the Commissioner's annuity reserve valuation method for annuity contracts subject to subsection 3791b(b) of this subchapter; and

(C) minimum reserves for all other policies or contracts subject to subsection 3791b(b) of this subchapter.

(2) Which policies or contracts or types of policies or contracts that are subject to the requirements of a principle-based valuation in subsection 3791o(a) of this subchapter and the minimum valuation standards consistent with those requirements.

(3) For policies and contracts subject to a principle-based valuation under section 3791o of this subchapter:

(A) requirements for the format of reports to the Commissioner under subdivision 3791o(b)(3) of this subchapter and that shall include information necessary to determine if the valuation is appropriate and in compliance with this subchapter;

(B) assumptions shall be prescribed for risks over which the company does not have significant control or influence; and

(C) procedures for corporate governance and oversight of the actuarial function, and a process for appropriate waiver or modification of such procedures.

(4) For policies not subject to a principle-based valuation section 3791o of this subchapter, the minimum valuation standard shall either:

(A) be consistent with the minimum standard of valuation prior to the operative date of the Valuation Manual; or

(B) develop reserves that 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.

(5) Other requirements including those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandum, transition rules, and internal controls.

(6) The data and form of the data required under section 3791p of this subchapter with whom the data must be submitted, and may specify other requirements including data analyses and reporting of analyses.

(e) In the absence of a specific valuation requirement or if a specific valuation requirement in the Valuation Manual is not, in the opinion of the Commissioner, in compliance with this subchapter, then the company shall, with respect to such requirements, comply with minimum valuation standards prescribed by the Commissioner by rule.

(f) The Commissioner may engage a qualified actuary, at the expense of the company, to perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company, or to review and opine on a company's compliance with any requirement of this subchapter. The Commissioner may rely upon the opinion, regarding provisions contained within this subchapter, of a qualified actuary engaged by the Commissioner of another state, district, or territory of the United States. As used in this subsection, the term “engage” includes employ or contract with.

(g) The Commissioner may require a company to change any assumption or method that in the opinion of the Commissioner is necessary in order to comply with the requirements of the Valuation Manual or this subchapter; and the company shall adjust the reserves as required by the Commissioner. The Commissioner may take other disciplinary action he or she deems appropriate.
8 V.S.A. § 6051 — VT Code / Title 8 / Chapter 142 / Section 6051
§ 6051. Definitions
Status: in_force

As used in this chapter:

(1) “Commissioner” means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state.

(2) “Domicile,” for purposes of determining the state in which a purchasing group is domiciled, means:

(A) for a corporation, the state in which the purchasing group is incorporated; and

(B) for an unincorporated entity, the state of its principal place of business.

(3) “Hazardous financial condition” shall have the same meaning as in 15 U.S.C. § 3901(a)(7).

(4) “Insurance” shall have the same meaning as in 15 U.S.C. § 3901(a)(1).

(5) “Liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(2).

(6) “Personal risk liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(3).

(7) “Plan of operation and feasibility study” means an analysis that presents the expected activities and results of a risk retention group as required by chapter 141 of this title.

(8) “Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred.

(9) “Purchasing group” has the same meaning as in 15 U.S.C. § 3901(a)(5).

(10) “Risk retention group” shall have the same meaning as in 15 U.S.C. § 3901(a)(4).

(11) “State” means any state of the United States or the District of Columbia.
8 V.S.A. § 8086 — VT Code / Title 8 / Chapter 154 / Section 8086
§ 8086. Preexisting conditions
Status: in_force

(a) No long-term care insurance policy or certificate shall use a definition of “preexisting condition” that is more restrictive than the following: “preexisting condition” means a condition for which medical advice or treatment was recommended by or received from a provider of health care services within six months preceding the effective date of coverage of an insured person.

(b) No long-term care insurance policy or certificate may exclude coverage for a loss or confinement that is the result of a preexisting condition, unless such loss or confinement begins within six months following the effective date of coverage of an insured person.

(c) The Commissioner may by rule extend the limitation periods established in subsections (a) and (b) of this section as to specific age group categories in specific policy forms upon findings that the extension is in the best interests of the public.

(d) The definition of “preexisting condition” does not prohibit an insurer from using an application form designed to elicit the complete health history of an applicant and, on the basis of the answers on that application, from underwriting in accordance with that insurer's established underwriting standards. Unless otherwise provided in the policy or certificate, a preexisting condition, regardless of whether it is disclosed on the application, need not be covered until the waiting period described in subsection (b) of this section expires. No long-term care insurance policy or certificate may exclude or use waivers or riders of any kind to exclude, limit, or reduce coverage or benefits for specifically named or described preexisting diseases or physical conditions beyond the waiting period described in subsection (b) of this section.
8 V.S.A. § 13 — VT Code / Title 8 / Chapter 1 / Section 13
§ 13. Powers and penalties
Status: in_force

(a) In addition to any other penalties, and in order to enforce this title, 9 V.S.A. chapters 131 and 150, Title 9A, and 18 V.S.A. chapter 221, the Commissioner may issue subpoenas, examine persons, administer oaths, and require production of papers and records. Any subpoena or notice to produce may be served by registered or certified mail or in person by an agent of the Commissioner. Service by registered or certified mail shall be effective three business days after mailing. Any subpoena or notice to produce shall provide at least six business days' time from service within which to comply, except that the Commissioner may shorten the time for compliance for good cause shown. Any subpoena or notice to produce sent by registered or certified mail, postage prepaid, shall constitute service on the person to whom it is addressed. Each witness who appears before the Commissioner under subpoena shall receive a fee and mileage as provided for witnesses in civil cases in Superior Courts; provided, however, any person subject to regulation under this title shall not be eligible to receive fees or mileage under this section.

(b) A person who fails or refuses to appear, to testify, or to produce papers or records for examination before the Commissioner, upon properly being ordered to do so, may be assessed an administrative penalty by the Commissioner of Financial Regulation of not more than $2,000.00 for each day of noncompliance and proceeded against as provided in the Administrative Procedure Act, and that person's authority to do business may be suspended for not more than six months.

(c) If an appeal or other petition for judicial review of a final order is not filed in connection with an order of the Commissioner under this title, or 18 V.S.A. chapter 221, the Commissioner may file a certified copy of the final order with the clerk of a court of competent jurisdiction. The order so filed has the same effect as a judgment of the court and may be recorded, enforced, or satisfied in the same manner as a judgment of the court.

(d) In addition to any other penalties or powers, the Commissioner may order a person to make restitution or provide disgorgement of any sums shown to have been obtained in violation of provisions of this title and 18 V.S.A. chapter 221, plus interest at the legal rate.
8 V.S.A. § 7070 — VT Code / Title 8 / Chapter 145 / Section 7070
§ 7070. Assessments
Status: in_force

(a) As soon as practicable but not more than two years from the date of an order of liquidation under section 7057 of this title of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:

(1) the reasonable value of the assets of the insurer;

(2) the insurer's probable total liabilities;

(3) the probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment; and

(4) a recommendation as to whether or not an assessment should be made and in what amount.

(b)(1) Upon the basis of the report provided in subsection (a) of this section, including any supplements and amendments, the Superior Court of Washington County may levy one or more assessments against all members of the insurer who are subject to assessment.

(2) Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment exceeds the value of existing assets, with due regard being given to assessments that cannot be collected economically.

(c) After levy of assessment under subsection (b) of this section, the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment for such assessment.

(d) The liquidator shall give notice of the order to show cause by publication and by first-class mail to each member liable under the order mailed to the member's last known address as it appears on the insurer's records, at least 20 days before the return day of the order to show cause.

(e)(1) If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection (c) of this section, the court shall make an order adjudging the member liable for the amount of the assessment against the member pursuant to subsection (c) of this section, together with costs, and the liquidator shall have a judgment against the member for the assessment.

(2) If on or before such return day, the member appears and serves duly verified objections upon the liquidator, the Commissioner may hear and determine the matter or may appoint a referee to hear it and make such order as the facts warrant. In the event that the Commissioner determines that such objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.

(f) The liquidator may enforce any order or collect any judgment under subsection (e) of this section by any lawful means.
8 V.S.A. § 4902 — VT Code / Title 8 / Chapter 135 / Section 4902
§ 4902. Disclosure and public information
Status: in_force

(a) The Commissioner shall make such rules as he or she considers necessary or desirable for the full, fair, and uniform disclosure and conveyance of useful information to consumers of insurance.

(b) The rules may include requirements that for each or any insurance policy sold or offered for sale in this State an insurer shall prepare and provide or cause to be provided to the policyholder, buyer, or prospective buyer a disclosure statement containing:

(1) a clear and concise outline summarizing and clarifying important features of the policy;

(2) information on cost and on return to or on behalf of policyholders;

(3) such other information that the Commissioner considers appropriate to further the purposes of or reduce violations of chapter 129 of this title; and

(4) a statement that the outline is a summary of the policy or contract issued or applied for and that the policy or contract should be consulted to determine governing contractual provisions.

(c) The Commissioner shall by rule establish standards for the format, content, and distribution of disclosure statements and any other informational materials he or she considers necessary or desirable to promote the purposes of this section.
8 V.S.A. § 3964 — VT Code / Title 8 / Chapter 105 / Section 3964
§ 3964. Appointment of appraisers to determine valuation
Status: in_force

The owner of a building and the insurance company or agent shall each file with the Commissioner a list of not less than three disinterested persons competent to act as appraisers of the building described in the notice. The Commissioner shall select one person from each of the lists so submitted who shall together act as appraisers of the property, and, in case these two cannot agree, he or she shall select a third competent and disinterested person who shall act as third appraiser only as to matters regarding which the two appraisers first appointed cannot agree.
8 V.S.A. § 2545 — VT Code / Title 8 / Chapter 79 / Section 2545
§ 2545. Change of location
Status: in_force

(a) A licensee shall notify the Commissioner in writing within 30 days following any change in locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations.

(b) The notice required in subsection (a) of this section shall state the name and street address of each location removed or added to the licensee's list.

(c) Licensees shall submit with the notice required in subsection (a) of this section a nonrefundable fee of $25.00 for each new authorized delegate location and for each change in location for an authorized delegate. There is no fee to remove locations of authorized delegates.
8 V.S.A. § 3573 — VT Code / Title 8 / Chapter 101 / Section 3573
§ 3573. Conduct of examinations
Status: in_force

(a) Upon determining that an examination should be conducted, the Commissioner or the Commissioner's designee shall issue an examination order appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting a financial or a market conduct examination, the examiner shall observe those guidelines and procedures set forth in the Examiners' Handbook adopted by the National Association of Insurance Commissioners as amended from time to time. The Commissioner may also use such other guidelines or procedures as the Commissioner may deem necessary or appropriate under the circumstances.

(b) When making an examination under this section, the Commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists, the cost of which shall be borne by the company that is the subject of the examination.

(c) The Commissioner is authorized to terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the insurance laws of this State.

(d) Findings of fact made pursuant to any examination shall be prima facie evidence in any legal or regulatory action.

(e) The Commissioner is authorized to use and make public any final or preliminary examination report, any examiner or company work papers or other documents, or any other information discovered or developed during the course of any examination in the furtherance of any legal or regulatory action.
8 V.S.A. § 17 — VT Code / Title 8 / Chapter 1 / Section 17
§ 17. Liability for acts
Status: in_force

A person serving in any official capacity under this title, 9 V.S.A. chapter 131 or 150, or 18 V.S.A. chapter 221, including the Commissioner and any officer, employee, or agent of the Department, shall not be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office. No person may be subjected to any civil or criminal liability for any act or omission to act done in good faith in reliance on a subsisting order, regulation, or rule of the Commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation, or rule.
8 V.S.A. § 3575 — VT Code / Title 8 / Chapter 101 / Section 3575
§ 3575. Conflict of interest
Status: in_force

(a) No examiner may be appointed by the Commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this subchapter. This section shall not be construed to disqualify an examiner who is:

(1) a policyholder or claimant under an insurance policy;

(2) a grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;

(3) an investment owner in shares of regulated diversified investment companies; or

(4) a settlor or beneficiary of a “blind trust” into which any otherwise impermissible holdings have been placed.

(b) Notwithstanding the requirements of this section, the Commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though said persons may from time to time be similarly employed or retained by persons subject to examination under this subchapter.
8 V.S.A. § 4901 — VT Code / Title 8 / Chapter 135 / Section 4901
§ 4901. Definitions
Status: in_force

As used in this chapter:

(1) “Insurance policy” means a policy or contract covering any kind of insurance described in this title, including a contract or certificate issued by a fraternal benefit society under chapter 121 of this title or a subscriber contract issued by a medical or hospital service corporation under chapter 123 or 125 of this title.

(2) “Insurer” means any insurance company regulated by this title, including a fraternal benefit society or a medical or hospital service corporation.
8 V.S.A. § 3865 — VT Code / Title 8 / Chapter 105 / Section 3865
§ 3865. Mill mutual; fees
Status: in_force

A mutual fire insurance company of another state that insures only factories or mills, or property connected with such factories or mills, may be admitted to transact business in this State upon complying with the conditions set forth in the statutory laws of this State, except that in lieu of all other taxes, licenses, and fees whatsoever, it shall pay to the Commissioner:

(1) for filing its charter and bylaws, a fee of $30.00;

(2) for filing a statement under oath of its president and secretary, showing its financial condition and standing upon forms furnished by him or her, a fee of $20.00; and annually thereafter on or before March 31, it shall pay to the Commissioner a fee of $20.00 for the filing of its annual statement and an annual license fee of $5.00; and

(3) its fire marshal tax.
8 V.S.A. § 11601 — VT Code / Title 8 / Chapter 201 / Section 11601
§ 11601. Enforcement powers of Commissioner
Status: in_force

(a) The Commissioner may:

(1) Restrict the withdrawal of deposits from a Vermont financial institution, a state financial institution, or a branch of a foreign bank licensed under this title when the Commissioner finds that extraordinary circumstances make the restriction necessary for the proper protection of depositors in the affected institution.

(2) Order the holders of equity interests in a Vermont financial institution or financial institution regulated under this title to refrain from voting on any matter if the Commissioner finds that the order is necessary to protect the institution against reckless, incompetent, or careless management, safeguard the funds of depositors, or prevent the willful violation of this chapter or of any lawful order issued under it, and in such a case the equity interests of such a holder shall not be counted in determining the existence of a quorum or a percentage of the outstanding interests necessary to take any action by the financial institution.

(3) Order any person to cease violating this title, a lawful regulation or order of the Commissioner issued under it or to cease engaging in any unsafe or unsound practice.

(4) Except as provided in subdivision (5) of this subsection, impose an administrative penalty of not more than $15,000.00 for each violation of this title, a lawful regulation or order of the Commissioner issued under it, upon any person:

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

(B) who has knowingly engaged or participated in any materially unsafe or unsound practice in connection with a financial institution; or

(C) who has knowingly committed or engaged in any act, omission, or practice that constitutes a breach of fiduciary duty to the financial institution, including violations of section 14110 of this title.

(5) Impose an administrative penalty of not more than $1,000.00 per day on any person who fails without good cause to file any report or other filing under chapters 73, 77, and 200 through 210 of this title when due.

(6) Remove from a Vermont financial institution or state financial institution regulated under this title any person:

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

(B) who is convicted of a crime involving dishonesty;

(C) who has knowingly engaged or participated in any materially unsafe or unsound practice in connection with the financial institution; or

(D) who has knowingly committed or engaged in any act, omission, or practice that constitutes a breach of fiduciary duty to the financial institution.

(7) Revoke the charter of a Vermont financial institution that ceases to exist or ceases to be eligible for a charter.

(b) In determining the amount of any administrative penalty assessed pursuant to this section, the Commissioner shall consider the following factors:

(1) the appropriateness of the administrative penalty with respect to the financial resources and good faith of the person or financial institution charged;

(2) the gravity of the violation or practice;

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

(4) the economic benefit, if any, derived by any person from the violation or practice;

(5) whether the financial institution has suffered or probably will suffer financial loss or other damage;

(6) whether the interest of depositors could be seriously prejudiced by such violation, practice, or breach of fiduciary duty; or

(7) other factors as justice may require.

(c)(1) Except as provided in subdivision (2) of this subsection, the Commissioner shall provide notice of any enforcement order proposed pursuant to this section and the grounds for the order by mail to the financial institution and to any affected person. The financial institution or any person so served may, within 30 days after service on the financial institution, request that a hearing be held by the Commissioner. If no hearing is requested, the proposed order shall become final 30 days after service on the financial institution. The provisions of 3 V.S.A. chapter 25 shall govern any hearing held by the Commissioner under this section. An appeal under this section shall be filed within 30 days after the date of the Commissioner's decision and shall be to the Washington Superior Court.

(2) Notwithstanding subdivision (1) of this subsection, the Commissioner may, ex parte without notice, issue any enforcement order under this section in any case in which the Commissioner determines such action is necessary to:

(A) conserve the assets of any financial institution; or

(B) protect the interests of the depositors.

(d) The hearing on a removal order shall be private unless the Commissioner determines that a public hearing is necessary to protect the public interest. If it is deemed necessary to ensure the continued safety and soundness of the financial institution, the Commissioner may order an immediate suspension of any person pending completion of further administrative proceedings on his or her removal.

(e) An executive officer, director, or holder of principal equity interests who fails to comply with a standard established by subsection 14110(a) of this title shall be subject to the civil penalties established by 12 U.S.C. sections 504, 505, and 506, as amended, as if he or she had violated Regulation O directly.
8 V.S.A. § 4594 — VT Code / Title 8 / Chapter 125 / Section 4594
§ 4594. Part-time employees
Status: in_force

A nonprofit medical service corporation shall not exclude part-time employees and shall offer the same insurance benefits to part-time employees as it offers to the employee groups of which the part-time employees would be members if they were full-time employees. The insurer shall offer to include the part-time employees as part of the employer's employee group, at the full rate to be paid by the employer, at a rate prorated between the employer and the employee, or at the employee's expense. “Part-time employee” means any employee who works a minimum of at least 17 1/2 hours per week.
8 V.S.A. § 3818 — VT Code / Title 8 / Chapter 103 / Section 3818
§ 3818. Payment of benefits
Status: reserved

The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary as to all or any part of such sum living at the death of the person insured, and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of such sum not exceeding $500.00 to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
8 V.S.A. § 2763 — VT Code / Title 8 / Chapter 83 / Section 2763
§ 2763. Exceptions
Status: in_force

The provisions of this chapter shall not apply to the following:

(1) any attorney admitted to the practice of law in this State, when engaged in such practice;

(2) any financial institution as defined in subdivision 11101(32) of this title or a lender licensed under chapter 73 of this title, which performs debt adjustment in the regular course of its principal business;

(3) any person acting pursuant to any law of this State or of the United States or acting under the order of a court;

(4) any bona fide nonprofit religious, fraternal, or cooperative organization offering debt adjustment services exclusively for members;

(5) any employee of a licensee when acting in the regular course of his or her employment; and

(6) a certified public accountant licensed in this State, when services are rendered in the course of his or her practice as a certified public accountant.
8 V.S.A. § 8514 — VT Code / Title 8 / Chapter 165 / Section 8514
§ 8514. Dissolution of compact
Status: in_force

(a) The compact dissolves effective upon the date of the withdrawal or default of the compacting state that reduces membership in the compact to one compacting state.

(b) Upon the dissolution of this compact, the compact becomes null and void and shall be of no further force or effect, and the business and affairs of the Commission shall be wound up and any surplus funds shall be distributed in accordance with the bylaws.
8 V.S.A. § 2546 — VT Code / Title 8 / Chapter 79 / Section 2546
§ 2546. Records
Status: in_force

(a) In addition to the records required to be maintained by section 2119 of this title and any other records the Commissioner requires pursuant to this chapter or rule, a licensee shall maintain the following records for at least five years for determining the licensee's compliance with this chapter:

(1) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;

(2) bank statements and bank reconciliation records; and

(3) if the licensee is a money transmitter:

(A) a record of each outstanding money transmission obligation sold;

(B) records of outstanding money transmission obligations;

(C) records of each outstanding money transmission obligation paid within the five-year period; and

(D) a list of the last known names and addresses of all of the licensee's authorized delegates.

(b) The records specified in subsection (a) of this section shall be maintained in any form permitted in subsection 11301(c) of this title.

(c) Records specified in subsection (a) of this section may be maintained outside this State if they are made accessible to the Commissioner on seven business-days' notice.
8 V.S.A. § 7041 — VT Code / Title 8 / Chapter 145 / Section 7041
§ 7041. Commissioner's summary orders and supervision proceedings
Status: in_force

(a) Whenever the Commissioner has reasonable cause to believe, and determines after a hearing held under subsection (e) of this section, that any domestic insurer has committed or engaged in, or is about to commit or engage in, any act, practice, or transaction that would subject it to delinquency proceedings under this chapter, he or she may make and serve upon the insurer and any other persons involved such orders as are reasonably necessary to correct, eliminate, or remedy such conduct, condition, or ground.

(b) If upon examination or at any other time the Commissioner has reasonable cause to believe and determines that any domestic insurer is in such condition as to render the continuance of its business hazardous to the public or to holders of its policies or certificates of insurance, or if such domestic insurer gives its consent, then the Commissioner shall:

(1) notify the insurer of the determination; and

(2) furnish to the insurer a written list of the Commissioner's requirements to abate the determination.

(c) If the Commissioner makes a determination to supervise an insurer subject to an order under subsection (a) or (b) of this section, the Commissioner shall notify the insurer that it is under the supervision of the Commissioner. During the period of supervision, the Commissioner may appoint a supervisor to supervise such insurer. The order appointing a supervisor shall direct the supervisor to enforce orders issued under subsections (a) and (b) of this section and may also require that the insurer may not do any of the following things during the period of supervision, without the prior approval of the Commissioner or the supervisor:

(1) dispose of, convey, or encumber any of the insurer's assets or its business in force;

(2) withdraw from any of the insurer's bank accounts;

(3) lend any of the insurer's funds;

(4) invest any of the insurer's funds;

(5) transfer any of the insurer's property;

(6) incur any debt, obligation, or liability;

(7) merge or consolidate with another company;

(8) enter into any new reinsurance contract or treaty; or

(9) restrict the writing of new or renewal business.

(d) An insurer subject to an order under this section shall comply with the lawful requirements of the Commissioner and, if placed under supervision, shall have 60 days from the date the supervision order is served within which to comply with the requirements of the Commissioner. In the event of the insurer's failure to comply with the supervision order, the Commissioner may institute proceedings under section 7051 or 7056 of this title to have a rehabilitator or liquidator appointed, or extend the period of supervision.

(e) The notice of hearing held under subsection (a) of this section and any order issued pursuant to subsection (a) of this section shall be served upon the insurer pursuant to the provisions of 3 V.S.A. chapter 25. The notice of hearing shall state the time and place of hearing and the conduct, condition, or ground upon which the Commissioner may base the order. Unless mutually agreed between the Commissioner and the insurer, the hearing shall occur not less than 10 days nor more than 30 days after notice is served and shall be held at the offices of the Department of Financial Regulation or in some other place convenient to the parties as determined by the Commissioner. Unless the insurer requests a public hearing, hearings and hearing records under subsection (a) of this section shall be private and shall not be subject to the provisions of 1 V.S.A. chapter 5, subchapters 2 and 3 (the Vermont Open Meeting Law and the Public Records Act).

(f)(1) An insurer subject to an order under subsection (b) of this section may request a hearing to review that order. The hearing shall be held as provided in subsection (e) of this section. The request for a hearing shall not stay the effect of the order.

(2) If the Commissioner issues an order under subsection (b) of this section, the insurer may, at any time, waive the opportunity for a hearing before the Commissioner and apply for immediate judicial relief by means of any remedy afforded by law without first exhausting administrative remedies. Subsequent to a hearing before the Commissioner, a party to the proceedings whose interests are substantially affected shall be entitled to judicial review of an order issued by the Commissioner.

(g) During the period of supervision, the insurer may request the Commissioner to review an action taken or proposed to be taken by the supervisor, specifying the reasons why the action complained of is believed not to be in the best interests of the insurer.

(h) If a person has violated a supervision order issued under this section that as to him or her was then still in effect, he or she shall be liable to pay a civil penalty imposed by the Superior Court of Washington County not to exceed $10,000.00.

(i) The Commissioner may apply for, and any court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to enforce a supervision order.

(j) In the event that a person, subject to the provisions of this chapter, including those persons described in subsection 7034(a) of this title, shall knowingly violate a valid order of the Commissioner issued under the provisions of this section and, as a result of the violation, the net worth of the insurer is reduced or the insurer suffers loss it would not otherwise have suffered, such person shall become personally liable to the insurer for the amount of the reduction or loss. The Commissioner or supervisor is authorized to bring an action on behalf of the insurer in the Superior Court of Washington County to recover the amount of the reduction or loss together with costs.
8 V.S.A. § 4584 — VT Code / Title 8 / Chapter 125 / Section 4584
§ 4584. Application for permit
Status: in_force

(a) A corporation incorporated under this chapter shall immediately, after filing its articles of association, apply to the Commissioner of Financial Regulation for a permit to operate. The application shall be made to the Commissioner upon forms to be prescribed by the Commissioner. The application shall include a statement of the territory in which the corporation proposed to operate, the services to be furnished and rendered by it, and the rates to be charged for those services. The application shall be accompanied by two copies of any contract for medical services that the corporation proposes to make with its subscriber. Before issuing the permit, the Commissioner may make such examination or investigation as the Commissioner deems necessary. The Commissioner may refuse the permit if the Commissioner finds that the rates submitted are excessive, inadequate, or unfairly discriminatory.

(b) A corporation organized under the provisions of this chapter shall not enter into a contract with a subscriber to furnish medical services until it has obtained from such Commissioner a permit to do so.

(c) In connection with a rate decision, the Green Mountain Care Board may also make reasonable supplemental orders to the corporation 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 minimum cost under efficient and economical management of the corporation. 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 corporation to any physician, hospital, or other health care provider.

(d) The Commissioner shall permit rates for a medical service corporation designed to enable the corporation to accumulate and maintain a reserve fund that shall from time to time during the calendar year be increased in an amount equal to at least two percent of the annual premium income of the corporation until the reserve fund is equal to at least eight percent of the annual premium income of the corporation. However, if the liabilities of the corporation exceed its assets, the Commissioner shall permit the corporation to charge rates that enable the corporation to accumulate a reserve fund at the rate of at least five percent of annual premium income of the corporation until the corporation's assets equal its liabilities. Nothing in this subchapter shall require the Commissioner to permit a corporation to accumulate a reserve fund until the law of the state of incorporation of that corporation is substantially similar to this subsection with respect to the reserve fund.
8 V.S.A. § 3362 — VT Code / Title 8 / Chapter 101 / Section 3362
§ 3362. Authority to transact various kinds of insurance business
Status: in_force

A foreign or alien insurer may transact more than one kind of insurance business, provided the charter of such corporation authorizes it to transact such different kinds of insurance business and its capital is sufficient to provide the required capital for each kind of business to be transacted.
8 V.S.A. § 4373 — VT Code / Title 8 / Chapter 117 / Section 4373
§ 4373. Bylaws and regulations
Status: in_force

The association may also make and amend bylaws or regulations consistent with its certificate of incorporation, for the prompt, economical, and safe conduct of its affairs. All bylaws and regulations of an association, except safety rules made under the provisions of section 4367 of this subchapter, shall be filed with the Commissioner and shall be subject to the Commissioner's approval.
8 V.S.A. § 7066 — VT Code / Title 8 / Chapter 145 / Section 7066
§ 7066. Fraudulent transfer after petition
Status: in_force

(a) After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located. The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.

(b) After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:

(1) A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid, for which amount the transferee shall have a lien on the property so transferred.

(2) A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part thereof, to the insurer or upon his or her order, with the same effect as if the petition were not pending.

(3) A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith.

(4) A person asserting the validity of a transfer under this section shall have the burden of proof. Except as elsewhere provided in this section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.

(c) Every person receiving any property from the insurer or any benefit thereof which is a fraudulent transfer under subsection (a) of this section shall be personally liable therefore and shall be bound to account to the liquidator.

(d) Nothing in this chapter shall impair the negotiability of currency or negotiable instruments.
8 V.S.A. § 4016 — VT Code / Title 8 / Chapter 107 / Section 4016
§ 4016. Appeal
Status: in_force

(a) Any person aggrieved by any action of the Commissioner may obtain a review by appeal to the Superior Court of Washington County. The appeal shall be based on the record of the proceedings before the Commissioner and shall not be limited to questions of law. If the appeal is from an order of the Commissioner, the order shall not take effect during the pendency of the appeal unless the court determines otherwise.

(b) The court may review all the facts and in disposing of any issue before it may modify, affirm, or reverse any order of the Commissioner in whole or in part.

(c) Either party may appeal from the decision of the Superior Court to the Supreme Court in the manner provided by law. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 32710 — VT Code / Title 8 / Chapter 222 / Section 32710
§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO
Status: in_force

A CUSO shall be subject to chapter 226 of this title governing suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO.
8 V.S.A. § 8014 — VT Code / Title 8 / Chapter 151 / Section 8014
§ 8014. Rules
Status: in_force

The Commissioner may adopt rules under 3 V.S.A. chapter 25 necessary to carry out the provisions of this chapter.
8 V.S.A. § 7001 — VT Code / Title 8 / Chapter 143 / Section 7001
§ 7001. Definitions
Status: in_force

As used in this chapter:

(1) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. For the purpose of this chapter and section 2201 of this title, insurance premium finance company includes any insurance company, insurance agent or broker, or other lender who finances insurance premiums.

(2) “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter.

(3) “Licensee” means an insurance premium finance company holding a license issued under section 7002 of this title.

(4) “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized.

(5) “Commissioner” means the Commissioner of Financial Regulation.
8 V.S.A. § 4038 — VT Code / Title 8 / Chapter 107 / Section 4038
§ 4038. Rulemaking on policy filings
Status: in_force

The Commissioner may adopt such reasonable rules concerning the procedure for the filing or submission of policies subject to sections 4023 and 4028–4030 of this title as are necessary, proper, or advisable for the administration of these sections. This provision shall not abridge any other authority granted to the Commissioner by law. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 14109 — VT Code / Title 8 / Chapter 204 / Section 14109
§ 14109. Prohibited management interlocks
Status: in_force

A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:

(1) a financial institution that is in liquidation, receivership, conservatorship or similar proceedings;

(2) the Federal Reserve Bank of Boston;

(3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or

(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks.
8 V.S.A. § 8016 — VT Code / Title 8 / Chapter 151 / Section 8016
§ 8016. Fees for administration of this chapter
Status: in_force

(a) An application for a certificate of authority shall be accompanied by a fee of $1,500.00.

(b) The Department shall be reimbursed for any expenses it reasonably incurs itself or by its agents in pursuing the following statutory duties:

(1)(A) review of rates charged by operators;

(B) review of contract forms;

(C) monitoring compliance with statutory and regulatory requirements;

(D) general enforcement of statutory requirements; and

(E) preparation and publication of a consumers' guide.

(2) The Commissioner shall annually, before August 16, apportion the expenses incurred in performing the enumerated duties among providers based on their annual gross revenue for their most recent fiscal year.

(c) The Department shall be reimbursed by a provider for any expenses reasonably incurred by the Department or by its agents, in pursuing its financial and market conduct examinations, reviewing the sale or transfer of a facility to another operator, conducting specific enforcement actions, and carrying out investigations and rehabilitation activities under this chapter.
8 V.S.A. § 31104 — VT Code / Title 8 / Chapter 221 / Section 31104
§ 31104. Submission to Secretary of State
Status: in_force

Following the meeting required under subdivision 31103(e)(1) of this title and approval of the organizational documents by the Commissioner under subdivision 31103(e)(4) of this title, the directors so elected shall submit to the Secretary of State an attested copy of the credit union's organizational documents as required by Title 11B. The Secretary of State shall determine whether such organizational documents satisfy the requirements of Title 11B. If such requirements are met, the Secretary of State shall file the organizational documents according to the provisions of law. The filing of the organizational documents by the Secretary of State shall not authorize the transaction of business by the credit union until all conditions of this subchapter are satisfied.
8 V.S.A. § 31503 — VT Code / Title 8 / Chapter 221 / Section 31503
§ 31503. Allowance for loan and lease loss
Status: in_force

(a) An allowance for loan and lease loss account shall be established and maintained in an amount that represents the current estimated loss on loans and leases. The allowance for loan and lease loss account requirement shall be computed and adjusted through the provision for loan and lease loss expense account prior to the payment of dividends. This account shall be calculated in accordance with standards established by the Commissioner, as the same may be amended from time to time.

(b) Any sums recovered on items previously charged to allowance for loan and lease loss account shall be credited to the allowance for loan and lease loss account.
8 V.S.A. § 8311 — VT Code / Title 8 / Chapter 159 / Section 8311
§ 8311. Notices
Status: in_force

All notices by the Commissioner to an insurer under this chapter shall be effective upon mailing if sent by registered or certified mail or, in the case of any other type of transmission, shall be effective upon the insurer's receipt of such notice.
8 V.S.A. § 8083 — VT Code / Title 8 / Chapter 154 / Section 8083
§ 8083. Extraterritorial jurisdiction
Status: in_force

No group long-term care insurance coverage may be offered to a resident of this State under a group policy issued in another state to a group described in subdivision 8082(4)(D) of this title, unless this State or another state having statutory and regulatory long-term care insurance requirements substantially similar to those adopted in this State has made a determination that such requirements have been met. All other jurisdiction shall be pursuant to section 4026 of this title.
8 V.S.A. § 3706 — VT Code / Title 8 / Chapter 103 / Section 3706
§ 3706. Exemption of proceeds-Life insurance
Status: reserved

(a) If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his or her own life, or on another life, in favor of a person other than himself or herself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary or assignee thereof, other than the insured or the person so effecting such insurance or executors or administrators of such insured or the person so effecting such insurance, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting the same, whether or not the right to change the beneficiary is reserved or permitted, and whether or not the policy is made payable to the person whose life is insured if the beneficiary or assignee shall predecease such person, and such proceeds and avails shall be exempt from all liability for any debt of the beneficiary existing at the time the policy is made available for his or her use, provided that subject to the statute of limitations, the amount of any premiums for such insurance paid with intent to defraud creditors, with interest thereon, shall inure to their benefit from the proceeds of the policy; but the insurer issuing the policy shall be discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless, before such payment, the insurer shall have received written notice at its home office, by or in behalf of a creditor, of a claim to recover for transfer made or premiums paid with intent to defraud creditors, with specification of the amount claimed along with such facts as will assist the insurer to identify the particular policy.

(b) For the purposes of subsection (a) of this section, a policy shall also be deemed to be payable to a person other than the insured if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by such clause.
8 V.S.A. § 2216 — VT Code / Title 8 / Chapter 73 / Section 2216
§ 2216. Mortgage lending; specific requirements; exceptions
Status: in_force

Every licensee engaging in the making of loans secured by a lien against real estate located in this State, whether conducting its affairs as an agent or principal and whether operating from facilities within the State or by mail, telephone, or by electronic means, shall comply with the general provisions of this chapter unless exempted herein. A licensee making such loans through a third person shall only make loans through a person licensed as a mortgage broker and as a mortgage loan originator under this chapter, unless such third person is exempt from such licensing provisions. Any lender who makes such loans through a third person required to be licensed and not so licensed, in addition to being subject to all applicable penalties under Vermont law, shall be responsible for the acts or omissions of the third person as a principal is responsible for the acts and omissions of its agent. Every licensee making loans secured by a lien against real estate shall comply with sections 10403 and 10404, and subchapter 2 of chapter 200 of this title, and shall also be subject to the following specific limitations:

(1) For loans secured by a first lien, the term shall not exceed 480 months, and the licensees may not exceed the interest rate permitted by 9 V.S.A. § 41a(b)(8). All such lien documents shall include a power of sale pursuant to 12 V.S.A § 4531a et seq. The limitations on permitted charges contained in sections 2231 and 2233 of this title and 9 V.S.A. §§ 42, 44, and 46 shall not apply to any loan within the scope of 12 U.S.C. § 1735f-7a. Permitted charges shall be as specified in 9 V.S.A. § 42, 44, and 46 for any loan secured by a first lien on real estate that is not included within the scope of 12 U.S.C. § 1735f-7a, instead of sections 2231 and 2233 of this title.

(2) For loans secured by a subordinate lien, the term shall not exceed 360 months, and the licensees may not exceed the interest rate permitted by 9 V.S.A. chapter 4. All such lien documents shall include a power of sale pursuant to 12 V.S.A. § 4531a et seq. Permitted charges for loans secured by a subordinate lien shall be as specified in 9 V.S.A. §§ 42, 44, and 46, instead of sections 2231 and 2233 of this title.

(3) No licensee shall take a lien upon real estate as security for any loan made under this chapter, except such lien as is created by law upon the recording of a judgment or such lien as secures a loan in principal amount in excess of $3,000.00 at the time of making.

(4) Interest shall be computed by the actuarial method in accordance with 9 V.S.A. 41a(d).

(5) Any loan secured by a lien on real estate, except a commercial loan, which does not contain a fixed rate or substantially equal payments for full amortization within the repayment period shall conform to federal regulations on alternative mortgages where applicable by reason of federal law or action of the Commissioner.

(6) This section shall not apply to commercial loans.
8 V.S.A. § 31406 — VT Code / Title 8 / Chapter 221 / Section 31406
§ 31406. Meetings of members
Status: in_force

(a) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws.

(b) On all questions and elections brought to the membership for a vote, each member shall have one vote, regardless of the member's shareholdings. No member may vote by proxy, but a member may vote by early voter absentee ballot, mail ballot, or other method if the bylaws of the credit union so provide.

(c) The bylaws may establish a minimum age, not greater than the age of majority as defined in 1 V.S.A. § 173, as a qualification of eligibility to vote at meetings of the members. A minor, as defined in 1 V.S.A. § 173, may not be a voting member of the governing body, the supervisory committee, or any other appointed or elected committee.

(d) An organization having membership in the credit union may be represented and have its vote cast by an officer of the organization or its designated agent so authorized by the organization's governing body as evidenced by a certified copy of such authorization provided to the credit union before the vote is cast.
8 V.S.A. § 4500 — VT Code / Title 8 / Chapter 121 / Section 4500
§ 4500. Taxation
Status: in_force

Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal, and school tax other than taxes on real estate and office equipment.
8 V.S.A. § 5036 — VT Code / Title 8 / Chapter 138 / Section 5036
§ 5036. Direct placement of insurance
Status: in_force

(a) Every insured and every self-insurer in this State for whom this is their home state who procures or causes to be procured or continues or renews insurance from any non-admitted insurer, covering a subject located or to be performed within this State, other than insurance procured through a surplus lines broker pursuant to this chapter, shall, before March 1 of the year after the year in which the insurance was procured, continued or renewed, file a written report with the Commissioner of Taxes on forms prescribed and furnished by the Commissioner of Taxes. The report shall show:

(1) the name and address of the insured or insureds;

(2) the name and address of the insurer or insurers;

(3) the subject of the insurance;

(4) a general description of the coverage;

(5) the amount of premium currently charged for it;

(6) such additional pertinent information as may be reasonably requested by the Commissioner of Taxes.

(b) Any insurance, where this State is the home state of the insured, or for which premium in whole or in part is remitted directly or indirectly from within this State, shall be deemed insurance subject to subsection (a) of this section.

(c) A tax at the rate of three percent of the gross amount of premium, less any return premium, shall be levied upon an insured who procures insurance subject to subsection (a) of this section. Before March 1 of the year after the year in which the insurance was procured, continued, or renewed, the insured shall remit to the Commissioner of Taxes the amount of the tax.

(d) All administrative provisions of 32 V.S.A. chapter 151, including those relating to the collection and enforcement of the income tax by the Commissioner of Taxes, shall apply to this section.
8 V.S.A. § 7083 — VT Code / Title 8 / Chapter 145 / Section 7083
§ 7083. Distribution of assets
Status: in_force

Under the direction of the court, the liquidator shall pay distributions in a manner that will ensure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third-party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.
8 V.S.A. § 8008 — VT Code / Title 8 / Chapter 151 / Section 8008
§ 8008. Escrow of entrance fees
Status: in_force

(a) In the event the facility is not in operation at the time entrance fees are paid, the entrance fees or portions thereof shall be deposited in an escrow account. Such escrowed fees shall not be released to the provider until the following conditions are satisfied:

(1) Commitments are received from persons who have entered into continuing care contracts for a minimum of 60 percent of the residential units. As used in this subdivision, “commitment” means payment of at least 10 percent of the entrance fee.

(2) One hundred percent of the financing for construction and operation of the facility has been arranged. As used in this subdivision, “financing” includes all funds that, when combined with entrance fees and periodic fees receivable under signed contracts, are sufficient to complete construction of the facility and to provide enough working capital to enable the facility to operate in a self-sufficient manner.

(3) The provider has obtained or caused to be obtained a guaranteed maximum price contract for construction of the facility.

(4) The provider has obtained or caused to be obtained all permits and regulatory approvals necessary for operation of the facility except those dependent upon completion of construction.

(b) In the case of a contract for a previously occupied residential unit, fees shall be held in escrow until 60 days prior to the occupancy date.

(c) If the provider is unable to satisfy the conditions set forth in subsection (a) of this section within a reasonable period of time, the Commissioner may order that escrowed fees be released and refunded.
8 V.S.A. § 10505 — VT Code / Title 8 / Chapter 200 / Section 10505
§ 10505. Returned check charges
Status: in_force

No depository institution or credit union shall assess a returned check charge or similar charge against a depositor for the costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which it was drawn.