8 V.S.A. § 4042 — VT Code / Title 8 / Chapter 107 / Section 4042
§ 4042. Group insurance policies; required policy provisions
Status: in_force

(a) Terms and conditions. No group health insurance policy shall contain any provision relating to notice of claim, proofs of loss, time of payment of claims, or time within which legal action must be brought upon the policy that, in the opinion of the Commissioner, is less favorable to the persons insured than would be permitted by the provisions set forth in section 4029 of this title. In addition, each such policy shall contain in substance the following provisions:

(1) A provision that the policy; the application of the policyholder, if an application or copy is attached to the policy; and the individual applications, if any, submitted by the employees or members in connection with the policy shall constitute the entire contract between the parties, and that all statements, in the absence of fraud, made by any applicant or applicants shall be deemed representations and not warranties, and that no such statement shall avoid the insurance or reduce benefits under the policy unless contained in a written application, of which a copy is attached to the policy.

(2) A provision that the health insurer will furnish to the policyholder, for delivery to each employee or member of the insured group, an individual certificate setting forth in summary form a statement of the essential features of the insurance coverage of the employee or member and to whom benefits are payable under the policy. If dependents are included in the coverage, only one certificate need be issued for each family unit.

(3) A provision that to the group originally insured may be added from time to time eligible new employees or members or dependents, as the case may be, in accordance with the terms of the policy.

(4) A provision that the health insurer shall not exclude part-time employees and shall offer the same group health 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 health 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 and the employee, at a rate prorated between the employer and the employee, or at the employee's expense. As used in this subdivision, “part-time employee” means any employee who works a minimum of at least 17.5 hours per week.

(b) Protections for covered individuals.

(1) Preexisting condition exclusions. A group insurance policy shall not contain any provision that excludes, restricts, or otherwise limits coverage under the policy for one or more preexisting health conditions.

(2) Annual limitations on cost sharing.

(A)(i) The annual limitation on cost sharing for self-only coverage for any year shall be the same as the dollar limit established by the federal government for self-only coverage for that year in accordance with 45 C.F.R. § 156.130.

(ii) The annual limitation on cost sharing for other than self-only coverage for any year shall be twice the dollar limit for self-only coverage described in subdivision (i) of this subdivision (A).

(B)(i) In the event that the federal government does not establish an annual limitation on cost sharing for any plan year, the annual limitation on cost sharing for self-only coverage for that year shall be the dollar limit for self-only coverage in the preceding calendar year, increased by any percentage by which the average per capita premium for health insurance coverage in Vermont for the preceding calendar year exceeds the average per capita premium for the year before that.

(ii) The annual limitation on cost sharing for other than self-only coverage for any year in which the federal government does not establish an annual limitation on cost sharing shall be twice the dollar limit for self-only coverage described in subdivision (i) of this subdivision (B).

(3) Ban on annual and lifetime limits. A group insurance policy shall not establish any annual or lifetime limit on the dollar amount of essential health benefits, as defined in Section 1302(b) of the Patient Protection and Affordable Care Act of 2010, Pub. L. No. 111-148, as amended by the Health Care and Education Reconciliation Act of 2010, Pub. L. No. 111-152, and applicable regulations and federal guidance, for any individual insured under the policy, regardless of whether the services are provided in-network or out-of-network.

(4) No cost sharing for preventive services.

(A) A group insurance policy shall not impose any co-payment, coinsurance, or deductible requirements for:

(i) preventive services that have an “A” or “B” rating in the current recommendations of the U.S. Preventive Services Task Force;

(ii) immunizations for routine use in children, adolescents, and adults that have in effect a recommendation from the Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention with respect to the individual involved;

(iii) with respect to infants, children, and adolescents, evidence-informed preventive care and screenings as set forth in comprehensive guidelines supported by the federal Health Resources and Services Administration; and

(iv) with respect to women, to the extent not included in subdivision (i) of this subdivision (4)(A), evidence-informed preventive care and screenings set forth in binding comprehensive health plan coverage guidelines supported by the federal Health Resources and Services Administration.

(B) Subdivision (A) of this subdivision (4) shall apply to a high-deductible health plan only to the extent that it would not disqualify the plan from eligibility for a health savings account pursuant to 26 U.S.C. § 223.

(5) Definition of “group insurance policy.” As used in this subsection, “group insurance policy” has the same meaning as “group health plan” and shall be subject to the same excepted benefits, in each case, as set forth in 45 C.F.R. § 146.145, as in effect as of December 31, 2017. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2760 — VT Code / Title 8 / Chapter 83 / Section 2760
§ 2760. Separate bank account for the benefit of creditors; books and records
Status: in_force

(a) Each licensee shall maintain a separate federally insured bank account for the benefit of debtors in which all payments received from debtors for the benefit of creditors shall be deposited and in which all payments shall remain until a remittance is made to either a debtor or a creditor.

(b) Every licensee shall keep, and use in its business, books, accounts, and records that will enable the Commissioner to determine whether such licensee is complying with the provisions of this chapter and with the regulations of the Commissioner. Every licensee shall preserve such books, accounts, and records for at least seven years after making the final entry on any transaction recorded therein. The items specified in this subsection may be maintained in any form of record as permitted in subsection 11301(c) of this title.
8 V.S.A. § 4722 — VT Code / Title 8 / Chapter 129 / Section 4722
§ 4722. Definitions
Status: in_force

As used in this chapter:

(1) “Person” means any individual, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, appraisers, and adjusters. Person also means medical, dental, optometric, and hospital service plans as defined in this title. For the purposes of this title, medical, dental, optometric, and hospital service plans shall be deemed to be engaged in the business of insurance.

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

(3) “Insurance policy” or “insurance contract” means any contract of insurance, indemnity, medical, dental, optometric, or hospital service, suretyship, or annuity issued, proposed for issuance, or intended for issuance by any person.

(4)(A) “Abusive litigation” means litigation or other legal action to deter, prevent, sanction, or punish any person engaging in legally protected health care activity by:

(i) filing or prosecuting any action in any other state where liability, in whole or part, directly or indirectly, is based on legally protected health care activity that occurred in this State, including any action in which liability is based on any theory of vicarious, joint, or several liability derived therefrom; or

(ii) attempting to enforce any order or judgment issued in connection with any such action by any party to the action or any person acting on behalf of a party to the action.

(B) A lawsuit shall be considered to be based on conduct that occurred in this State if any part of any act or omission involved in the course of conduct that forms the basis for liability in the lawsuit occurs or is initiated in this State, whether or not such act or omission is alleged or included in any pleading or other filing in the lawsuit.

(5) “Legally protected health care activity” has the same meaning as in 1 V.S.A. § 150.
8 V.S.A. § 4585 — VT Code / Title 8 / Chapter 125 / Section 4585
§ 4585. Required contract provisions
Status: in_force

Contracts entered into by a medical service corporation shall be in writing, one copy of which shall be furnished to the subscriber. The contract shall contain the following provisions:

(1) A statement of the amount payable to the corporation by the subscriber and the manner in which such amount is payable.

(2) A statement of the nature of the services to be furnished and the period during which they will be furnished and if there are any services to be excepted, a detailed statement of the exceptions printed as specified in section 4586 of this chapter.

(3) A statement of the terms and conditions upon which the contract may be canceled or otherwise terminated at the option of either party.

(4) A statement that the contract includes the endorsements thereon and attached papers, if any, and contains the entire contract for services.

(5) A statement that no representation by the subscriber in an application shall void the contract or be used in any legal proceeding under the contract unless such application or an exact copy of the application is included in or attached to the contract, and that no agent or representative of the corporation other than an officer or officers designated in the contract is authorized to change the contract or waive any of its provisions.

(6) A statement that if the subscriber defaults in making any payment under the contract, the subsequent acceptance of a payment by the corporation or by any of its duly authorized agents shall reinstate the contract but, with respect to sickness and injury, only to cover such sickness as may be first manifested more than 10 days after the date of such acceptance.

(7) A statement of the period of grace that will be allowed the subscriber for making any payment due under contract. The grace period shall be not less than 10 days.

(8) A statement that the subscriber shall be entitled to engage the services of a physician or surgeon of the subscriber's choosing to perform services covered by the contract, provided that the physician or surgeon is licensed by the State Board of Medical Practice and agrees to be governed by the bylaws of the corporation with respect to payment of fees for the physician's or surgeon's services.
8 V.S.A. § 2225 — VT Code / Title 8 / Chapter 73 / Section 2225
§ 2225. Statement of rates of charge
Status: in_force

Rates of charge shall be stated fully and clearly in such manner as necessary to prevent misunderstanding thereof by prospective borrowers.
8 V.S.A. § 4014 — VT Code / Title 8 / Chapter 107 / Section 4014
§ 4014. Advertising practices
Status: in_force

(a) No company doing business in this State, and no insurance agent or broker, shall use in connection with the solicitation of health insurance or pharmacy benefit management any advertising copy or advertising practice or any plan of solicitation that is materially misleading or deceptive. An advertising copy or advertising practice or plan of solicitation shall be considered to be materially misleading or deceptive if by implication or otherwise it transmits information in such manner or of such substance that a prospective applicant for health insurance may be misled by it to the applicant's material damage.

(b)(1) If the Commissioner finds that any such advertising copy or advertising practice or plan of solicitation is materially misleading or deceptive, the Commissioner shall order the company or the agent or broker using such copy or practice or plan to cease and desist from such use.

(2) Before making any such finding and order, the Commissioner shall give notice, not less than 10 days in advance, and a hearing to the company, agent, or broker affected.

(3) If the Commissioner finds, after due notice and hearing, that any authorized insurer, licensed pharmacy benefit manager, licensed insurance agent, or licensed insurance broker has intentionally violated any such order to cease and desist, the Commissioner may suspend or revoke the license of such insurer, pharmacy benefit manager, agent, or broker. (Recodified 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4115 — VT Code / Title 8 / Chapter 109 / Section 4115
§ 4115. Penalties
Status: in_force

In addition to any other penalty provided by law, any person who violates an order of the Commissioner after it has become final, and while such order is in effect, shall forfeit and pay to the State of Vermont an administrative penalty not to exceed $1,000.00, except that if such violation is found to be willful, the amount of such penalty shall be a sum not to exceed $5,000.00. The Commissioner, in his or her discretion, may revoke or suspend the license or certificate of authority of the person guilty of such violation. Such order for suspension or revocation shall be upon notice and hearing and shall be subject to judicial review as provided in section 4114 of this title.
8 V.S.A. § 5040 — VT Code / Title 8 / Chapter 138 / Section 5040
§ 5040. Separability of provisions
Status: in_force

If any provision of this chapter, or the application of such provision to any person or circumstances, shall be held invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.
8 V.S.A. § 4832 — VT Code / Title 8 / Chapter 132 / Section 4832
§ 4832. Scope of chapter; existing insurers
Status: in_force

(a) All authorized reciprocal insurers shall be governed by those provisions of this chapter not expressly made applicable to domestic reciprocal insurers.

(b) Existing authorized reciprocal insurers shall after March 31, 1971 comply with this chapter, and shall make such amendments to their subscribers' agreement, power of attorney, policies, and other documents and accounts and perform such other acts as may be required for such compliance.
8 V.S.A. § 3431 — VT Code / Title 8 / Chapter 101 / Section 3431
§ 3431. Merger or consolidation between domestic and foreign insurers-Requirements
Status: in_force

(a) In case of a merger or consolidation between a domestic and a foreign insurer, the articles of merger or consolidation shall be regarded as executed by the proper officers of said foreign insurer when such officers are duly authorized to execute same through such action on the part of the directors, shareholders, members, or policyholders, as the case may be, of said foreign insurer as may be required by the laws of the state where the same is incorporated; and upon execution, the articles of merger or consolidation shall be submitted to the Commissioner of Financial Regulation or other officer at the head of the insurance department of the state where such foreign insurer is incorporated. No such merger or consolidation shall take effect until it shall have been approved by the insurance official of the state where said foreign insurer is incorporated nor until a certificate of his or her approval has been filed with the Commissioner of Financial Regulation for the State of Vermont; provided, that such submission to and approval by the proper official of such other state shall not be required unless the same are required by the laws of such foreign state. Provided, further, that the domestic insurer involved in such merger or consolidation shall not through anything contained in this section be relieved of any of the procedural requirements enumerated in the preceding sections of this subchapter.

(b) No merger, consolidation, or reinsurance between a domestic and a foreign insurer shall take effect, unless and until the surviving, new, or accepting insurer, if such is a foreign insurer, shall file with the Department a power of attorney appointing the Secretary of State and his or her successors in office, the attorney for service of said foreign insurer, upon whom all lawful process against said insurers may be served. Said power of attorney shall be irrevocable so long as said foreign insurer has outstanding in this State any contract of insurance, or other obligation whatsoever, and shall by its terms so provide. Service upon the Secretary of State shall be deemed sufficient service upon the insurer.
8 V.S.A. § 2117 — VT Code / Title 8 / Chapter 72 / Section 2117
§ 2117. Examinations and investigations; examination fees
Status: in_force

(a) In addition to any authority allowed under this part or other law, and for the purpose of examination, or discovering or investigating violations or complaints of or arising under this part; chapter 200, subchapter 2 of this title; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or a rule adopted, or an order or directive issued pursuant to those sections, or securing information required or useful thereunder, and for purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation, the Commissioner or his or her representative may:

(1) conduct investigations and examinations;

(2) access, receive, and use any books, accounts, records, files, documents, information, or evidence including:

(A) criminal, civil, and administrative history information, including nonconviction data;

(B) personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in 15 U.S.C. § 1681a; and

(C) any other documents, information, or evidence the Commissioner deems relevant to the inquiry or investigation regardless of the location, possession, control, or custody of such documents, information, or evidence.

(b)(1) The Commissioner may review, investigate, or examine any person, regardless of whether the person has obtained a license under this part, as often as necessary in order to carry out the purposes of this part.

(2) The Commissioner may direct, subpoena, or order the attendance of, and examine under oath, a person whose testimony is required about the loans or the business or subject matter of an examination or investigation, and may direct, subpoena, or order the person to produce books, accounts, records, files, and any other documents the Commissioner deems relevant to the inquiry.

(c)(1) A person subject to this part shall make available to the Commissioner upon request the books and records relating to the operations of the person.

(2) The Commissioner shall have access to the books and records and to interview the officers, principals, responsible individuals, control persons, mortgage loan originators, employees, independent contractors, agents, and customers of the person concerning its business.

(d) A person subject to this part shall make or compile reports or prepare other information as directed by the Commissioner in order to carry out the purposes of this section, including:

(1) accounting compilations;

(2) information lists and data concerning transactions in a format prescribed by the Commissioner; and

(3) any other information as the Commissioner deems necessary to carry out the purposes of this part.

(e)(1) In making any examination or investigation authorized by this part, the Commissioner may control access to the documents and records of the person under examination or investigation.

(2) The Commissioner may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept.

(3) During the period of control, a person shall not remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the Commissioner.

(4) Unless the Commissioner has reasonable grounds to believe the documents or records of the person have been or are at risk of being altered or destroyed for purposes of concealing a violation of this part, the licensee or owner of the documents and records shall have access to the documents or records as necessary to conduct its ordinary business affairs.

(f) In order to carry out the purposes of this part, the Commissioner may:

(1) retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;

(2) enter into agreements or relationships with other government officials or regulatory associations to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section;

(3) use, hire, contract, or employ public or privately available analytical systems, methods, or software to examine or investigate a person subject to this part;

(4) accept and rely on examination or investigation reports made by other government officials within or outside this State; or

(5) accept audit reports made by an independent certified public accountant for the person subject to this part in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation, or other writing of the Commissioner.

(g) The authority of this section shall remain in effect, whether a person subject to this part acts or claims to act under any licensing or registration law of this State, acts without such authority, or surrenders his or her license.

(h) No person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.

(i) The Commissioner may, in the case of any person subject to this part who does not maintain a Vermont office, accept reports of examinations prepared by another state or federal regulatory agency as substitutes if such reports are available to the Commissioner and are determined to be adequate in exercising his or her powers and discharging his or her responsibilities under this part.

(j)(1) A person subject to this part shall pay to the Department all fees, costs, and expenses of any examination, review, and investigation as prescribed by section 18 of this title, which fees, costs, and expenses shall be billed when they are incurred.

(2) In addition to the powers set forth in section 2110 of this title, the Commissioner may maintain an action for the recovery of examination, review, and investigation fees, costs, and expenses as prescribed in section 18 of this title in any court of competent jurisdiction.

(k) Information obtained during an examination or investigation under this part shall be confidential and privileged and shall be treated as provided in section 23 of this title.
8 V.S.A. § 4696 — VT Code / Title 8 / Chapter 128 / Section 4696
§ 4696. Mandatory market participation
Status: in_force

If the Commissioner finds that there is no voluntary market in which buyers of any line of property and casualty insurance may obtain such insurance, the Commissioner may initiate proceedings to establish a joint underwriting association for that market under chapter 137 of this title.
8 V.S.A. § 4723 — VT Code / Title 8 / Chapter 129 / Section 4723
§ 4723. Unfair methods of competition or unfair or deceptive acts or practices prohibited
Status: in_force

No person shall engage in any trade practice that is determined under this chapter to be an unfair method of competition or an unfair or deceptive act or practice in the business of insurance.
8 V.S.A. § 3389 — VT Code / Title 8 / Chapter 101 / Section 3389
§ 3389. Motion to quash for improper service
Status: in_force

Nothing in section 3387 of this title is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in section 3383 or 3384 of this title on the ground either:

(1) that such unauthorized insurer has not done any of the acts enumerated in section 3382 of this title; or

(2) that the person on whom service was made pursuant to section 3384 of this title was not doing any of the acts therein enumerated.
8 V.S.A. § 4095b — VT Code / Title 8 / Chapter 107 / Section 4095b
§ 4095b. Mammography and other breast imaging services
Status: in_force

(a)(1) A health insurance plan shall provide coverage for screening mammography and for other medically necessary breast imaging services upon recommendation of a health care professional as needed to detect the presence of breast cancer and other abnormalities of the breast or breast tissue. In addition, a health insurance plan shall provide coverage for screening by ultrasound or another appropriate imaging service for a covered individual for whom the results of a screening mammogram were inconclusive or who has dense breast tissue, or both.

(2) Benefits provided shall cover the full cost of the mammography, ultrasound, and other breast imaging services and shall not be subject to any co-payment, deductible, coinsurance, or other cost-sharing requirement or additional charge, 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.

(b) This section shall apply only to procedures conducted by test facilities accredited by the American College of Radiologists.

(c) As used in this section:

(1) “Mammography” means the x-ray examination of the breast using equipment dedicated specifically for mammography, including the x-ray tube, filter, compression device, and digital detector. The term includes breast tomosynthesis.

(2) “Other breast imaging services” means diagnostic mammography, ultrasound, and magnetic resonance imaging services that enable health care professionals to detect the presence or absence of breast cancer and other abnormalities affecting the breast or breast tissue.

(3) “Screening” includes the mammography or ultrasound test procedure and a qualified health care professional's interpretation of the results of the procedure, including additional views and interpretation as needed. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 6057 — VT Code / Title 8 / Chapter 142 / Section 6057
§ 6057. Restrictions on insurance purchased by purchasing groups
Status: in_force

(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.

(b) A purchasing group that obtains liability insurance from an insurer not admitted in this State or a risk retention group shall inform each of the members of such group that have a risk resident or located in this State that such risk is not protected by an insurance insolvency guaranty fund in this State in writing that such risk retention group or such insurer may not be subject to all insurance laws and regulations of this State.

(c) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.

(d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits that are applicable to all purchases of group insurance.
8 V.S.A. § 4487 — VT Code / Title 8 / Chapter 121 / Section 4487
§ 4487. Suspension, revocation, or refusal of license of foreign or alien society
Status: in_force

(a) When the Commissioner of Financial Regulation upon investigation finds that a foreign or alien society transacting or applying to transact business in this State:

(1) has exceeded its powers;

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

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

(4) is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public; he or she shall notify the society of his or her findings, state in writing the reasons for his or her dissatisfaction and require the society to show cause on a date named why its license should not be suspended, revoked, or refused. If on that date the society does not present good and sufficient reason why its authority to do business in this State should not be suspended, revoked, or refused, he or she may suspend or refuse the license of the society to do business in this State until satisfactory evidence is furnished to him or her that the suspension or refusal should be withdrawn or he or she may revoke the authority of the society to do business in this State.

(b) Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this State during the time the society was legally authorized to transact business in this State.
8 V.S.A. § 30603 — VT Code / Title 8 / Chapter 220 / Section 30603
§ 30603. Examinations by federal regulatory agencies; departmental participation
Status: in_force

Where an examination is normally conducted by the Department jointly with a federal regulatory authority, the Commissioner, at such times as the Commissioner deems necessary or appropriate because of departmental fiscal restraints, may reduce or eliminate the department's participation in such examination. Where the Commissioner determines such reductions are necessary or appropriate, the Commissioner is authorized to rely on the examination report of the federal regulatory authority as the basis for exercising his or her powers and discharging his or her responsibilities under this title.
8 V.S.A. § 3817 — VT Code / Title 8 / Chapter 103 / Section 3817
§ 3817. Misstatement of age
Status: in_force

The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits, or of both, to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used.
8 V.S.A. § 15202 — VT Code / Title 8 / Chapter 205 / Section 15202
§ 15202. Establishment of branches in Vermont by financial institutions
Status: in_force

(a) A state financial institution, foreign bank, or national bank may establish a branch in this State pursuant to this section and in accordance with applicable state and federal financial institution laws.

(b) The establishment of a branch in this State under this section shall be accomplished by:

(1) a merger, or consolidation with, or the purchase of all or substantially all of the assets of, a financial institution or acquisition of a branch located in this State; or

(2) establishment of a branch; provided, however, that the law of the home state of any state financial institution or national financial institution proposing to establish one or more de novo branches in this State must expressly authorize, under conditions no more restrictive than those imposed by the laws of this State as determined by the Commissioner, the financial institution whose home state is this State to engage in interstate branch establishment of de novo branches in that state. A financial institution that is not a Vermont financial institution and is establishing a branch in this State shall file a copy of the branch application, with any amendments to the application, with the Commissioner at the time the application is filed with any supervisory agency.

(c) A merger or consolidation pursuant to this section involving a Vermont financial institution shall be in accordance with and subject to the provisions of chapter 207 of this title, except that the application requirement shall be treated as a notice requirement and the Commissioner may file an objection with the applicable supervisory agency with jurisdiction over the transaction if the transaction fails to comply with law. Approval of the Commissioner under chapter 207 of this title shall not be required.

(d) Any merger, consolidation, or acquisition pursuant to this section shall be subject to the provisions of section 14108 of this title.

(e) A state financial institution that establishes a branch in this State shall comply with the provisions of 11A V.S.A. chapter 15, 11 V.S.A. chapter 21, subchapter 10, except that 11A V.S.A. § 15.06 and 11 V.S.A. § 3136 shall not apply to any financial institution. Notwithstanding section 14103 of this title, a branch in this State of a state financial institution may engage in the activities permitted of a financial institution organized under the laws of this State, and may use the words “bank,” “banking association,” or “trust company” when engaged in such activities. The organizational name of such financial institution shall not be deceptively similar to any name in use by a person authorized to do business in this State.

(f) A branch of a state financial institution located in this State shall comply with the laws of this State, including laws regarding community reinvestment, consumer protection, fair lending, and the establishment of intrastate branches, to the same extent as such laws apply to a branch in this State of a Vermont financial institution. A branch in this State of a state financial institution may conduct any activity that is permissible for a branch in this State of a Vermont financial institution, but may not conduct any activity that is not permissible for a branch in this State of a Vermont financial institution. If Vermont law requires a Vermont financial institution or any branch of such financial institution to obtain the Commissioner's approval to engage in an activity, then a branch of a state financial institution shall obtain the Commissioner's approval in the same manner as a Vermont financial institution.

(g) A branch of a national financial institution located in this State shall comply with the laws of this State, including laws regarding community reinvestment, consumer protection, fair lending, and establishment of intrastate branches, to the same extent as such laws apply to a national financial institution whose principal place of business is in this State.

(h) A national or state financial institution that maintains a branch in this State pursuant to this section may establish and operate one or more remote service units in this State, without the approval of the Commissioner. Any remote service unit established pursuant to this subsection shall be subject to the provisions of section 10302 of this title. Nothing in this section shall be deemed to authorize any other person or entity to establish or operate any remote service unit in this State that accepts deposits or that transfers funds between accounts.
8 V.S.A. § 6056 — VT Code / Title 8 / Chapter 142 / Section 6056
§ 6056. Notice and registration requirements of purchasing groups
Status: in_force

(a) A purchasing group intending to do business in this State shall, prior to doing business, furnish notice to the Commissioner that shall:

(1) be as provided in 15 U.S.C. § 3903(d);

(2) identify all other states in which the group intends to do business;

(3) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State; and

(4) provide such other information as may be required by the Commissioner to verify that the purchasing group is qualified under subdivision 6051(9) of this title.

(b) The purchasing group shall register with and designate the Commissioner as its agent solely for the purpose of receiving service of legal documents or process, except for any groups exempted under 15 U.S.C. § 3903(e). Service shall be effected in the manner provided in section 3383 of this title.

(c) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the Commissioner to:

(1) verify that the entity qualifies as a purchasing group;

(2) determine where the purchasing group is located; and

(3) determine appropriate tax treatment under section 6058 of this title.

(d) Any purchasing group that was doing business in this State prior to the enactment of this chapter shall, within 30 days after December 31, 1992, furnish notice to the Commissioner pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b) and (c) of this section.
8 V.S.A. § 19101 — VT Code / Title 8 / Chapter 209 / Section 19101
§ 19101. Applicability to Vermont financial institutions; independent trust companies; state financial institutions
Status: in_force

(a) The provisions of subchapters 1 through 4 of this chapter apply to Vermont financial institutions. The provisions of subchapters 2, 3, and 4 of this chapter shall also apply to independent trust companies organized and regulated under chapter 77 of this title as if they were financial institutions.

(b) The provisions of subchapter 5 of this chapter shall apply to state financial institutions doing business in this State.
8 V.S.A. § 14106 — VT Code / Title 8 / Chapter 204 / Section 14106
§ 14106. Expanded powers of Vermont financial institutions
Status: in_force

In addition to all other powers permitted under these statutes, any Vermont financial institution shall have the powers conferred under federal law administered by the Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC, the Consumer Financial Protection Bureau, or other federal banking regulator upon national financial institutions or their subsidiaries.
8 V.S.A. § 2506 — VT Code / Title 8 / Chapter 79 / Section 2506
§ 2506. Application for license; additional information
Status: in_force

(a) In addition to the information required by section 2102 of this title, an application for a license under this subchapter shall state or contain:

(1) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State;

(2) a list of the applicant's proposed authorized delegates and the locations in Vermont where the applicant and its authorized delegates propose to engage in money transmission or provide other money services;

(3) a list of other states in which the applicant is licensed to engage in money transmission or provide other money services;

(4) information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee;

(5) a sample form of contract for authorized delegates, if applicable;

(6) a sample form of payment instrument or instrument upon which stored value is recorded, as applicable; and

(7) the name and address of any financial institution through which the applicant plans to conduct money services.

(b) For good cause shown and consistent with the purposes of this section, the Commissioner may waive one or more requirements of this section or permit an applicant to submit substituted information in lieu of the required information.
8 V.S.A. § 4684 — VT Code / Title 8 / Chapter 128 / Section 4684
§ 4684. Competitive market
Status: in_force

(a) A competitive market in a type of insurance subject to this chapter is presumed to exist unless:

(1) the Commissioner, after notice and hearing, determines and orders that a reasonable degree of competition does not exist in the market;

(2) the average annual increase in premiums or rates in the market is 25 percent or more as determined and noticed by the Commissioner; or

(3) an insurer uses a claims made liability insurance policy form or endorsement.

(b) The Commissioner shall conduct hearings to determine whether a reasonable degree of competition exists whenever, in any market over any 12-month period, the average rates or premiums increase at least 15 percent, but less than 25 percent, over the average rate or premiums for the immediately preceding 12-month period for that market. The Commissioner shall not be obligated to hold hearings under this subsection if, based on the information available to him or her under subsection 4688(a) of this title and other sources, the Commissioner determines that a competitive market continues to exist.

(c) Upon a determination of an increase in rates or premiums of 25 percent or more under subdivision (a)(2) of this section, the Commissioner may issue a notice that a reasonable degree of competition does not exist. Insurers may use their currently filed rates for only 120 calendar days after such notice, unless the Commissioner determines that it is in the consumer's best interests to extend this time period.

(d) A competitive market does not exist if an insurer uses a claims made liability insurance policy form or endorsement. Insurers writing insurance on a claims made basis are subject to the prefiling requirements of subdivision 4688(c)(1) of this title.

(e) The rates or premiums in a noncompetitive market shall be subject to the prefiling requirements set forth in subdivision 4688(c)(1) of this title.

(f) An order or notice that a noncompetitive market exists under subdivisions (a)(1) and (2) of this section shall expire not later than two years after the order or notice issues unless the Commissioner earlier rescinds the order or notice, or continues the order or notice upon a further determination that a reasonable degree of competition does not exist. Such further determination shall be preceded by public notice, but may be made without a hearing unless requested by an interested party.

(g) In determining whether a reasonable degree of competition exists under subdivision (a)(1) of this section, the Commissioner shall consider relevant structural and functional factors in determining the competitiveness of the market, including: the number of insurers actively engaged in providing coverage; market shares; and ease of entry.
8 V.S.A. § 3444 — VT Code / Title 8 / Chapter 101 / Section 3444
§ 3444. Demutualization of a mutual insurance holding company
Status: in_force

(a) Sections 3422 and 3423 of this title are not applicable to a reorganization or merger pursuant to section 3441 or 3442 of this title.

(b) Sections 3422 and 3423 of this title are applicable to the demutualization of a mutual insurance holding company that resulted from the reorganization of a domestic mutual insurance company pursuant to section 3441 as if it were a mutual insurance company.
8 V.S.A. § 4704a — VT Code / Title 8 / Chapter 128 / Section 4704a
§ 4704a. Rerating after use of erroneous credit information
Status: in_force

If it is determined through the reinvestigation process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that credit information relied upon by an insurer was incorrect, and if an insurer receives notice of that determination from either the consumer reporting agency or from the insured who has provided written documentation from the consumer reporting agency, within one year of the date after the insured is no longer a customer of the insurer, such insurer shall reunderwrite and rerate the consumer within 30 days after receiving the notice. After reunderwriting or rerating the insured, the insurer shall make any adjustments necessary consistent with its underwriting and rating guidelines. If an insurer determines that the insured has overpaid the premium, the insurer shall refund to the insured the amount of overpayment.
8 V.S.A. § 7124 — VT Code / Title 8 / Chapter 148 / Section 7124
§ 7124. Licensing and registration
Status: in_force

(a) The Commissioner may issue to an individual or a business entity that has complied with the requirements of this chapter and filed an application for such limited lines travel insurance producer license in a form and manner prescribed by the Commissioner, a limited lines travel insurance producer license, which authorizes the limited lines travel insurance producer to sell, solicit, or negotiate travel insurance through a licensed insurer. A person may not act as a limited lines travel insurance producer or travel retailer unless properly licensed or registered, respectively.

(b) A travel retailer may offer and disseminate travel insurance under a limited lines travel insurance producer license only if the following conditions are met:

(1) The limited lines travel insurance producer or travel retailer provides to purchasers of travel insurance:

(A) a description of the material terms or the actual material terms of the insurance coverage at the time of purchase;

(B) a description of the process for filing a claim;

(C) a description of the review and cancellation process for the travel insurance policy; and

(D) the identity and contact information of the insurer and limited lines travel insurance producer.

(2) At the time of licensure, the limited lines travel insurance producer has established and maintains a register on a form prescribed by the Commissioner of each travel retailer that offers travel insurance on the limited lines travel insurance producer's behalf. The register shall be maintained and updated annually by the limited lines travel insurance producer and shall include the name, address, and contact information of the travel retailer and an officer or person who directs or controls the travel retailer's operations, and the travel retailer's Federal Tax Identification Number. The limited lines travel insurance producer shall submit such register within 30 days of request by the Commissioner. The limited lines travel insurance producer shall also certify that the travel retailer registered complies with 18 U.S.C. § 1033. The grounds for the suspension and revocation and the penalties applicable to resident insurance producers under 8 V.S.A. § 4804 shall be applicable to the limited lines travel insurance producers and travel retailers.

(3) The limited lines travel insurance producer has designated one of its employees who is a licensed individual producer as the person responsible for the limited lines travel insurance producer's compliance with the travel insurance laws, rules, and regulations of the State. This person shall be identified as the Designated Responsible Licensed Producer (DRLP).

(4) The DRLP, president, secretary, treasurer, and any other officer or person who directs or controls the limited lines travel insurance producer's insurance operations has complied with the fingerprinting requirements applicable to insurance producers in the resident state of the limited lines travel insurance producer.

(5) The limited lines travel insurance producer has paid all applicable insurance producer licensing fees as set forth in section 4800 of this title.

(6) The limited lines travel insurance producer requires each employee and authorized representative of the travel retailer whose duties include offering and disseminating travel insurance to receive a program of instruction or training, which may be subject to review by the Commissioner. The training material shall, at a minimum, contain instructions on the types of insurance offered, ethical sales practices, and required disclosures to prospective customers.

(c) Any travel retailer offering or disseminating travel insurance shall make available to prospective purchasers brochures or other written materials that have been approved by the travel insurer. Such materials shall include information that, at a minimum:

(1) provides the identity and contact information of the insurer and the limited lines travel insurance producer;

(2) explains that the purchase of travel insurance is not required in order to purchase any other product or service from the travel retailer; and

(3) explains that an unlicensed travel retailer is permitted to provide general information about the insurance offered by the travel retailer, including a description of the coverage and price, but is not qualified or authorized to answer technical questions about the terms and conditions of the insurance offered by the travel retailer or to evaluate the adequacy of the customer's existing insurance coverage.

(d) A travel retailer's employee or authorized representative who is not licensed as an insurance producer may not:

(1) evaluate or interpret the technical terms, benefits, or conditions of the offered travel insurance coverage;

(2) evaluate or provide advice concerning a prospective purchaser's existing insurance coverage; or

(3) hold themself out as a licensed insurer, licensed producer, or insurance expert.

(e) A travel retailer whose insurance-related activities, and those of its employees and authorized representatives, are limited to offering and disseminating travel insurance on behalf of and under the direction of a limited lines travel insurance producer meeting the conditions stated in this section is authorized to do so and receive related compensation for such services, upon registration by the limited lines travel insurance producer as described in subdivision (b)(2) of this section.

(f) As the insurer's designee, a limited lines travel insurance producer is responsible for the acts of each of its registered travel retailers related to the offer and dissemination of travel insurance and shall use reasonable means to ensure the travel retailer's compliance with this chapter.

(g) Any person licensed in a major line of authority as an insurance producer is authorized to sell, solicit, and negotiate travel insurance. A property and casualty insurance producer is not required to become appointed by an insurer in order to sell, solicit, or negotiate travel insurance.

(h) The limited lines travel insurance producer and any travel retailer offering and disseminating travel insurance under a limited lines travel insurance producer license shall be subject to the provisions of sections 13 and 4804 and chapter 129 of this title.
8 V.S.A. § 4704 — VT Code / Title 8 / Chapter 128 / Section 4704
§ 4704. Information to be furnished insureds; aggrieved persons
Status: in_force

(a) Every insurer shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, if any, furnish to any insured affected by a premium or rate utilized by it, all pertinent information as to the development and application of such premium or rate.

(b) Every insurer and advisory or service organization shall provide within this State a reasonable means whereby a person aggrieved by the application of any of its filings shall be allowed to be heard, on written request, for the purpose of reviewing the manner in which the filing has been applied in connection with the insurance involved. If 25 persons are aggrieved, they may appeal in writing to the Commissioner who may call a hearing, to be held not less than 10 days after written notice to the parties, and review the filing in accordance with the provisions of this chapter and all other applicable provisions of this title.
8 V.S.A. § 6048c — VT Code / Title 8 / Chapter 141 / Section 6048c
§ 6048c. Definitions
Status: in_force

As used in this subchapter:

(1) “Ceding insurer” means an insurance company approved by the Commissioner and licensed or otherwise authorized to transact the business of insurance or reinsurance in its state or country of domicile, which cedes risk to a special purpose financial insurance company pursuant to a reinsurance contract.

(2) “Insolvency” and “insolvent,” for purpose of applying the provisions of chapter 145 of this title to a special purpose financial insurance company, mean:

(A) that the special purpose financial insurance company is unable to pay its obligations when they are due, unless those obligations are the subject of a bona fide dispute; or

(B) the special purpose financial insurance company has failed to meet all criteria and conditions for solvency of the special purpose financial insurance company established by the Commissioner by rule or order.

(3) “Insurance securitization” and “securitization” mean a transaction or a group of related transactions, which may include capital market offerings, that are effected through related risk transfer instruments and facilitating administrative agreements where all or part of the result of such transactions is used to fund the special purpose financial insurance company's obligations under a reinsurance contract with a ceding insurer and by which:

(A) proceeds are obtained by a special purpose financial insurance company, directly or indirectly, through the issuance of securities by the special purpose financial insurance company or any other person; or

(B) a person provides one or more letters of credit or other assets for the benefit of the special purpose financial insurance company, which the Commissioner authorizes the special purpose financial insurance company to treat as admitted assets for purposes of the special purpose financial insurance company's annual report; where all or any part of such proceeds, letters of credit, or assets, as applicable, are used to fund the special purpose financial insurance company's obligations under a reinsurance contract with a ceding insurer. The terms “insurance securitization” and “securitization” do not include the issuance of a letter of credit for the benefit of the Commissioner to satisfy all or part of the special purpose financial insurance company's capital and surplus requirements under section 6048g of this chapter.

(4) “Management” means the board of directors, managing board, or other individual or individuals vested with overall responsibility for the management of the affairs of the special purpose financial insurance company, including officers or other agents elected or appointed to act on behalf of the special purpose financial insurance company.

(5) “Organizational document” means:

(A) in the case of a special purpose financial insurance company formed as a stock corporation, the special purpose financial insurance company's articles of incorporation and bylaws; and

(B) in the case of a special purpose financial insurance company formed as a limited liability company, the special purpose financial insurance company's articles of organization and operating agreement.

(6) “Reinsurance contract” means a contract between a special purpose financial insurance company and a ceding insurer pursuant to which the special purpose financial insurance company agrees to provide reinsurance to the ceding insurer for risks associated with the ceding insurer's insurance or reinsurance business.

(7) “Security” shall have the same meaning as defined in 9 V.S.A. § 5102(28) and shall also include any form of debt obligation, equity, surplus certificate, surplus note, funding agreement, derivative, or other financial instrument that the Commissioner designates, by rule or order, as a “security” for purposes of this subchapter.

(8) “Special purpose financial insurance company” means a captive insurance company that has received a license from the Commissioner to operate as a special purpose financial insurance company pursuant to this subchapter.

(9) “Special purpose financial insurance company security” means:

(A) a security issued by a special purpose financial insurance company; or

(B) a security issued by a third party, the proceeds of which are obtained directly or indirectly by a special purpose financial insurance company.

(10) “Surplus note” means an unsecured subordinated debt obligation possessing characteristics consistent with paragraph 3 of the National Association of Insurance Commissioners Statement of Statutory Accounting Principles No. 41, as amended from time to time and as modified or supplemented by rule or order of the Commissioner.
8 V.S.A. § 4714 — VT Code / Title 8 / Chapter 128 / Section 4714
§ 4714. Notice requirements
Status: in_force

When notice required under section 4712 or section 4713 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail, certificate of mailing, or any similar first-class mail tracking method used or approved by the U.S. Postal Service, including Intelligent Mail barcode Tracing (IMb Tracing). A certificate of mailing from the U.S. Postal Service does not include a certificate of bulk mailing.
8 V.S.A. § 6070 — VT Code / Title 8 / Chapter 142A / Section 6070
§ 6070. Application of chapter
Status: in_force

(a) This chapter applies to risk retention groups domiciled in this State operating under the provisions of chapters 141 and 142 of this title and to persons serving as managing general agents for such risk retention groups.

(b) The provisions of chapter 131, subchapter 2 of this title, pertaining to producer controlled insurers, shall apply to risk retention groups chartered in this State.
8 V.S.A. § 3920 — VT Code / Title 8 / Chapter 105 / Section 3920
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
Status: in_force

(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.

(b) A nonassessment cooperative insurance corporation is one that has received approval of the Commissioner and has met the requirements of subsections 3930(a) and (b) of this title.
8 V.S.A. § 3791f — VT Code / Title 8 / Chapter 103 / Section 3791f
§ 3791f. Computation of minimum standard by calendar year of issue
Status: in_force

(a) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this section:

(1) life insurance policies issued in a particular calendar year, on or after the operative date of section 3768 of this chapter;

(2) individual annuity and pure endowment contracts issued in a particular calendar year on or after January 1, 1984;

(3) annuities and pure endowments purchased in a particular calendar year on or after January 1, 1984 under group annuity and pure endowment contracts; and

(4) the net increase, if any, in a particular calendar year after January 1, 1984 in amounts held under guaranteed interest contracts.

(b) The calendar year statutory valuation interest rates, I, shall be determined as follows and the results rounded to the nearer one-quarter of one percent:

(1) For life insurance:

(2) For single premium immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and from guaranteed interest contracts with cash settlement options:

(3) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on an issue year basis, except as stated in subdivision (2) of this subsection, the formula for life insurance stated in subdivision (1) of this subsection shall apply to annuities and guaranteed interest contracts with guarantee durations in excess of 10 years and the formula for single premium immediate annuities stated in subdivision (2) of this subsection shall apply to annuities and guaranteed interest contracts with guarantee duration of 10 years or less.

(4) For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the formula for single premium immediate annuities stated in subdivision (2) of this subsection shall apply.

(5) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a change in fund basis, the formula for single premium immediate annuities stated in this section shall apply.

(6) Notwithstanding any provisions to the contrary in this subsection (b), if the calendar year statutory valuation interest rate for any life insurance policies issued in any calendar year determined without reference to this sentence differs from the corresponding actual rate for similar policies issued in the immediately preceding calendar year by less than one-half of one percent, the calendar year statutory valuation interest rate for such life insurance policies shall be equal to the corresponding actual rate for the immediately preceding calendar year. For purposes of applying the immediately preceding sentence, the calendar year statutory valuation interest rate for life insurance policies issued in a calendar year shall be determined for 1980 (using the reference interest rate defined for 1979) and shall be determined for each subsequent calendar year regardless of when section 3768 of this chapter becomes operative.

(c) The weighting factors referred to in the formulas stated above are given in the following tables:

(1) Weighting Factors for Life Insurance:

For life insurance, the guarantee duration is the maximum number of years the life insurance can remain in force on a basis guaranteed in the policy or under options to convert to plans of life insurance with premium rates or nonforfeiture values, or both, that are guaranteed in the original policy.

(2) Weighting factors for single premium immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and guaranteed interest contracts with cash settlement options.

(3) Weighting factors for other annuities and for guaranteed interest contracts, except as stated in subdivision (2) of this subsection, shall be as specified in tables (A), (B), and (C) of this section, according to the rules and definitions in (D), (E), and (F) of this section.

(A) For annuities and guaranteed interest contracts valued on an issue year basis:

(B) For annuities and guaranteed interest contracts valued on a change in fund basis, the factors shown in subdivision (A) increased by:

(C) For annuities and guaranteed interest contracts valued on an issue year basis (other than those with no cash settlement options) that do not guarantee interest on considerations received more than one year after issue or purchase and for annuities and guaranteed interest contracts valued on a change in fund basis that do not guarantee interest rates on consideration received more than 12 months beyond the valuation date, the factors shown in subdivision (A) or derived in subdivision (B) increased by:

(D) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, the guarantee duration is the number of years for which the contract guarantees interest rates in excess of the calendar year statutory valuation interest rate for life insurance policies with guarantee duration in excess of 20 years. For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the guarantee duration is the number of years from the date of issue or date of purchase to the date annuity benefits are scheduled to commence.

(E) As used in the above tables:

(i) Plan Type A means that at any time the policyholder may withdraw funds only:

(I) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company;

(II) without such adjustment but in installments over five years or more;

(III) as an immediate life annuity; or

(IV) no withdrawal permitted.

(ii) Plan Type B means that, before expiration of the interest rate guarantee, the policyholder may withdraw funds only:

(I) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company;

(II) without such adjustment but in installments over five years or more;

(III) no withdrawal permitted; or

(IV) at the end of interest rate guarantee, funds may be withdrawn without such adjustment in a single sum or installments over less than five years.

(iii) Plan Type C means a policyholder may withdraw funds before expiration of interest rate guarantee in a single sum or installments over less than five years either:

(I) without adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company; or

(II) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.

(F) A company may elect to value guaranteed interest contracts with cash settlement options and annuities with cash settlement options on either an issue year basis or on a change in fund basis. Guaranteed interest contracts with no cash settlement options and other annuities with no cash settlement options must be valued on an issue year basis. As used in this section, an issue year basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard for the entire duration of the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of issue or year of purchase of the annuity or guaranteed interest contract, and the change in fund basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard applicable to each change in the fund held under the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of the change in the fund.

(d) The Reference Interest Rate referred to in subsection (b) of this section shall be defined as follows:

(1) For life insurance, the lesser of the average over a period of 36 months and the average over a period of 12 months, ending on June 30 of the calendar year next preceding the year of issue, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc.

(2) For single premium immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, the average over a period of 12 months, ending on June 30 of the calendar year of issue or year of purchase, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc.

(3) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a year of issue basis, except as stated in subdivision (2) of this subsection, with guarantee duration in excess of 10 years, the lesser of the average over a period of 36 months and the average over a period of 12 months, ending on June 30 of the calendar year of issue or purchase, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Services, Inc.

(4) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a year of issue basis, except as stated in subdivision (2) of this subsection, with guaranteed duration of 10 years or less, the average over a period of 12 months, ending on June 30 of the calendar year of issue or purchase, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Services, Inc.

(5) For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the average over a period of 12 months, ending on June 30 of the calendar year of issue or purchase, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc.

(6) For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a change in fund basis, except as stated in subdivision (2) of this subsection, the average over a period of 12 months, ending on June 30 of the calendar year of the change in the fund, of the monthly average of the composite yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc.

(7) Alternative method for determining reference interest rates. In the event that the monthly average of the composite yield on seasoned corporate bonds is no longer published by Moody's Investors Service, Inc., or in the event that the NAIC determines that the monthly average of the composite yield on seasoned corporate bonds as published by Moody's Investors Service, Inc. is no longer appropriate for the determination of the reference interest rate, then an alternative method for determination of the reference interest rate adopted by the NAIC and approved by rule adopted by the Commissioner may be substituted.
8 V.S.A. § 13301 — VT Code / Title 8 / Chapter 203 / Section 13301
§ 13301. Corporators of mutual financial institutions
Status: in_force

(a) Persons named in the organizational documents constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated by death, resignation, or disqualification as provided in this section.

(b) All corporators shall be residents of the geographic area that the financial institution serves or an area proximate to this geographic area. A person shall not continue as a corporator after ceasing to be a resident of the financial institution's geographic area or an area proximate to this geographic area.

(c) Any corporator failing to attend the annual meeting of the board of corporators for two successive years ceases to be a member of the board unless reelected by a vote of the remaining corporators.

(d) The number of corporators may be fixed or altered by the internal governance documents of the financial institution, and vacancies may be filled by election at any annual meeting.

(e) More than 50 percent of all corporators shall be depositors of the financial institution.

(f) At least two-thirds of all corporators shall be independent. As used in this subsection, an “independent corporator” means an individual who is not an employee, director, or officer of the financial institution, its subsidiaries, or its affiliates.

(g) Corporators shall be fiduciaries of the depositor base and shall exercise their authority in the best interests of the depositors with a duty of loyalty and care. In exercising their duties as corporators, corporators shall consider the interests of the depositors, the borrowers, and other customers of the financial institution; the general benefit and economic well-being of the communities served by the financial institution; and the safety, soundness, and general business needs of the financial institution.
8 V.S.A. § 4690 — VT Code / Title 8 / Chapter 128 / Section 4690
§ 4690. Licensing, operation, services, and activities of advisory or service organizations
Status: in_force

(a) License required. No person or organization may provide any service listed in subsection (b) of this section relating to any insurance subject to this chapter, and no insurer shall utilize any service of such organization for such purposes, unless the organization has obtained a license under subsection (d) of this section as an advisory or service organization.

(b) Authorized activities. Any licensed advisory or service organization may perform one or more of the following activities on behalf of its affiliates:

(1) Collect, compile, and furnish loss data and related statistics concerning any type of insurance subject to this chapter;

(2) Collect, compile, and furnish expense data concerning commercial risk insurance, workers' compensation insurance, and employers' liability insurance and, as approved by the Commissioner, personal risk insurance;

(3) For commercial risk insurance, workers' compensation insurance, employers' liability insurance, dwelling fire insurance, personal liability insurance, and inland marine insurance, prepare, recommend, distribute, or file rates and pure premium rates, supplementary rate, and supporting information, or pure premium rate data with or without adjustment for loss development and loss trending, in accordance with its statistical plans where applicable. Such pure premium rate data and adjustments should be in sufficient detail so as to permit insurers to modify the pure premium rates based on their own rating methods or interpretations of underlying data;

(4) For private passenger nonfleet automobile and homeowner's insurance, recommend pure premium rates and supply supplementary rate and supporting information or pure premium rate data with or without adjustment for loss development and loss trending in sufficient detail to permit insurers to modify the pure premium rates based upon their own rating methods or interpretation of underlying data. The organization may not file any material or data for or on behalf of insurers for private passenger nonfleet automobile and homeowner's insurance with the Commissioner, unless the Commissioner approves the form of such material or data;

(5) Prepare and distribute manuals of rates and pure premium rates and rating rules and rating schedules that provide for the development of rates or provide for the development or calculation of rates with the addition of insurer information that is not ascertainable within the distributed manuals;

(6) Advise about rate and pure premium rate questions; and provide supporting information for the development and use of rates and pure premium rates;

(7) Prepare, recommend, and file policy forms and endorsements and consult with its affiliates relative to their use and application;

(8) Prepare, recommend, or file coverages, classifications, and statistical plans;

(9) Distribute any and all information that is filed with the Commissioner and open to public inspection;

(10) Conduct research and collect statistics in order to discover, identify, and classify information relating to causes or prevention of losses;

(11) Make inspections, surveys, and audits;

(12) Conduct research and on-the-site inspections in order to prepare classifications of public fire defenses;

(13) Provide actuarial, statistical, and administrative services to insurers and other insurer-supported organizations;

(14) Collect, compile, and distribute past and current prices of individual insurers' insurance contracts, if such information is made available to the general public;

(15) Conduct research and collect information to determine the impact of benefit level changes on rates and pure premium rates, and conduct research and report on other projects;

(16) Prepare and distribute rules and rating values for experience rating plans. Calculate and disseminate individual risk premium modifications;

(17) Assist an individual insurer to develop rates, supplementary rate information, or supporting information when so authorized by the individual insurer; and

(18) Furnish any other services related to those enumerated in this subsection, as specified in the organization's license issued by the Commissioner.

(c) Availability of services. No advisory or service organization shall refuse to supply any service for which it is licensed in this State to any insurer authorized to do business in this State and offering to pay the fair and usual compensation for the service; nor shall such an organization require the purchase of any specific service or services as a condition to obtaining the service sought, provided that the furnishing of the requested service does not otherwise place an unreasonable burden on the organization, except as prescribed by the Commissioner for workers' compensation and employers' liability insurance.

(d) Licensing.

(1) Application. An advisory or service organization applying for a license shall include with its application:

(A) a nonrefundable license fee of $1,000.00 payable to the Commissioner, except that the fee shall be $100.00 for such an organization whose principal business office is located in this State;

(B) a copy of its constitution, articles of association or incorporation, bylaws, and any other rules or regulations governing the conduct of its business;

(C) a list of its affiliated insurers, together with disclosure of the services provided to each; which list shall be maintained and updated and supplied to the Department at least annually;

(D) the names and addresses of one or more residents of this State, or the designation of the Secretary of State as a person, upon whom notices, process affecting it, or orders of the Commissioner may be served;

(E) written documentation of its technical qualifications or abilities; and

(F) any other relevant information and documents that the Commissioner may require.

(2) Change in material circumstances. Every organization that has applied for a license pursuant to this subsection shall promptly file with the Commissioner, not less than 10 days after the effective date, every change in the material facts or in the documents on which its application and license was based.

(3) Granting of license. If the Commissioner finds that the applicant and the natural persons through which it acts are competent, trustworthy, and technically qualified or able to provide the services proposed, and that all other requirements of law are met, the Commissioner shall issue a license specifying the authorized activities of the applicant. The Commissioner shall not issue a license to any organization whose activities would tend to create a monopoly or to substantially lessen competition in any market segment.

(4) Duration. Licenses issued pursuant to this section shall remain in effect until the licensee withdraws from the State or until the license is suspended or revoked by the Commissioner. The Commissioner may at any time, after a hearing, revoke or suspend the license of an advisory or service organization that does not comply with the requirements and standards of this title.
8 V.S.A. § 6006b — VT Code / Title 8 / Chapter 141 / Section 6006b
§ 6006b. Redomestication
Status: in_force

(a) Any foreign or alien insurer that qualifies for licensure as a captive insurance company in this State may redomesticate to this State by complying with all of the requirements of law relative to the organization and licensing of a captive insurance company and by filing with the Secretary of State its articles of association, charter, or other organization document, together with appropriate amendments thereto adopted in accordance with the laws of this State bringing such articles of association, charter, or other organizational document into compliance with the laws of this State, along with a certificate of general good issued by the Commissioner and a filing fee per section 3440 of this title. An insurer becoming a domestic captive insurance company through this redomestication process shall pay to the Commissioner such fees as would otherwise be payable by a captive insurance company organizing and becoming licensed or transacting business in this State. The Commissioner may issue a conditional license prior to the effective date of the redomestication in order to facilitate the transaction and provide notice of approval of the transaction to the outgoing jurisdiction. The domestic insurer shall be entitled to the necessary or appropriate certificates and licenses to continue its business and to transact business in this State and shall be subject to the authority and jurisdiction of this State. No insurer redomesticating into this State as a captive insurance company need merge, consolidate, transfer assets, or otherwise engage in any other reorganization, other than as specified in this section.

(b) Upon the approval of and compliance with such conditions as may be imposed by the Commissioner, any captive insurance company may transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction and upon such a transfer shall cease to be a domestic captive insurance company, and its corporate or other legal existence in this State shall cease upon the filing of articles of redomestication with the Secretary of State, or upon such later date if a delayed effective date is specified in the articles of redomestication, accompanied by a certificate of approval of redomestication issued by the Commissioner and proof of acceptance of the insurer by the Secretary of State or analogous officer of the jurisdiction to which the captive insurance company is redomesticating, and upon payment to the Secretary of State of a filing fee per section 3438 of this title. Said articles of redomestication shall contain, at a minimum, the following information:

(1) the name, organizational form, date of formation, and jurisdiction of formation of the redomesticating entity;

(2) the jurisdiction to which the redomesticating entity will be transferring its domicile and its name following the redomestication date;

(3) the registered office and agent of the redomesticating entity following the redomestication date; and

(4) a statement that the redomestication has been approved by the appropriate vote of the shareholders or other owners of the redomesticating entity.

(c) Upon redomestication in accordance with this section, the foreign or alien insurer shall become a captive insurance company organized under the laws of this State and have all the rights, privileges, immunities, and powers, and be subject to all applicable laws, duties, and liabilities, of domestic insurers of the same type. Such captive insurance company shall possess all rights that obtained prior to the redomestication to the extent permitted by the laws of this State and shall be responsible and liable for all the liabilities and obligations that obtained prior to the redomestication. The certificate of authority, agents, appointments and licenses, rates, and other items that the Commissioner allows, in his or her discretion, that are in existence at the time any insurer transfers its corporate domicile to this or any other state or jurisdiction by redomestication pursuant to this section shall continue in full force and effect upon such transfer. All outstanding policies of any transferring insurer shall remain in full force and effect.
8 V.S.A. § 3804 — VT Code / Title 8 / Chapter 103 / Section 3804
§ 3804. Labor union groups
Status: in_force

The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of such union for the benefit of persons other than the union or any of its officials, representatives, or agents, subject to the following requirements:

(1) The members eligible for insurance under the policy shall be all of the members of the union, or all of any class or classes thereof determined by conditions pertaining to their employment or to membership in the union, or both.

(2) The premium for the policy shall be paid by the policyholder, either wholly from the union's funds, or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance. A policy on which part of the premium is to be derived from funds contributed by the insured members specifically for their insurance may be placed in force only if at least 75 percent of the then eligible members, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for the insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.

(3) The policy must cover at least 10 members at date of issue.

(4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the members or by the union.
8 V.S.A. § 3861 — VT Code / Title 8 / Chapter 105 / Section 3861
§ 3861. Discrimination and rebates prohibited
Status: in_force

A fire or casualty insurance company doing business in the State shall not make or permit any distinction or discrimination in favor of individuals, between insureds of the same class, in the amount or payment of premiums, or rates charged for policies of insurance, or in the dividends or other benefits payable thereon, or in any of the terms and conditions of the contracts it makes; nor shall a fire or casualty insurance company doing business in this State or an agent thereof make a contract of insurance, or agreement as to such contract, other than as plainly expressed in the policy issued thereon; nor shall such company or agent pay or allow, or offer to pay or allow, and no person shall accept as an inducement to insurance, a rebate or premium payable on the policy, or a special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement not specified in the policy contract of insurance. A person who violates any of the provisions of this section shall be subject to an administrative penalty of not more than $2,000.00.
8 V.S.A. § 4021 — VT Code / Title 8 / Chapter 107 / Section 4021
§ 4021. Termination of coverage
Status: in_force

(a)(1) A major medical insurance policy issued by a health insurer that insures employees, members, or subscribers for hospital and medical insurance on an expense-incurred, service, or prepaid basis shall:

(A) provide notice to the policyholder or other responsible party of any premium payment due on a policy at least 21 days before the due date; and

(B) provide a grace period of at least one month for the payment of each premium falling due after the first premium, during which grace period the plan shall continue in force and the issuer of the plan shall be liable for valid claims for covered losses incurred prior to the end of the grace period.

(2) If the issuer of a plan described subdivision (1) of this subsection does not receive payment by the due date, the issuer shall send a termination notice to the policyholder at least 21 days prior to termination notifying the policyholder that the issuer may terminate the plan if payment is not received by the termination date.

(3) The termination date of a plan described in subdivision (1) of this subsection shall not be earlier than the day following the last day of the grace period set forth in subdivision (1)(B) of this subsection.

(b) For all health insurance policies other than major medical insurance policies, a health insurer shall notify a policyholder of any premium payment due on a policy at least 21 days before the due date. If a health insurer does not receive payment by the due date, the health insurer shall send a termination notice to the policyholder notifying the policyholder that the health insurer will terminate the policy effective on the due date if payment is not received within 14 days from the date of mailing of the termination notice. If a health insurer does not receive payment within 14 days from the date of mailing of the termination notice, the health insurer may cancel coverage effective on the due date. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2572 — VT Code / Title 8 / Chapter 79 / Section 2572
§ 2572. Exemptions
Status: in_force

(a) This subchapter shall not apply to the exchange or transfer of virtual currency, or to virtual-currency storage or virtual-currency administration, by a person to the extent that the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a–78oo, as may be amended, or the Commodities Exchange Act of 1936, 7 U.S.C. §§ 1–27f, as may be amended, govern such activity and the person is conducting such activity in compliance with all applicable requirements of such laws and any regulations promulgated thereunder.

(b) This subchapter shall not apply to activity by:

(1) a person that:

(A) provides only data storage or security services for a business engaged in virtual-currency business activity and does not otherwise engage in virtual-currency business activity on behalf of another person; or

(B) provides only to a person otherwise exempt from this chapter virtual currency as one or more enterprise solutions used solely among each other and has no agreement or relationship with a person that is an end-user of virtual currency;

(2) a person using virtual currency, including creating, investing, buying or selling, or obtaining virtual currency as payment for the purchase or sale of goods or services, solely on its own behalf for personal, family, or household purposes or for academic purposes;

(3) a person whose virtual-currency business activity with or on behalf of persons is reasonably expected to be valued, in the aggregate, on an annual basis at $5,000.00 or less, measured by the U.S. dollar equivalent of virtual currency;

(4) a securities intermediary, as defined in 9A V.S.A. § 8-102, or a commodity intermediary, as defined in 9A V.S.A. § 9-102, that:

(A) does not engage in the ordinary course of business in virtual-currency business activity with or on behalf of a person in addition to maintaining securities accounts or commodities accounts and is regulated as a securities intermediary or commodity intermediary under federal law, law of this State other than this chapter, or law of another state; and

(B) affords a person protections comparable to those set forth in section 2575 of this subchapter;

(5) a person that is engaged in testing products or services with the person's own funds.

(c) The Commissioner may determine that other persons or classes of persons, given facts particular to the person or class, are exempt from this chapter, when the person or class is covered by requirements imposed under federal law on business engaged in money services and the Commissioner determines that no additional requirements are necessary to ensure the protection of the public.
8 V.S.A. § 15 — VT Code / Title 8 / Chapter 1 / Section 15
§ 15. Rules, orders, and administrative interpretations
Status: in_force

(a) In addition to other powers conferred by this title and 18 V.S.A. chapter 221, the Commissioner may adopt rules and issue orders as shall be authorized by or necessary to the administration of this title and of 18 V.S.A. chapter 221, and to carry out the purposes of such titles.

(b) The Commissioner may, whether or not requested by any person, issue written advisory interpretations, advisory opinions, non-objection letters, and no action letters under this title and regulations issued under it, including interpretations of the applicability of any provision of this title and regulations issued under it. Such interpretations shall be presumed to be correct unless found to be clearly erroneous by a court of competent jurisdiction. The Commissioner may make public all or a portion of an advisory interpretation.

(c) The Commissioner may waive the requirements of 15 V.S.A. § 795(b) as the Commissioner deems necessary to permit the Department to participate in any national licensing or registration systems with respect to any person or entity subject to the jurisdiction of the Commissioner under this title, Title 9, or 18 V.S.A. chapter 221.

(d) Upon written request by the Office of Child Support and after notice and opportunity for hearing to the licensee as required under any applicable provision of law, the Commissioner may revoke or suspend any license or other authority to conduct a trade or business (including a license to practice a profession) issued to any person under this title, 9 V.S.A. chapter 150, and 18 V.S.A. chapter 221, if the Commissioner finds that the applicant or licensee is subject to a child support order and is not in good standing with respect to that order or is not in full compliance with a plan to pay any and all child support payable under a support order as of the date the application is filed or as of the date of the commencement of revocation proceedings, as applicable. For purposes of such findings, the written representation to that effect by the Office of Child Support to the Commissioner shall constitute prima facie evidence. The Office of Child Support shall have the right to intervene in any hearing conducted with respect to such license revocation or suspension. Any findings made by the Commissioner based solely upon the written representation with respect to that license revocation or suspension shall be made only for the purposes of that proceeding and shall not be relevant to or introduced in any other proceeding at law, except for any appeal from that license revocation or suspension. Any license or certificate of authority suspended or revoked under this section shall not be reissued or renewed until the Department receives a certificate issued by the Office of Child Support that the licensee is in good standing with respect to a child support order or is in full compliance with a plan to pay any and all child support payable under a support order.
8 V.S.A. § 8511 — VT Code / Title 8 / Chapter 165 / Section 8511
§ 8511. Compacting states; effective date and amendment
Status: in_force

(a) Any state is eligible to become a compacting state.

(b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided the Commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or disapproval of, products filed with the Commission that satisfy applicable uniform standards only after 26 states are compacting states or, alternatively, by states representing greater than 40 percent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products, based on records of the NAIC for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.

(c) Amendments to the compact may be proposed by the Commission for enactment by the compacting states. No amendment shall become effective and binding upon the Commission and the compacting states unless and until all compacting states enact the amendment into law.
8 V.S.A. § 30605 — VT Code / Title 8 / Chapter 220 / Section 30605
§ 30605. Cooperative and other agreements
Status: in_force

(a) The Commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other governmental agency, the Federal Home Loan Bank, or any organization affiliated with or representing one or more governmental agencies with respect to the periodic examination or other supervision of any activity, office, or location in this State of a state credit union, or any activity or office of a Vermont credit union located in any host state. Such agreements may be used to resolve conflicts arising from inconsistent regulatory requirements and to specify the manner in which any application process under section 33102 or 33103 of this title shall be coordinated.

(b) Agreements under this section may also be entered with any other regulatory agencies on matters affecting any credit union organized or doing business in this State.
8 V.S.A. § 2751 — VT Code / Title 8 / Chapter 83 / Section 2751
§ 2751. Definitions
Status: in_force

As used in this chapter, “debt adjustment” means making an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor's creditors in full or partial payment of obligations of the debtor and includes services as an intermediary between a debtor and one or more of the debtor's creditors for the purpose of obtaining concessions. Debt adjustment also includes any program or strategy in which the debt adjuster furnishes services to a debtor that includes a proposed or actual payment or schedule of payments to be made by or on behalf of the debtor and is used to pay debt owed by the debtor. For purposes of this chapter, engaging in debt adjustment in this State shall include:

(1) soliciting debt adjustment business from within this State, whether by mail, by telephone, by electronic means, or by other means regardless of whether the debtor resides within this State or outside this State;

(2) soliciting debt adjustment business with an individual residing in this State, whether by mail, by telephone, by electronic means, or by other means;

(3) entering into, or succeeding to, a debt adjustment contract with an individual residing in this State; or

(4) providing, offering to provide, or agreeing to provide debt adjustment services directly or through others.
8 V.S.A. § 7084 — VT Code / Title 8 / Chapter 145 / Section 7084
§ 7084. Unclaimed and withheld funds
Status: in_force

(a) All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the State Treasurer and shall be paid without interest except in accordance with section 7081 of this title to the person entitled to such funds or to the person's legal representative upon proof satisfactory to the State Treasurer of the person's right to the funds. Any amount on deposit not claimed within seven years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the General Fund.

(b) All funds withheld under section 7077 of this title and not distributed shall upon discharge of the liquidator be deposited with the State Treasurer and paid by him or her in accordance with section 7077 of this title. Any sums remaining that under section 7077 of this title would revert to the undistributed assets of the insurer shall be transferred to the State Treasurer and become the property of the State under subsection (a) of this section, unless the Commissioner in his or her discretion petitions the court to reopen the liquidation under section 7086 of this title.
8 V.S.A. § 4093 — VT Code / Title 8 / Chapter 107 / Section 4093
§ 4093. Retail pharmacies; filling of prescriptions
Status: in_force

(a) A health insurer or pharmacy benefit manager doing business in Vermont shall permit a retail pharmacist licensed under 26 V.S.A. chapter 36 to fill prescriptions for all prescription drugs in the same manner and at the same level of reimbursement as they are filled by any other pharmacist or pharmacy, including a mail-order pharmacy or a pharmacy benefit manager affiliate, with respect to the quantity of drugs or days' supply of drugs dispensed under each prescription.

(b) Notwithstanding any provision of a health insurance plan to the contrary, if a health insurance plan provides for payment or reimbursement that is within the lawful scope of practice of a pharmacist, the health insurer may provide payment or reimbursement for the service when the service is provided by a pharmacist.

(c)(1) A health insurer or pharmacy benefit manager shall permit a participating network pharmacy to perform all pharmacy services within the lawful scope of the profession of pharmacy as set forth in 26 V.S.A. chapter 36.

(2) A health insurer or pharmacy benefit manager shall not do any of the following:

(A) Require a covered individual, as a condition of payment or reimbursement, to purchase pharmacist services, including prescription drugs, exclusively through a mail-order pharmacy or a pharmacy benefit manager affiliate.

(B) Offer or implement plan designs that require a covered individual to use a mail-order pharmacy or a pharmacy benefit manager affiliate.

(C) Order a covered individual, orally or in writing, including through online messaging, to use a mail-order pharmacy or a pharmacy benefit manager affiliate.

(D) Establish network requirements that are more restrictive than or inconsistent with State or federal law, rules adopted by the Board of Pharmacy, or guidance provided by the Board of Pharmacy or by drug manufacturers that operate to limit or prohibit a pharmacy or pharmacist from dispensing or prescribing drugs.

(E) Offer or implement plan designs that increase plan or patient costs if the covered individual chooses not to use a mail-order pharmacy or a pharmacy benefit manager affiliate. The prohibition in this subdivision (E) includes requiring a covered individual to pay the full cost for a prescription drug when the covered individual chooses not to use a mail-order pharmacy or a pharmacy benefit manager affiliate.

(F)(i) Exclude any amount paid by or on behalf of a covered individual, including any third-party payment, financial assistance, discount, coupon, or other reduction, when calculating a covered individual's contribution toward:

(I) the out-of-pocket limits for prescription drug costs under section 4092 of this title;

(II) the covered individual's deductible, if any; or

(III) to the extent not inconsistent with Sec. 2707 of the Public Health Service Act, 42 U.S.C. § 300gg-6, the annual out-of-pocket maximums applicable to the covered individual's health benefit plan.

(ii) The provisions of subdivision (i) of this subdivision (F) relating to a third-party payment, financial assistance, discount, coupon, or other reduction in out-of-pocket expenses made on behalf of a covered individual shall only apply to a prescription drug:

(I) for which there is no generic drug or interchangeable biological product, as those terms are defined in 18 V.S.A. § 4601; or

(II) for which there is a generic drug or interchangeable biological product, as those terms are defined in 18 V.S.A. § 4601, but for which the covered individual has obtained access through prior authorization, a step therapy protocol, or the pharmacy benefit manager's or health insurer's exceptions and appeals process.

(iii) The provisions of subdivision (i) of this subdivision (F) shall apply to a high-deductible health plan only to the extent that it would not disqualify the plan from eligibility for a health savings account pursuant to 26 U.S.C. § 223.

(3) A health insurer or pharmacy benefit manager shall not, by contract, written policy, or written procedure, require that a pharmacy designated by the health insurer or pharmacy benefit manager dispense a medication directly to a covered individual with the expectation or intention that the covered individual will transport the medication to a health care setting for administration by a health care professional.

(4) A health insurer or pharmacy benefit manager shall not, by contract, written policy, or written procedure, require that a pharmacy designated by the health insurer or pharmacy benefit manager dispense a medication directly to a health care setting for a health care professional to administer to a covered individual.

(5) A health insurer or pharmacy benefit manager shall adhere to the definitions of prescription drugs and the requirements and guidance regarding the pharmacy profession established by State and federal law and the Vermont Board of Pharmacy and shall not establish classifications of or distinctions between prescription drugs, impose penalties on prescription drug claims, attempt to dictate the behavior of pharmacies or pharmacists, or place restrictions on pharmacies or pharmacists that are more restrictive than or inconsistent with State or federal law or with rules adopted or guidance provided by the Board of Pharmacy.

(6) A pharmacy benefit manager or licensed pharmacy shall not make a direct solicitation to an individual covered by a health insurance plan unless one or more of the following applies:

(A) the covered individual has given written permission to the supplier or the ordering health care professional to contact the covered individual regarding the furnishing of a prescription item that is to be rented or purchased;

(B) the supplier has furnished a prescription item to the covered individual and is contacting the covered individual to coordinate delivery of the item; or

(C) if the contact relates to the furnishing of a prescription item other than a prescription item already furnished to the covered individual, the supplier has furnished at least one prescription item to the covered individual within the 15-month period preceding the date on which the supplier attempts to make the contact.

(d) A health insurer or pharmacy benefit manager shall not alter a covered individual's prescription drug order or the pharmacy chosen by the covered individual without the covered individual's consent; provided, however, that nothing in this subsection shall be construed to affect the duty of a pharmacist to substitute a lower-cost drug or biological product in accordance with the provisions of 18 V.S.A. § 4605.

(e) All of the provisions of this section except subsection (c) 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. § 4111 — VT Code / Title 8 / Chapter 109 / Section 4111
§ 4111. Claims
Status: in_force

(a) All claims shall be promptly reported to the insurer or its designated claim representative and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract.

(b) All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon directions of such claimant to one specified.

(c) No plan or arrangement shall be used whereby any person, firm, or corporation other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer.
8 V.S.A. § 7121 — VT Code / Title 8 / Chapter 147 / Section 7121
§ 7121. Regulation of assuming companies and service providers
Status: in_force

(a) An assuming company shall be subject to all rules adopted by the Commissioner under this chapter and also shall be subject to:

(1) chapter 145 (supervision, rehabilitation, and liquidation of insurers) of this title;

(2) the market conduct and unfair trade practices provisions of chapter 129 (insurance trade practices) of this title, as deemed applicable by the Commissioner; and

(3) in addition to the initial transfer tax required under subsection 7116(b) of this chapter, an annual renewal fee of $300.00.

(b) An assuming company shall not be subject to the requirements of chapter 101, subchapter 9 (Property and Casualty Insurance Guaranty Association) of this title.

(c) The Commissioner may adopt rules regarding the provision of services to an assuming company by persons other than any director, officer, or employee of the assuming company with respect to the administration of policies and reinsurance agreements assumed by the assuming company under a legacy insurance transfer, including licensing or other requirements.

(d) The Commissioner may adopt any other rules necessary or appropriate to carry out the provisions of this chapter.
8 V.S.A. § 7154 — VT Code / Title 8 / Chapter 149 / Section 7154
§ 7154. Disclosures
Status: in_force

(a) A pet insurer transacting pet insurance shall disclose the following to consumers:

(1) If the policy excludes coverage due to any of the following:

(A) a preexisting condition;

(B) a hereditary disorder;

(C) a congenital anomaly or disorder; or

(D) a chronic condition.

(2) If the policy includes any other exclusions, the following statement: “Other exclusions may apply. Please refer to the exclusions section of the policy for more information.”

(3) Any policy provision that limits coverage through a waiting or affiliation period, a deductible, coinsurance, or an annual or lifetime policy limit.

(4) Whether the pet insurer reduces coverage or increases premiums based on the insured's claim history, the age of the covered pet, or a change in the geographic location of the insured.

(5) If the underwriting company differs from the brand name used to market and sell the product.

(b)(1) Unless the insured has filed a claim under the pet insurance policy, pet insurance applicants shall have the right to examine and return the policy, certificate, or rider to the company or an agent or insurance producer of the company within 30 days following its receipt and to have the premium refunded if, after examination of the policy, certificate, or rider, the applicant is not satisfied for any reason.

(2) Pet insurance policies, certificates, and riders shall have a notice prominently printed on the first page or attached thereto including specific instructions to accomplish a return. The following free-look statement, or substantially similar language, shall be included:

You have 30 days following the day you receive this policy, certificate, or rider to review it and return it to the company if you decide not to keep it. You do not have to tell the company why you are returning it. If you decide not to keep it, simply return it to the company at its administrative office or you may return it to the agent or insurance producer that you bought it from, provided you have not filed a claim. You must return it within 30 days following the day you first received it. The company will refund the full amount of any premium paid within 30 days following the day it receives the returned policy, certificate, or rider. The premium refund will be sent directly to the person who paid it. The policy, certificate, or rider will be void as if it had never been issued.

(3) A pet insurer shall clearly disclose a summary description of the basis or formula on which the pet insurer determines claim payments under a pet insurance policy within the policy prior to policy issuance and through a clear and conspicuous link on the main page of the website of either the pet insurer or the pet insurer's program administrator.

(4) A pet insurer that uses a benefit schedule to determine claim payment under a pet insurance policy shall do the following:

(A) clearly disclose the applicable benefit schedule in the policy; and

(B) disclose all benefit schedules used by the pet insurer under its pet insurance policies through a clear and conspicuous link on the main page of the website of either the pet insurer or the pet insurer's program administrator.

(5) A pet insurer that determines claim payments under a pet insurance policy based on usual and customary fees, or any other reimbursement limitation based on prevailing veterinary service provider charges, shall do the following:

(A) include a usual and customary fee limitation provision in the policy that clearly describes the pet insurer's basis for determining usual and customary fees and how that basis is applied in calculating claim payments; and

(B) disclose the pet insurer's basis for determining usual and customary fees through a clear and conspicuous link on the main page of the website of either the pet insurer or the pet insurer's program administrator.

(6) If any medical examination by a licensed veterinarian is required to effectuate coverage, the pet insurer shall clearly and conspicuously disclose the required aspects of the examination prior to purchase and disclose that examination documentation may result in a preexisting condition exclusion.

(7) Waiting periods and the requirements applicable to them must be clearly and prominently disclosed to consumers prior to the policy purchase.

(8) The pet insurer shall include a summary of all policy provisions required in subdivisions (1)–(7) of this subsection in a separate document entitled “Insurer Disclosure of Important Policy Provisions.”

(9) The pet insurer shall post the “Insurer Disclosure of Important Policy Provisions” document required in subdivision (8) of this subsection through a clear and conspicuous link on the main page of the website of either the pet insurer or the pet insurer's program administrator.

(10) In connection with the issuance of a new pet insurance policy, the pet insurer shall provide the consumer with a copy of the “Insurer Disclosure of Important Policy Provisions” document required pursuant to subdivision (8) of this subsection in at least 12-point type when it delivers the policy.

(11) At the time a pet insurance policy is issued or delivered to a policyholder, the pet insurer shall include a written disclosure with the following information, printed in 12-point boldface type:

(A) the Department of Financial Regulation's mailing address, toll-free telephone number, and website address;

(B) the address and customer service telephone number of the pet insurer or the agent or broker of record; and

(C) if the policy was issued or delivered by an agent or broker, a statement advising the policyholder to contact the broker or agent for assistance.

(12) The disclosures required in this section shall be in addition to any other disclosure requirements required by law or rule.
8 V.S.A. § 3689 — VT Code / Title 8 / Chapter 101 / Section 3689
§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities
Status: in_force

(a) Injunctions. Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of this subchapter or of any rule, regulation, or order issued by the Commissioner hereunder, the Commissioner may apply to the Superior Court for the county in which the principal office of the insurer is located or if such insurer has no such office in this State then to the Superior Court for Washington County for an order enjoining such insurer or such director, officer, employee, or agent thereof from violating or continuing to violate this subchapter or any such rule, regulation, or order, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.

(b) Voting of securities, when prohibited. No security that is the subject of any agreement regarding acquisition, or that is acquired or to be acquired, in contravention of the provisions of this subchapter or of any rule, regulation, or order issued by the Commissioner hereunder may be voted at any shareholders' meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the courts of this State have so ordered. If an insurer or the Commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this subchapter or of any rule, regulation, or order issued by the Commissioner hereunder the insurer or the Commissioner may apply to the Superior Court for the county in which the insurer has its principal place of business or to the Superior Court for Washington County to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of section 3685 of this title or any rule, regulation, or order issued by the Commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.

(c) Sequestration of voting securities. In any case where a person has acquired or is proposing to acquire any voting securities in violation of this subchapter or any rule, regulation, or order issued by the Commissioner hereunder, the Superior Court for the county in which the insurer has its principal place of business or the Superior Court of Washington County may, on such notice as the court deems appropriate, upon the application of the insurer or the Commissioner, seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this subchapter. Notwithstanding any other provisions of law, for the purposes of this subchapter, the situs of the ownership of the securities of domestic insurers shall be deemed to be in this State.
8 V.S.A. § 7100 — VT Code / Title 8 / Chapter 145 / Section 7100
§ 7100. Subordination of claims for noncooperation
Status: in_force

If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this State any assets within his or her control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under subdivision 7081(9) of this title.
8 V.S.A. § 6055 — VT Code / Title 8 / Chapter 142 / Section 6055
§ 6055. Purchasing groups; exemption from certain laws
Status: in_force

A purchasing group and its insurer or insurers shall be subject to all applicable laws of this State, except that a purchasing group and its insurer or insurers shall be exempt from State laws as provided in 15 U.S.C. § 3903(a)(1)-(a)(8).
8 V.S.A. § 4826 — VT Code / Title 8 / Chapter 131 / Section 4826
§ 4826. Uniform interstate licensing
Status: in_force

Notwithstanding the provisions of subchapters 1 and 2 of this chapter or of chapter 142A of this title, the Commissioner may enter into reciprocal, cooperative, coordinating, and information sharing agreements with any other insurance producer licensing agency of any other jurisdiction in order to promote uniformity and efficiency of producer licensing among jurisdictions. Such agreements may be used to resolve conflicts arising from inconsistent licensing requirements of the laws of this State with the laws and regulations of any other jurisdiction. The Commissioner may approve a uniform producer license application or renewal form with tax or child support certification provisions that vary in form but not legal effect from those provided in 15 V.S.A. § 795 or 32 V.S.A. § 3113. The provisions of this subchapter shall apply to licenses granted under the provisions of chapters 131 and 142A of this title.
8 V.S.A. § 30502 — VT Code / Title 8 / Chapter 220 / Section 30502
§ 30502. Periodic reports from state credit unions with an office or activity in this State
Status: in_force

(a) The Commissioner may require periodic reports from any state-chartered credit union that has established and maintains an office in this State or that conducts any activity in this State.

(b) Any reporting requirements prescribed by the Commissioner under this section shall be:

(1) consistent with the reporting requirements applicable to credit unions incorporated under the laws of this State; and

(2) appropriate for the purpose of enabling the Commissioner to carry out his or her responsibilities under the laws relating to branching, offices, or activities.
8 V.S.A. § 4029 — VT Code / Title 8 / Chapter 107 / Section 4029
§ 4029. Required standard policy provisions
Status: reserved

Except as provided in section 4031 of this title, each health insurance policy delivered or issued for delivery to any person in this State shall contain the provisions specified in this section using the language set forth in this section; provided, however, that a health insurer may, at its option, substitute different language approved by the Commissioner for one or more provisions, provided the substituted language is not less favorable in any respect to the insured or covered individual than the language used in this section. The provisions specified in this section shall be preceded individually by the caption appearing in this section or, at the option of the health insurer, by such appropriate captions or subcaptions as the Commissioner may approve:

(1) ENTIRE CONTRACT; CHANGES: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer and unless such approval be endorsed hereon or attached hereto. No agent has authority to change this policy or to waive any of its provisions.

(2) TIME LIMIT ON CERTAIN DEFENSES:

(a) After three years from the date of issue of this policy no misstatements, except fraudulent misstatements, made by the applicant in the application for such policy, shall be used to void the policy or to deny a claim for loss incurred or disability (as defined in the policy) commencing after the expiration of such three-year period.

(The foregoing policy provision shall not be so construed as to affect any legal requirement for avoidance of a policy or denial of a claim during such initial three-year period, nor to limit the application of subdivisions 4030(1)–(5) of this title in the event of misstatement with respect to age or occupation or other insurance.) (A policy which the insured has the right to continue in force subject to its terms by the timely payment of premium (1) until at least age 50, or (2) in the case of a policy issued after age 44, for at least five years from its date of issue, may contain in lieu of the foregoing the following provision (from which the clause in parentheses may be omitted at the insurer's option) under the caption “INCONTESTABLE”:

After this policy has been in force for a period of three years during the lifetime of the insured (excluding any period during which the insured is disabled), it shall become incontestable as to the statements contained in the application.)

(b) No claim for loss incurred or disability (as defined in the policy) commencing after three years from the date of issue of this policy shall be reduced or denied on the ground that a disease or physical condition not excluded from coverage by name or specific description effective on the date of loss had existed prior to the effective date of coverage of this policy.

(3) GRACE PERIOD: A grace period of . . . . (insert a number not less than “7” for weekly premium policies, “10” for monthly premium policies and “31” for all other policies) days will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force.

(A policy which contains a cancellation provision may add, at the end of the above provision,

subject to the right of the insurer to cancel in accordance with the cancellation provision hereof,

A policy in which the insurer reserves the right to refuse any renewal shall have, at the beginning of the above provision,

Unless not less than five days prior to the premium due date the insurer has delivered to the insured or has mailed to his or her last address as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted.)

(4) REINSTATEMENT: If any renewal premium be not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent duly authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the 45th day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten days after such date. In all other respects the insured and insurer shall have the same rights thereunder as they had under the policy immediately before the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty days prior to the date of reinstatement.

(The last sentence of the above provision may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums (1) until at least age 50, or (2) in the case of a policy issued after age 44, for at least five years from its date of issue.)

(5) NOTICE OF CLAIM: Written notice of claim must be given to the insurer within 20 days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by or on behalf of the insured or the beneficiary to the insurer at . . . . (insert the location of such office as the insurer may designate for the purpose), or to any authorized agent of the insurer, with information sufficient to identify the insured, shall be deemed notice to the insurer.

(In a policy providing a loss-of-time benefit which may be payable for at least two years, an insurer may at its option insert the following between the first and second sentences of the above provision:

Subject to the qualifications set forth below, if the insured suffers loss of time on account of disability for which indemnity may be payable for at least two years, he or she shall, at least once in every six months after having given notice of claim, give to the insurer notice of continuance of said disability, except in the event of legal incapacity. The period of six months following any filing of proof by the insured or any payment by the insurer on account of such claim or any denial of liability in whole or in part by the insurer shall be excluded in applying this provision. Delay in the giving of such notice shall not impair the insured's right to any indemnity which would otherwise have accrued during the period of six months preceding the date on which such notice is actually given.)

(6) CLAIM FORMS: The insurer, upon receipt of a notice of claim, will furnish to the claimant such forms as are usually furnished by it for filing proofs of loss. If such forms are not furnished within 15 days after the giving of such notice the claimant shall be deemed to have complied with the requirements of this policy as to proof of loss upon submitting, within the time fixed in the policy for filing proofs of loss, written proof covering the occurrence, the character and the extent of the loss for which claim is made.

(7) PROOFS OF LOSS: Written proof of loss must be furnished to the insurer at its said office in case of claim for loss for which this policy provides any periodic payment contingent upon continuing loss within 90 days after the termination of the period for which the insurer is liable and in case of claim for any other loss within 90 days after the date of such loss. Failure to furnish such proof within the time required shall not invalidate nor reduce any claim if it was not reasonably possible to give proof within such time, provided such proof is furnished as soon as reasonably possible and in no event, except in the absence of legal capacity, later than one year from the time proof is otherwise required.

(8) TIME OF PAYMENT OF CLAIMS: Indemnities payable under this policy for any loss other than loss for which this policy provides any periodic payment will be paid immediately upon receipt of due written proof of such loss. Subject to due written proof of loss, all accrued indemnities for loss for which this policy provides periodic payment will be paid . . . . (insert period for payment which must not be less frequently than monthly) and any balance remaining unpaid upon the termination of liability will be paid immediately upon receipt of due written proof.

(9) PAYMENT OF CLAIMS: Indemnity for loss of life will be payable in accordance with the beneficiary designation and the provisions respecting such payment which may be prescribed herein and effective at the time of payment. If no such designation or provision is then effective, such indemnity shall be payable to the estate of the insured. Any other accrued indemnities unpaid at the insured's death may, at the option of the insurer, be paid either to such beneficiary or to such estate. All other indemnities will be payable to the insured.

(The following provisions, or either of them, may be included with the foregoing provision at the option of the insurer:

If any indemnity of this policy shall be payable to the estate of the insured, or to an insured or beneficiary who is a minor or otherwise not competent to give a valid release, the insurer may pay such indemnity, up to an amount not exceeding $. . . . . . (insert an amount which shall not exceed $1,000.00), to any relative by blood or connection by civil marriage of the insured or beneficiary who is deemed by the insurer to be equitably entitled thereto. Any payment made by the insurer in good faith pursuant to this provision shall fully discharge the insurer to the extent of such payment.

Subject to any written direction of the insured in the application or otherwise all or a portion of any indemnities provided by this policy on account of hospital, nursing, medical, or surgical services may, at the insurer's option and unless the insured requests otherwise in writing not later than the time of filing proofs of such loss, be paid directly to the hospital or person rendering such services; but it is not required that the service be rendered by a particular hospital or person.)

(10) PHYSICAL EXAMINATIONS AND AUTOPSY: The insurer at its own expense shall have the right and the opportunity to examine the person of the insured when and as often as it may reasonably require during the pendency of a claim hereunder and to make an autopsy in case of death where it is not forbidden by law.

(11) LEGAL ACTIONS: No action at law or in equity shall be brought to recover on this policy prior to the expiration of 60 days after written proof of loss has been furnished in accordance with the requirements of this policy. No such action shall be brought after the expiration of three years after the time written proof of loss is required to be furnished.

(12) CHANGE OF BENEFICIARY: Unless the insured makes an irrevocable designation of beneficiary, the right to change of beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to any change of beneficiary or beneficiaries, or to any other changes in this policy.

(The first clause of this provision, relative to the irrevocable designation of beneficiary, may be omitted at the insurer's option.) (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4460 — VT Code / Title 8 / Chapter 121 / Section 4460
§ 4460. Statutory purposes
Status: in_force

The statutory purpose of the exemption for fraternal societies in section 4500 of this title is to support benevolent societies that provide benefits to members and to the community.
8 V.S.A. § 4368 — VT Code / Title 8 / Chapter 117 / Section 4368
§ 4368. Premium rates
Status: in_force

An association formed pursuant to this subchapter shall have power to determine the premium rates for each occupation or risk insured by it and to prescribe rates of cash premiums sufficient to cover losses incurred and current cost. The premium rate on each policy shall prevail for a full year but annually may be changed by the directors. As used in this section, “current cost” means an amount sufficient to cover the losses and expenses incurred and a premium reserve equal to 50 percent of all premiums and assessments levied or paid.
8 V.S.A. § 6050 — VT Code / Title 8 / Chapter 142 / Section 6050
§ 6050. Purpose
Status: in_force

The purpose of this chapter is to regulate the formation and operation of risk retention groups and purchasing groups in this State formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (“RRA 1986”), to the extent permitted by such law.
8 V.S.A. § 4226 — VT Code / Title 8 / Chapter 113 / Section 4226
§ 4226. Notice requirements
Status: in_force

When notice required under section 4224 or 4225 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail, certificate of mailing, or any similar first-class mail tracking method used or approved by the U.S. Postal Service, including Intelligent Mail barcode Tracing (IMb Tracing). A certificate of mailing from the U.S. Postal Service does not include a certificate of bulk mailing.
8 V.S.A. § 7123 — VT Code / Title 8 / Chapter 148 / Section 7123
§ 7123. Definitions
Status: in_force

As used in this chapter:

(1) “Aggregator site” means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping.

(2) “Blanket travel insurance” means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group.

(3) “Cancellation fee waiver” means a contractual agreement between a supplier of travel services and its customer to waive some or all of the nonrefundable cancellation fee provisions of the supplier's underlying travel contract with or without regard to the reason for the cancellation or form of reimbursement. A cancellation fee waiver is not insurance.

(4) “Eligible group” means two or more persons who are engaged in a common enterprise, or have an economic, educational, or social affinity or relationship, including any of the following:

(A) any entity engaged in the business of providing travel or travel services, including a tour operator, lodging provider, vacation property owner, hotel or resort, travel club, travel agency, property manager, cultural exchange program, or common carrier, or the operator, owner, or lessor of a means of transportation of passengers, including to an airline, cruise line, railroad, steamship company, or public bus carrier, wherein with regard to any particular travel or type of travel or travelers, all members or customers of the group have a common exposure to risk attendant to such travel;

(B) any college, school, or other institution of learning, covering students, teachers, employees, or volunteers;

(C) any employer covering any group of employees, volunteers, contractors, board of directors, dependents, or guests;

(D) any sports team, camp, or sponsor thereof, covering participants, members, campers, employees, officials, supervisors, or volunteers;

(E) any religious, charitable, recreational, educational, or civic organization, or branch thereof, covering any group of members, participants, or volunteers;

(F) any financial institution or financial institution vendor, or parent holding company, trustee, or agent of or designated by one or more financial institutions or financial institution vendors, including accountholders, credit card holders, debtors, guarantors, or purchasers;

(G) any incorporated or unincorporated association, including a labor union, having a common interest, constitution, and bylaws and organized and maintained in good faith for purposes other than obtaining insurance for members or participants of such association covering its members;

(H) any trust or the trustees of a fund established, created, or maintained for the benefit of and covering members, employees, or customers, subject to the Commissioner's permitting the use of a trust and the State's premium tax provisions in section 7125 of this chapter, of one or more associations meeting the requirements of subdivision (4)(G) of this section;

(I) any entertainment production company covering any group of participants, volunteers, audience members, contestants, or workers;

(J) any volunteer fire department, ambulance, rescue, police, court, or any first aid, civil defense, or other such volunteer group;

(K) any preschool, daycare institution for children or adults, or senior citizen club;

(L) any automobile or truck rental or leasing company covering a group of individuals who may become renters, lessees, or passengers defined by their travel status on the rented or leased vehicles, provided that the common carrier, the operator, owner, or lessor of a means of transportation or the automobile or truck rental or leasing company is the policyholder under a policy to which this section applies; or

(M) any other group where the Commissioner has determined that the members are engaged in a common enterprise, or have an economic, educational, or social affinity or relationship, and that issuance of the policy would not be contrary to the public interest.

(5) “Fulfillment materials” means documentation sent to the purchaser of a travel protection plan confirming the purchase and providing the travel protection plan's coverage and assistance details.

(6) “Group travel insurance” means travel insurance issued to any eligible group.

(7) “Limited lines travel insurance producer” means a:

(A) licensed managing general agent or third-party administrator;

(B) licensed insurance producer, including a limited lines producer, designated by an insurer as the travel insurance supervising entity as set forth in subsection 7124(f) of this title; or

(C) travel administrator.

(8) “Offer and disseminate” means to provide general information, including a description of the coverage and price, as well as to process the application and collect premiums.

(9) “Primary certificate holder” means an individual person who elects and purchases travel insurance under a group policy.

(10) “Primary policyholder” means an individual person who elects and purchases individual travel insurance.

(11) “Travel administrator” means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on residents of this State, in connection with travel insurance, except that a person shall not be considered a travel administrator if that person's only actions that would otherwise cause it to be considered a travel administrator are among the following:

(A) a person working for a travel administrator to the extent that the person's activities are subject to the supervision and control of the travel administrator;

(B) an insurance producer selling insurance or engaged in administrative and claims-related activities within the scope of the producer's license;

(C) a travel retailer offering and disseminating travel insurance and registered under the license of a limited lines travel insurance producer in accordance with this chapter;

(D) an individual adjusting or settling claims in the normal course of that individual's practice or employment as an attorney-at-law and who does not collect charges or premiums in connection with insurance coverage; or

(E) a business entity that is affiliated with a licensed insurer while acting as a travel administrator for the direct and assumed insurance business of an affiliated insurer.

(12) “Travel assistance services” means noninsurance services for which the consumer is not indemnified based on a fortuitous event and where providing the service does not result in transfer or shifting of risk that would constitute the business of insurance. Travel assistance services include the provision of security advisories; destination information; vaccination and immunization information services; travel reservation services; entertainment, activity, or event planning; translation assistance; emergency messaging; international legal and medical referrals; medical case monitoring; coordination of transportation arrangements; emergency cash transfer assistance; medical prescription replacement assistance; passport and travel document replacement assistance; lost luggage assistance; or concierge services. Travel assistance services are not insurance and not related to insurance.

(13)(A) “Travel insurance” means insurance coverage for personal risks incident to planned travel, including:

(i) interruption or cancellation of a trip or event;

(ii) loss of baggage or personal effects;

(iii) damages to accommodations or rental vehicles;

(iv) sickness, accident, disability, or death occurring during travel;

(v) emergency evacuation;

(vi) repatriation of remains; or

(vii) any other contractual obligations to indemnify or pay a specified amount to the traveler upon determinable contingencies related to travel as approved by the Commissioner.

(B) Travel insurance does not include major medical plans that provide comprehensive medical protection for travelers with trips lasting six months or longer, including, for example, those working overseas as expatriates, or any other product that requires a specific insurance producer license.

(14) “Travel protection plan” means a plan that provides one or more of the following: travel insurance, travel assistance services, or cancellation fee waivers.

(15) “Travel retailer” means a business entity that makes, arranges, or offers travel services and may offer and disseminate travel insurance as a service to its customers on behalf of and under the direction of a limited lines travel insurance producer.
8 V.S.A. § 31402 — VT Code / Title 8 / Chapter 221 / Section 31402
§ 31402. Membership application
Status: in_force

The governing body shall act upon applications for membership as prescribed in its bylaws. The governing body may delegate its authority to act on applications for membership as provided in subdivision 31302(2) of this title. A person denied membership by a membership officer or membership committee may appeal the denial to the governing body.
8 V.S.A. § 6039 — VT Code / Title 8 / Chapter 141 / Section 6039
§ 6039. Claimant recourse
Status: in_force

(a) Consistent with the provisions of this subchapter, a creditor of a sponsored captive insurance company shall have recourse against the assets attributable to a protected cell if, and only if it is a creditor of the protected cell. A creditor of a protected cell shall not be entitled to recourse against the assets attributable to any other protected cell or to the assets in the sponsored captive insurance company's general account.

(b) When a sponsored captive insurance company has an obligation to a creditor arising from a transaction, or otherwise imposed, with respect to a particular protected cell, the obligation:

(1) shall extend only to the assets attributable to that protected cell, and the creditor shall be entitled to recourse only against the assets attributable to that protected cell; and

(2) shall not extend to the assets of any other protected cell or to the assets in the sponsored captive insurance company's general account, and the creditor shall not be entitled to recourse against the assets attributable to any other protected cell or to the assets of the sponsored captive insurance company's general account.

(c) When an obligation of a sponsored captive insurance company relates solely to its general account, a creditor shall have recourse only against the assets in the general account.

(d) The establishment of one or more protected cells alone, and without more, shall not constitute or be deemed to be a fraudulent conveyance, an intent by the sponsored captive insurance company to defraud creditors, or the carrying out of business by the sponsored captive insurance company for any other fraudulent purpose.
8 V.S.A. § 14408 — VT Code / Title 8 / Chapter 204 / Section 14408
§ 14408. Registration and sale of securities
Status: in_force

A Vermont or state financial institution owning or holding stocks or other securities in any fiduciary capacity may cause the same to be registered in the name of a nominee. The word “nominee” shall be construed to include one or more natural persons, a partnership, a corporation, or similar entity. Any such securities jointly held in a fiduciary capacity by a financial institution and another, individual or corporate, may be registered in the name of a nominee mutually satisfactory to the co-fiduciaries. Any fiduciary acting jointly with a financial institution may authorize and direct the financial institution in writing to register securities provided in this section. An individual or corporate fiduciary may deliver any such securities to a financial institution as custodian and may authorize and direct the financial institution in writing to register such securities in the name of a nominee. A financial institution having caused securities to be registered in the name of a nominee as provided in this section and wishing or being required by the terms of its fiduciary agreement to deliver them to one legally entitled thereto shall first cause them to be transferred into the name of the one to receive delivery. Sales of any such securities made by a financial institution under its fiduciary authority may be completed by delivery of the security, endorsed by the nominee without the necessity of transfer through a joint fiduciary, the trust-creator, or the beneficiary.
8 V.S.A. § 4804 — VT Code / Title 8 / Chapter 131 / Section 4804
§ 4804. License denial; nonrenewal; or termination causes
Status: in_force

(a) The Commissioner may suspend, revoke, or refuse to continue or renew any license issued under this chapter if, after notice to the licensee and to the insurer represented, and opportunity for hearing, he or she finds as to the licensee any one or more of the following conditions:

(1) Providing incorrect, misleading, incomplete, or materially untrue information in the license application;

(2) Any cause for which issuance of the license could have been refused had it then existed and been known to the Commissioner at the time of issuance;

(3) Violation of, or noncompliance with, any insurance laws, or for violation of any lawful rule, regulation, subpoena, or order of the Commissioner or of a commissioner of another state;

(4) Obtaining or attempting to obtain any license through misrepresentation or fraud;

(5) Improperly withholding, misappropriating, or converting to his or her own use any monies belonging to policyholders, insurers, beneficiaries or others received in the course of his or her insurance business;

(6) Misrepresentation of the terms of any actual or proposed insurance contract;

(7) Conviction of a felony or misdemeanor involving moral turpitude;

(8) The licensee has committed any unfair trade practice or fraud as defined in this title. It shall be an unfair practice under this section for a licensee to:

(A)(i) Sell, solicit, or negotiate the purchase of health insurance in this State through an advertisement that makes use directly or indirectly of any method of marketing that fails to disclose in a conspicuous manner that a purpose of the method of marketing is solicitation of insurance, and that contact will be made by an insurance agent or insurance company.

(ii) Use an appointment that was made to discuss Medicare products or to solicit the sale of Medicare products to solicit sales of any other insurance products unless the consumer requests the solicitation, and the products to be discussed are clearly identified to the consumer in writing at least 48 hours in advance of the appointment.

(iii) Solicit the sale of Medicare products door-to-door prior to receiving an invitation from a consumer.

(B) As used in this subdivision, the term “Medicare products” includes Medicare Part A, Medicare Part B, Medicare Part C, Medicare Part D, and Medicare supplement plans;

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

(10) His or her license has been suspended or revoked in any other state, province, district, or territory;

(11) The licensee has forged another's name to an application for insurance or to any document related to an insurance transaction;

(12) The applicant has been found to have been cheating on an examination for an insurance license;

(13) Knowingly accepting insurance business from a person who is not licensed;

(14) Failing to comply with an administrative or court order imposing a child support obligation; or

(15) Failing to pay State income tax or comply with any administrative or court order directing payment of State income tax.

(b) The license of a business entity may be suspended, revoked, or refused if the Commissioner finds, after notice and opportunity for a hearing, that an individual licensee's violation was known or should have been known by one or more of the partners, officers, directors, or managers acting on behalf of the business entity, and the violation was neither reported to the Commissioner nor corrective action taken.

(c) In the event that the action by the Commissioner is to not renew or to deny an application for a license, he or she shall notify the applicant or licensee and advise, in writing, the applicant or licensee of the reasons for the denial or nonrenewal of the applicant's or licensee's license. The applicant or licensee may make written demand upon the Commissioner within a reasonable time for a hearing before the Commissioner to determine the reasonableness of the Commissioner's action. The hearing shall be held within 30 days from the date of receipt of the written demand by the applicant and shall be held pursuant to 3 V.S.A. chapter 25.

(d) In addition to or in lieu of any applicable denial, suspension, or revocation of a license, any person violating this subchapter may, after hearing, be subject to an administrative penalty of not less than $500.00 nor more than $2,500.00.
8 V.S.A. § 30101 — VT Code / Title 8 / Chapter 220 / Section 30101
§ 30101. Definitions
Status: in_force

As used in this part:

(1) “Chief executive officer” means the person appointed by the governing body to be in charge of the operations of the credit union, regardless of the title given to such person.

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

(3) “Community development credit union” means a credit union that serves predominantly low-income members, as defined by the Commissioner, or a credit union that meets the requirements of a community development financial institution as defined in the Community Development Banking and Financial Institutions Act of 1994, 12 U.S.C. § 4702(5).

(4) “Corporate credit union” means a credit union organized under chapter 221, subchapter 7 of this title whose field of membership consists primarily of other credit unions.

(5) “Credit union” means any Vermont credit union, state credit union, or federal credit union.

(6) “Credit union service organization” or “CUSO” means an entity, organized under chapter 222, subchapter 7 of this title or organized under state or federal law, whose services are closely related to credit union business, are convenient and useful to credit union business, are reasonably related to the operations of a credit union, or are financial in nature, as determined by the Commissioner.

(7) “Department” means the Vermont Department of Financial Regulation.

(8) “Director” means a member of the governing body of a credit union.

(9) “Executive committee” means the committee, if any, established by the governing body under section 31303 of this title.

(10) “Federal credit union” means a credit union organized pursuant to the Act of Congress, entitled the “Federal Credit Union Act,” 12 U.S.C. Chapter 14, as amended.

(11) “Financial institution” means a financial institution as defined in subdivision 11101(32) of this title.

(12) “Governing body” means the body that oversees the affairs of a credit union. The governing body may also be referred to as the “board of directors,” “board of trustees,” or “board of managers,” depending upon the organizational structure of the credit union.

(13) “Home state” means, for a federal credit union, the state in which the main office of the federal credit union is deemed to be located, and for a state credit union, the state by which the credit union is chartered.

(14) “Host state” means a state, other than the home state of a credit union, in which the credit union maintains or seeks to establish and maintain an office.

(15) “Immediate family member” means persons related by blood, civil marriage, or civil union and includes foster children, stepchildren, and adopted children, as well as surviving spouses of persons who were members in good standing at the time of their death.

(16) “Insider” means a director, an executive officer, a member of a governing-body-appointed committee, a member of an elected committee, a member of senior management, or any person identified by the governing body as someone who participates or has authority to participate in the major policy making functions of the credit union.

(17) “Member” means a person or entity within the credit union's field of membership who has been duly admitted as a member, has paid any required entrance or membership fee, has paid in one or more shares, and has complied with such other requirements as the organizational documents specify.

(18) “Member business loan” means any loan, line of credit, or letter of credit, the proceeds of which will be used by the member for the following purposes, subject to rules adopted by the Commissioner:

(A) commercial;

(B) corporate;

(C) agricultural; or

(D) other business investment property or venture.

(19) “Net worth” means the retained earnings balance of the credit union at quarter end as determined under generally accepted accounting principles. Only undivided earnings, including any segregated allocations of undivided earnings, are included in net worth. For community development credit unions, net worth also includes secondary capital accounts that are uninsured and subordinate to all other claims.

(20) “Organizational document” means the credit union's charter, certificate of organization, articles of incorporation, articles of association, articles of organization, bylaws or other internal governance documents, operating agreement, partnership agreement, or any other similar document pertaining to the credit union.

(21) “Regular reserve account” means the account established and maintained in accordance with section 31502 of this title for the purpose of absorbing losses that exceed undivided earnings and other appropriations.

(22) “Reserves” means all reserves, including the allowance for loan and lease losses account, undivided earnings or surplus, and accumulated gain or loss on available for sale securities.

(23) “Retained earnings” means undivided earnings, regular reserves, and any other appropriations designated by management or by state or federal regulatory authorities.

(24) “State credit union” means a credit union organized under the laws of a state other than Vermont or by special act of the legislature of a state other than Vermont and is regulated in its home state in an equivalent manner, as determined by the Commissioner, to a Vermont credit union. Nothing in this definition shall be deemed to be a grant of authority to any person to operate as a credit union unless otherwise authorized under law.

(25) “Supervisory committee” means the committee established in accordance with the standards and procedures established in section 31306 of this title.

(26) “Vermont credit union” means a credit union organized under the laws of the State of Vermont.
8 V.S.A. § 7005 — VT Code / Title 8 / Chapter 143 / Section 7005
§ 7005. Books and records
Status: in_force

(a) Every insurance premium finance company shall maintain complete and accurate records of each of its insurance premium finance transactions and these records shall be open to examination and investigation by the Commissioner. The Commissioner may at any time during regular business hours examine such records at any location at which such records are maintained. The reasonable and necessary expenses for the examination and investigation, as determined by the Commissioner, shall be paid by the insurance premium finance company.

(b) Every insurance premium finance company shall preserve its records of such insurance premium finance transactions, including cards used in a card system, if any, for at least two years after making the final entry in respect to any insurance premium finance agreement. The preservation of records in photographic, microfilm, microfiche, computer, or data processing form shall constitute compliance with this requirement.
8 V.S.A. § 14407 — VT Code / Title 8 / Chapter 204 / Section 14407
§ 14407. Collective investment funds
Status: in_force

(a) A Vermont financial institution may invest assets that it holds as a fiduciary in the following collective investment funds:

(1) a fund maintained by the financial institution, or by one or more affiliated financial institutions, exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution, or by one or more affiliated financial institutions, in its capacity as trustee, executor, administrator, guardian, or custodian under the Uniform Transfers to Minors Act;

(2) a fund consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts that are exempt from federal income taxation under the Internal Revenue Code; and

(3) a fund consisting of any other assets held as a fiduciary, to the extent not prohibited by applicable law.

(b) In addition to any other rules that the Commissioner finds necessary or desirable for the administration of this section, the Commissioner may adopt rules on the following:

(1) the requirements for a written plan for the establishment, maintenance, and operation of collective investment funds;

(2) the method and frequency of valuation of such fund's assets;

(3) the admission and withdrawal of accounts;

(4) standards on self-dealing and conflicts of interest;

(5) permissible management fees;

(6) the requirements for audits and financial reports of collective investment funds; and

(7) the requirements for the establishment, maintenance, and operation of other investments permitted by subdivision (a)(3) of this section, including the treatment of exemptions from the provisions of this section.

(c) A Vermont financial institution administering a collective investment fund shall have exclusive management thereof, except as a prudent person might delegate responsibilities to others.

(d) Each participating account in a collective investment fund shall have a proportionate interest in all the fund's assets.

(e) A Vermont financial institution administering a collective investment fund may charge reasonable expenses incurred in operating the fund, but not expenses associated with establishing or reorganizing a collective investment fund.

(f) A Vermont financial institution may not advertise any collective investment fund except in connection with the advertisement of the general fiduciary services of the institution.

(g) A Vermont financial institution shall not issue any certificate representing an interest in a collective investment fund, except to provide a withdrawing account with an interest in a segregated investment.
8 V.S.A. § 3361 — VT Code / Title 8 / Chapter 101 / Section 3361
§ 3361. Requirements for license
Status: in_force

(a) A foreign or alien insurer shall not transact business in this State unless it first obtains from the Commissioner a license authorizing it to do so. Before receiving a license, it shall file with the Commissioner a certified copy of its charter and bylaws, a statement under oath of its president and secretary, showing its financial condition, and any other statements required by the Commissioner.

(b) An insurer making an application or reapplication for an original license to transact business in this State shall pay to the Commissioner a nonrefundable fee of $200.00 for examining, investigating, and processing the application. In addition, each insurer shall pay a license fee for the year of registration and a renewal fee for each year thereafter of $300.00 not including fees for producers licenses and renewals thereof. The annual renewal fee of $300.00 shall be paid on or before March 1.

(c) If the Commissioner is satisfied with the copies and statements that such insurer has complied with the provisions of this part, he or she may grant a license authorizing it to do insurance business by lawfully constituted and licensed agents only, until April 1 thereafter, which license may be renewed. In granting or renewing such license to do business, the Commissioner shall consider the criteria established for the approval and certification of domestic insurers hereinabove set forth, within the context of the stated legislative policy. Notwithstanding the provisions of Title 11A, any insurer licensed by the Commissioner under this section may transact insurance business in this State. Such corporations shall not be required to make any annual report except as provided in this title. This section shall not be construed to prohibit residents of this State from procuring insurance at the home office of a foreign insurer.
8 V.S.A. § 4175 — VT Code / Title 8 / Chapter 112 / Section 4175
§ 4175. Definitions
Status: in_force

As used in this chapter:

(1) “Account” means either of the two accounts created under section 4176 of this chapter.

(2) “Affiliate” means affiliate as defined in section 3681 of this title.

(3) “Association” means the Vermont Life and Health Insurance Guaranty Association created under section 4176 of this chapter.

(4) “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the Board of Directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. An assessment is authorized when the resolution is passed.

(5) “Benefit plan” means a specific employee, union, or association of natural persons benefit plan.

(6) “Called assessment” or the term “called” when used in the context of assessments means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. An authorized assessment becomes a called assessment when notice is mailed by the Association to member insurers.

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

(8) “Contractual obligation” means any obligation under a policy or contract, or certificate under a group policy or contract, or portion thereof, for which coverage is provided under section 4173 of this chapter.

(9) “Covered contract” or “covered policy” means a policy or contract, or portion of a policy or contract, for which coverage is provided under section 4173 of this chapter.

(10) “Extra-contractual claims” includes, for example, claims relating to bad faith in the payment of claims, punitive or exemplary damages, or attorneys' fees and costs.

(11) “Health benefit plan” means any hospital or medical expense policy or certificate, or health maintenance organization subscriber contract, or any other similar health contract. “Health benefit plan” does not include:

(A) accident only insurance;

(B) credit insurance;

(C) dental only insurance;

(D) vision only insurance;

(E) Medicare Supplement insurance;

(F) benefits for long-term care, home health care, community-based care, or any combination thereof;

(G) disability income insurance;

(H) coverage for on-site medical clinics; or

(I) specified disease, hospital confinement indemnity, or limited benefit health insurance if the types of coverage do not provide coordination of benefits and are provided under separate policies or certificates.

(12) “Impaired insurer” means a member insurer that, after the effective date of this chapter, is not an insolvent insurer and who is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.

(13) “Insolvent insurer” means a member insurer that, after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.

(14) “Member insurer” means any insurer or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance or health maintenance organization business for which coverage is provided under section 4173 of this chapter and includes an insurer or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:

(A) a hospital or medical service organization, whether for-profit or nonprofit;

(B) a fraternal benefit society;

(C) a mandatory State pooling plan;

(D) a mutual assessment company or other person that operates on an assessment basis;

(E) an insurance exchange;

(F) an organization that has a certificate or license limited to the issuance of charitable gift annuities under section 3718a of this title; or

(G) an entity similar to any of the above.

(15) “Moody's Corporate Bond Yield Average” means the Monthly Average Corporates as published by Moody's Investors Service, Inc., or any successor thereto.

(16) “Owner” of a policy or contract and “policyholder,” “policy owner,” and “contract owner” mean the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner on the books of the member insurer. The terms owner, contract owner, policyholder, and policy owner do not include persons with a mere beneficial interest in a policy or contract.

(17) “Person” means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization.

(18) “Plan sponsor” means:

(A) the employer in the case of a benefit plan established or maintained by a single employer;

(B) the employee organization in the case of a benefit plan established or maintained by an employee organization; or

(C) in the case of a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan.

(19) “Premiums” mean amounts or considerations, by whatever name called, received on covered policies or contracts, less returned premiums, considerations, and deposits, and less dividends and experience credits. “Premiums” does not include amounts or considerations received for policies or contracts or for the portions of any policies or contracts for which coverage is not provided under subsection 4173(b) of this chapter except that assessable premium shall not be reduced on account of subdivision 4173(b)(2)(C) of this chapter, relating to interest limitations, and of subdivision 4173(c)(2) of this chapter, relating to limitations with respect to one individual, one participant, and one policy or contract owner. “Premiums” shall not include:

(A) premiums in excess of $5,000,000.00 on an unallocated annuity contract not issued under a governmental retirement benefit plan, or its trustee, established under 26 U.S.C. § 401, 403(b), or 457 of the U.S. Internal Revenue Code; or

(B) with respect to multiple nongroup policies of life insurance owned by one owner, whether the policy or contract owner is an individual, firm, corporation, or other person, and whether the persons insured are officers, managers, employees, or other persons, premiums in excess of $5,000,000.00 with respect to these policies or contracts, regardless of the number of policies or contracts held by the owner.

(20)(A) “Principal place of business” of a plan sponsor or a person other than a natural person means the single state in which the natural persons who establish policy for the direction, control, and coordination of the operations of the entity as a whole primarily exercise that function, determined by the Association in its reasonable judgment by considering the following factors:

(i) the state in which the primary executive and administrative headquarters of the entity is located;

(ii) the state in which the principal office of the chief executive officer of the entity is located;

(iii) the state in which the board of directors, or similar governing person or persons, of the entity conducts the majority of its meetings;

(iv) the state in which the executive or management committee of the board of directors, or similar governing person or persons, of the entity conducts the majority of its meetings;

(v) the state from which the management of the overall operations of the entity is directed; and

(vi) in the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in which the holding company or controlling affiliate has its principal place of business as determined using the above factors;

(vii) however, in the case of a plan sponsor, if more than 50 percent of the participants in the benefit plan are employed in a single state, that state shall be deemed to be the principal place of business of the plan sponsor.

(B) The principal place of business of a plan sponsor of a benefit plan described in subdivision (18)(C) of this section shall be deemed to be the principal place of business of the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan that, in lieu of a specific or clear designation of a principal place of business, shall be deemed to be the principal place of business of the employer or employee organization that has the largest investment in the benefit plan in question.

(21) “Receivership court” means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer.

(22) “Resident” means any person to whom a contractual obligation is owed and who resides in Vermont on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer, whichever occurs first. A person may be a resident of only one state, which in the case of a person other than a natural person shall be that state where it has its principal place of business. Citizens of the United States who are either residents of foreign countries or residents of United States possessions, territories, or protectorates that do not have an association similar to the Association created by this chapter shall be deemed residents of the state of domicile of the member insurer that issued the policies or contracts.

(23) “Structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

(24) “State” means a state, the District of Columbia, Puerto Rico, and a U. S. possession, territory, or protectorate.

(25) “Supplemental contract” means a written agreement entered into for the distribution of proceeds under a life, health, or annuity policy or contract.

(26) “Unallocated annuity contract” means any annuity contract or group annuity certificate that is not issued to and owned by an individual except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.
8 V.S.A. § 4179 — VT Code / Title 8 / Chapter 112 / Section 4179
§ 4179. Assessments
Status: in_force

(a) For the purpose of providing the funds necessary to carry out the powers and duties of the Association, the Board of Directors shall assess the member insurers, separately for each account, at such times and for such amounts as the Board finds necessary. Assessments shall be due not less than 30 days after prior written notice to the member insurers and shall accrue interest at nine percent per annum on and after the due date.

(b) There shall be two classes of assessments, as follows:

(1) Class A assessments shall be authorized and called for the purpose of meeting administrative and legal costs and other expenses. Class A assessments may be authorized and called whether or not related to a particular impaired or insolvent insurer.

(2) Class B assessments shall be authorized and called to the extent necessary to carry out the powers and duties of the Association under section 4178 of this chapter with regard to an impaired or insolvent insurer.

(c)(1) The amount of any Class A assessment shall be determined by the Board and may be authorized and called on a pro rata or non-pro rata basis. If pro rata, the Board may provide that it be credited against future Class B assessments.

(2) The amount of a Class B assessment, except assessments related to long-term care insurance, shall be allocated for assessment purposes between the accounts and among the subaccounts of the life insurance and annuity account, pursuant to an allocation formula, which may be based on the premiums or reserves of the impaired or insolvent insurer or any other standard deemed by the Board in its sole discretion as being fair and reasonable under the circumstances.

(3) The amount of the Class B assessment for long-term care insurance written by the impaired or insolvent insurer shall be allocated according to a methodology included in the plan of operation and approved by the Commissioner. The methodology shall provide for 50 percent of the assessment to be allocated to accident and health member insurers and 50 percent to be allocated to life and annuity member insurers.

(4) Class B assessments against member insurers for each account and subaccount shall be in the proportion that the premiums received on business in this State by each assessed member insurer on policies or contracts covered by each account for the three most recent calendar years for which information is available preceding the year in which the member insurer became insolvent or, in the case of an assessment with respect to an impaired insurer, the three most recent calendar years for which information is available preceding the year in which the member insurer became impaired, bears to premiums received on business in this State for those calendar years by all assessed member insurers.

(5) Assessments for funds to meet the requirements of the Association with respect to an impaired or insolvent insurer shall not be authorized or called until necessary to implement the purposes of this chapter. Classification of assessments under subsection (b) of this section and computation of assessments under this subsection shall be made with a reasonable degree of accuracy, recognizing that exact determinations may not always be possible. The Association shall notify each member insurer of its anticipated pro rata share of an authorized assessment not yet called within 180 days after the assessment is authorized.

(d) The Association may abate or defer, in whole or in part, the assessment of a member insurer if, in the opinion of the Board, payment of the assessment would endanger the ability of the member insurer to fulfill its contractual obligations. In the event an assessment against a member insurer is abated or deferred, in whole or in part, the amount by which such assessment is abated or deferred may be assessed against the other member insurers in a manner consistent with the basis for assessments set forth in this section. Once the conditions that caused a deferral have been removed or rectified, the member insurer shall pay all assessments that were deferred pursuant to a repayment plan approved by the Association.

(e)(1)(A) Subject to the provisions of subdivision (1)(B) of this subsection (e), the total of all assessments authorized by the Association with respect to a member insurer for each subaccount of the life insurance and annuity account and for the health account shall not in one calendar year exceed two percent of that member insurer's average annual premiums received in Vermont on the policies and contracts covered by the subaccount or account during the three calendar years preceding the year in which the member insurer became an impaired or insolvent insurer.

(B) If two or more assessments are authorized in one calendar year with respect to member insurers that become impaired or insolvent in different calendar years, the average annual premiums for purposes of the aggregate assessment percentage limitation referenced in subdivision (1)(A) of this subsection (e) shall be equal and limited to the higher of the three-year average annual premiums for the applicable subaccount or account as calculated pursuant to this section.

(C) If the maximum assessment, together with the other assets of the Association in an account, does not provide in one year in either account an amount sufficient to carry out the responsibilities of the Association, the necessary additional funds shall be assessed as soon thereafter as permitted by this chapter.

(2) The Board may provide in the plan of operation a method of allocating funds among claims, whether relating to one or more impaired or insolvent insurers, when the maximum assessment will be insufficient to cover anticipated claims.

(3) If the maximum assessment for a subaccount of the life and annuity account in one year does not provide an amount sufficient to carry out the responsibilities of the Association, then pursuant to subdivision (c)(2) of this section, the Board shall access the other subaccounts of the life and annuity account for the necessary additional amount, subject to the maximum stated in subdivision (1) of this subsection.

(f) The Board may, by an equitable method as established in the plan of operation, refund to member insurers, in proportion to the contribution of each member insurer to that account, the amount by which the assets of the account exceed the amount the Board finds is necessary to carry out during the coming year the obligations of the Association with regard to that account, including assets accruing from assignment, subrogation, net realized gains, and income from investments. A reasonable amount may be retained in any account to provide funds for the continuing expenses of the Association and for future losses claims.

(g) It shall be proper for any member insurer, in determining its premium rates and policy owner dividends as to any kind of insurance or health maintenance organization business within the scope of this chapter, to consider the amount reasonably necessary to meet its assessment obligations under this chapter.

(h) The Association shall issue to each member insurer paying an assessment under this chapter, other than a Class A assessment, a certificate of contribution, in a form prescribed by the Commissioner, for the amount so paid. All outstanding certificates shall be of equal dignity and priority without reference to amounts or dates of issue. A certificate of contribution may be shown by the member insurer in its financial statement as an asset in such form and for such amount, if any, and period of time as the Commissioner may approve.

(i)(1) A member insurer that wishes to protest all or part of an assessment shall pay when due the full amount of the assessment as set forth in the notice provided by the Association. The payment shall be available to meet Association obligations during the pendency of the protest or any subsequent appeal. Payment shall be accompanied by a statement in writing that the payment is made under protest and setting forth a brief statement of the grounds for the protest.

(2) Within 60 days following the payment of an assessment under protest by a member insurer, the Association shall notify the member insurer in writing of its determination with respect to the protest unless the Association notifies the member insurer that additional time is required to resolve the issues raised by the protest.

(3) Within 30 days after a final decision has been made, the Association shall notify the protesting member insurer in writing of that final decision. Within 60 days after receipt of notice of the final decision, the protesting member insurer may appeal that final action to the Commissioner.

(4) In the alternative to rendering a final decision with respect to a protest based on a question regarding the assessment base, the Association may refer protests to the Commissioner for a final decision, with or without a recommendation from the Association.

(5) If the protest or appeal on the assessment is upheld, the amount paid in error or excess shall be returned to the member insurer. Interest on a refund due a protesting member insurer shall be paid at the rate actually earned by the Association.

(j) The Association may request information of member insurers in order to aid in the exercise of its power under this section and member insurers shall promptly comply with a request.
8 V.S.A. § 5103 — VT Code / Title 8 / Chapter 139 / Section 5103
§ 5103. Precertificate activities
Status: in_force

The Commissioner, in his or her discretion, may permit an applicant to contact potential members prior to the issuance of a certificate of authority, to discuss the health care services the applicant proposes to offer and the proposed evidences of coverage.
8 V.S.A. § 4837 — VT Code / Title 8 / Chapter 132 / Section 4837
§ 4837. Certificate of authority
Status: in_force

(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.

(b) The Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provisions of this title.
8 V.S.A. § 8502 — VT Code / Title 8 / Chapter 165 / Section 8502
§ 8502. Powers of the Commission
Status: in_force

The Commission shall have the following powers:

(1) To adopt rules, pursuant to section 8505 of this chapter, which shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided in this compact.

(2) To exercise its rulemaking authority and establish reasonable uniform standards for products covered under the compact, and advertisement related to the compact, which shall have the force and effect of law and shall be binding in the compacting states, but only for those products filed with the Commission, provided that a compacting state shall have the right to opt out of such uniform standard pursuant to section 8505 of this chapter, to the extent and in the manner provided in this compact, and, provided further, that any uniform standard established by the Commission for long-term care insurance products may provide the same or greater protections for consumers as, but shall not provide less than, those protections set forth in the National Association of Insurance Commissioners' Long-Term Care Insurance Model Act and Long-Term Care Insurance Model Regulation, respectively, adopted as of 2001. The Commission shall consider whether any subsequent amendments to the NAIC Long-Term Care Insurance Model Act or Long-Term Care Insurance Model Regulation adopted by the NAIC require amending of the uniform standards established by the Commission for long-term care insurance products.

(3) To receive and review in an expeditious manner products filed with the Commission, and rate filings for disability income and long-term care insurance products, and give approval of those products and rate filings that satisfy the applicable uniform standard, where such approval shall have the force and effect of law and be binding on the compacting states to the extent and in the manner provided in the compact.

(4) To receive and review in an expeditious manner advertisement relating to long-term care insurance products for which uniform standards have been adopted by the Commission, and give approval to all advertisement that satisfies the applicable uniform standard. For any product covered under this compact, other than long-term care insurance products, the Commission shall have the authority to require an insurer to submit all or any part of its advertisement with respect to that product for review or approval prior to use if the Commission determines that the nature of the product is such that an advertisement of the product could have the capacity or tendency to mislead the public. The actions of Commission as provided in this section shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided in the compact.

(5) To exercise its rulemaking authority and designate products and advertisement that may be subject to a self-certification process without the need for prior approval by the Commission.

(6) To adopt operating procedures, pursuant to section 8505 of this chapter, which shall be binding in the compacting states to the extent and in the manner provided in this compact.

(7) To bring and prosecute legal proceedings or actions in its name as the Commission, provided that the standing of any state insurance department to sue or be sued under applicable law shall not be affected.

(8) To issue subpoenas requiring the attendance and testimony of witnesses and the production of evidence.

(9) To establish and maintain offices.

(10) To purchase and maintain insurance and bonds.

(11) To borrow, accept, or contract for services of personnel, including employees of a compacting state.

(12) To hire employees, professionals, or specialists, and elect or appoint officers, and to fix their compensation, define their duties, and give them appropriate authority to carry out the purposes of the compact, and determine their qualifications; and to establish the Commission's personnel policies and programs relating to, among other things, conflicts of interest, rates of compensation, and qualifications of personnel.

(13) To accept any and all appropriate donations and grants of money, equipment, supplies, materials, and services, and to receive, utilize, and dispose of the same, provided that at all times the Commission shall strive to avoid any appearance of impropriety.

(14) To lease, purchase, accept appropriate gifts or donations of, or otherwise to own, hold, improve, or use, any property, real, personal, or mixed, provided that at all times the Commission shall strive to avoid any appearance of impropriety.

(15) To sell, convey, mortgage, pledge, lease, exchange, abandon, or otherwise dispose of any property, real, personal, or mixed.

(16) To collect and remit filing fees to compacting states as may be set forth in the bylaws, rules, or operating procedures.

(17) To enforce compliance by compacting states with rules, uniform standards, operating procedures, and bylaws.

(18) To provide for dispute resolution among compacting states.

(19) To advise compacting states on issues relating to insurers domiciled or doing business in noncompacting jurisdictions, consistent with the purposes of this compact.

(20) To provide advice and training to those personnel in state insurance departments responsible for product review and to be a resource for state insurance departments.

(21) To establish a budget and make expenditures.

(22) To borrow money.

(23) To appoint committees, including advisory committees comprising members, state insurance regulators, state legislators or their representatives, insurance industry and consumer representatives, and such other interested persons as may be designated in the bylaws.

(24) To provide and receive information from and to cooperate with law enforcement agencies.

(25) To adopt and use a corporate seal.

(26) To perform such other functions as may be necessary or appropriate to achieve the purposes of this compact consistent with the state regulation of the business of insurance.
8 V.S.A. § 15204 — VT Code / Title 8 / Chapter 205 / Section 15204
§ 15204. Other activities
Status: in_force

(a) Subject to subsection (b) of this section, a financial institution having its principal office in a jurisdiction other than Vermont may maintain or conduct the following offices or activities in this State:

(1) a temporary agency;

(2) an office used solely for internal operations of the institution to which the public is not admitted for the conduct of financial institution business;

(3) an automated teller machine owned by other than a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts;

(4) loan production;

(5) foreign exchange services; or

(6) any other financial institution related office or activity that the Commissioner determines may be maintained or conducted in this State.

(b) A financial institution shall obtain the Commissioner's written approval prior to maintaining any office or conducting any activity described in subsection (a) of this section. The Commissioner may condition approval on the existing availability of the activity in the State.

(c) Nothing in this section shall be deemed to permit a financial institution to solicit or accept deposits, pay checks, or loan money within this State, unless it is otherwise authorized to engage in such activity in this State.

(d) Notwithstanding section 14103 of this title, a financial institution authorized to engage in the activities permitted under this section may use the words “bank,” “banking association,” “national association,” “financial institution,” or “trust company” when engaged in the activities permitted under this section. A financial institution that is authorized to engage in loan production in this State, but not authorized to approve loans in this State, shall disclose in any printed material and advertising that it is engaged in loan production. The organizational name of such financial institution shall not be deceptively similar to any name in use by an authorized financial institution doing business in this State.
8 V.S.A. § 2900 — VT Code / Title 8 / Chapter 85 / Section 2900
§ 2900. Definitions
Status: in_force

As used in this chapter:

(1) “Loan” means a residential mortgage loan.

(2) “Servicing” means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract. In the case of a home equity conversion mortgage or a reverse mortgage, servicing includes making payment to the borrower.

(3) “Third party loan servicer” means a person who engages in the business of servicing a loan, directly or indirectly, owed or due or asserted to be owed or due another.
8 V.S.A. § 6010 — VT Code / Title 8 / Chapter 141 / Section 6010
§ 6010. Legal investments
Status: in_force

(a)(1) Except as may be otherwise authorized by the Commissioner, agency captive insurance companies, association captive insurance companies, sponsored captive insurance companies, protected cells in sponsored captive insurance companies, and risk retention groups shall:

(A) comply with the investment requirements contained in sections 3461 through 3472 of this title, as applicable; or

(B) submit for approval by the Commissioner the investment policy of the company. In reviewing the investment policy, the Commissioner shall consider diversification as to both type and issue; limits on the aggregate investment that may be made in any category of investment; limits on the aggregate investment in any one business, issuer, or risk; liquidity; and matching of assets and liabilities. The Commissioner shall determine whether the investment policy provides for the reasonable preservation, administration, and management of assets with respect to the risks associated with the company's transactions and whether the investment policy supports the approved business plan. Subdivision 6002(c)(3) of this title shall apply to all information submitted pursuant to this subsection.

(2) The Commissioner may require any company subject to this subsection to limit or withdraw from certain investments or discontinue certain investment practices if the Commissioner determines that such investments or practices of the company might be hazardous to the policyholders or the general public.

(3) Section 3463a of this title shall apply to agency captive insurance companies, association captive insurance companies, and risk retention groups except to the extent it is inconsistent with approved accounting standards in use by the company. Notwithstanding any other provision of this title to the contrary, the Commissioner may approve the use of alternative, reliable methods of valuation and rating.

(b) No pure captive insurance company or industrial insured captive insurance company shall be subject to any restrictions on allowable investments, including those limitations contained in sections 3461-3472 of this title; provided, however, that the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of any such company.

(c) No pure captive insurance company may make a loan to or an investment in its parent company or affiliates without prior written approval of the Commissioner, and any such loan or investment must be evidenced by documentation approved by the Commissioner. Loans of minimum capital and surplus funds required by section 6004 of this title are prohibited.
8 V.S.A. § 4060 — VT Code / Title 8 / Chapter 107 / Section 4060
§ 4060. Coverage for employees of an employer domiciled outside Vermont
Status: in_force

(a) As used in this section:

(1) “Marriage” has the same meaning as in 15 V.S.A. § 8.

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

(b) To the extent permitted under federal law, health insurance coverage provided to Vermont residents who work for an employer domiciled outside Vermont shall not distinguish between parties to a civil union, married same-sex couples, and married opposite-sex couples. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 19401 — VT Code / Title 8 / Chapter 209 / Section 19401
§ 19401. Plan for reopening or establishment of new financial institution
Status: in_force

If any Vermont financial institution has been closed by action of the Commissioner or its governing body and a receiver, either temporary or permanent, appointed or petitioned for, the depositors thereof, representing not less than 75 percent of the deposit liability, and with the approval and consent of the Commissioner, may join in a plan for the reopening or reorganization of the financial institution or the establishing of a new financial institution, and may select a committee of not more than 12 depositors to represent them for the purpose of carrying the plan into effect. However, a depositor who has been notified and does not refuse to give his or her consent within 15 days of that notification shall be included in reckoning that 75 percent.