8 V.S.A. § 3433 — VT Code / Title 8 / Chapter 101 / Section 3433
§ 3433. Certificates of fees and commissions paid
Status: in_force

Whenever articles of merger, consolidation, or reinsurance are filed with the Commissioner, there shall also be filed a certificate, executed by the president or a vice president and attested by the clerk or secretary, and under the corporate seal of each of the insurers parties to the agreement of merger, consolidation, and reinsurance, verified by the affidavits of all such officers, setting forth all fees, commissions, or other compensations, or valuable considerations paid or to be paid, directly or indirectly, to any person or persons, firm or firms, corporation or corporations whomsoever, which in any manner secured, aided, promoted, or assisted in any such merger, consolidation, or reinsurance.
8 V.S.A. § 5030 — VT Code / Title 8 / Chapter 138 / Section 5030
§ 5030. Liability of surplus lines insurer for losses and unearned premiums
Status: in_force

If a surplus lines insurer has assumed a surplus lines coverage through the intervention of a licensed surplus lines broker of this State, and if the premium for that coverage has been received by that broker, then in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received that premium and the insurer shall be liable to the insured for losses covered by such insurance and for any return premiums due on that insurance to the insured whether or not the broker is indebted to the insurer for such insurance or for any other cause.
8 V.S.A. § 2453 — VT Code / Title 8 / Chapter 78 / Section 2453
§ 2453. Qualified personal information protection company
Status: in_force

(a) A personal information protection company shall qualify to conduct its business under the terms of this chapter, chapter 72 of this title, and applicable rules adopted by the Department of Financial Regulation.

(b) A person shall not engage in business as a personal information protection company in this State without first obtaining a license from the Department.

(c) A personal information protection company shall:

(1) be organized or authorized to do business under the laws of this State;

(2) maintain a place of business in this State;

(3) appoint a registered agent to accept service of process and to otherwise act on its behalf in this State, provided that whenever the registered agent cannot with reasonable diligence be found at the Vermont registered office of the company, the Secretary of State shall be an agent of the company upon whom any process, notice, or demand may be served;

(4) annually hold at least one meeting of its governing body in this State, at which meeting one or more members of the body are physically present; and

(5) develop, implement, and maintain a comprehensive information security program that contains administrative, technical, and physical safeguards sufficient to protect personal information, and which may include the use of blockchain technology, as defined in 12 V.S.A. § 1913, in some or all of its business activities.
8 V.S.A. § 7059 — VT Code / Title 8 / Chapter 145 / Section 7059
§ 7059. Dissolution of insurer
Status: in_force

The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the U.S. branch of an alien insurer domiciled in this State at the time the Commissioner applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the Commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
8 V.S.A. § 3858 — VT Code / Title 8 / Chapter 103 / Section 3858
§ 3858. Powers of Commissioner
Status: in_force

Notwithstanding any other provision of law, the Commissioner has sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this subchapter.
8 V.S.A. § 32701 — VT Code / Title 8 / Chapter 222 / Section 32701
§ 32701. Organization of a credit union service organization
Status: in_force

(a) With the approval of the Commissioner, a credit union may establish a credit union service organization (CUSO) by itself or jointly with one or more other Vermont credit unions, federal credit unions, state-chartered credit unions, or other federally insured depository institutions within or outside this State. The establishing credit union shall file an application with the Commissioner, which application shall include a description of the services to be engaged in by the CUSO, an explanation of how the proposed services are related to credit union services, the application fee, and any other information that the Commissioner may require.

(b) A CUSO shall be organized as a corporation or as a limited liability company and the potential exposure of each credit union shall be no more than the amount of funds invested in or lent to the CUSO by such credit union.
8 V.S.A. § 3562 — VT Code / Title 8 / Chapter 101 / Section 3562
§ 3562. Time reports due
Status: in_force

Reports of all insurance companies shall be made annually, on or before March 1 for the year ending December 31, or within any extension of time not to exceed 30 days that the Commissioner for good cause may have granted. Whenever the Commissioner deems it necessary, the Commissioner may demand an additional statement of the affairs of any company transacting business in this State. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 9, § 2); amended 1981, No. 15, § 2; 2001, No. 71, § 6, eff. June 16, 2001.)
8 V.S.A. § 4791 — VT Code / Title 8 / Chapter 131 / Section 4791
§ 4791. Definitions
Status: in_force

As used in this chapter:

(1) “Surplus lines insurance broker” means an individual who solicits, negotiates, or procures a policy of insurance in an insurance company not licensed to transact business in this State that cannot be procured from insurers licensed to do business in this State. All transactions under the license shall be subject to the provisions of this title. Nothing contained in this chapter shall prevent a surplus lines insurance broker from assigning or transferring all or part of his or her commissions or compensation to any producer duly licensed under the provisions of this chapter.

(2) “Consultant” means an individual, resident, or nonresident who, for a fee, holds himself or herself out to the public as engaged in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in this State.

(3) “Adjuster” means any person who investigates claims or negotiates settlement of claims arising under policies of insurance in behalf of insurers under such policies, or who advertises or solicits business from insurers as an adjuster. Lawyers settling claims of clients shall not be considered an adjuster. A license as an adjuster shall not be required of an official or employee of a domestic fire or casualty insurance company or of a duly licensed resident insurance producer of a domestic or duly licensed foreign insurer who is authorized by such insurer to appraise losses under policies issued by such insurer.

(4) “Public adjuster” means any person who investigates claims or negotiates settlement of claims arising under policies of insurance in behalf of the insured under such policies or who advertises or solicits business as such adjuster. Lawyers settling claims of clients shall not be deemed to be insurance public adjusters.

(5) “Appraiser” means any person who, for compensation, appraises the loss or damage under policies of automobile insurance on the behalf of the insurers under such policies. A license as an appraiser will not be required of an official or employee of a domestic fire or casualty insurance company or of a duly licensed resident insurance producer of a domestic or duly admitted foreign insurer who is authorized by such insurer to appraise losses under policies issued by such insurer. A license will not be required of an automobile repair shop or repair facility which makes an appraisal at the request of the insured or insurer.

(6) “Insurance producer” means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance.

(7) “Limited lines producer” means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter.

(8) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.

(9) “Business entity limited lines producer” means a business entity, as defined in subdivision (8) of this section, that is also a limited lines producer, as defined in subdivision (7) of this section.
8 V.S.A. § 4469 — VT Code / Title 8 / Chapter 121 / Section 4469
§ 4469. Conversion of fraternal benefit society into mutual life insurance company
Status: in_force

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of sections 3366, 3423-3425, 3701-3711 of this title if such plan of conversion is approved by the Commissioner of Financial Regulation. The plan shall be prepared in writing setting forth in full the terms and conditions thereof. The board of directors shall submit the plan to the supreme legislative or governing body of the society at any regular or special meeting thereof, by giving a full, true, and complete copy of the plan with the notice of the meeting. The notice shall be given as provided in the laws of the society for the convocation of a regular or special meeting of the body, as the case may be. The affirmative vote of two-thirds of all members of the body shall be necessary for the approval of the agreement. No conversion may take effect until approved by the Commissioner of Financial Regulation who may give the approval if he or she finds that the proposed change is in conformity with law and not prejudicial to the certificate holders of the society.
8 V.S.A. § 4813l — VT Code / Title 8 / Chapter 131 / Section 4813l
§ 4813l. Appointments
Status: in_force

(a) An insurance producer or limited lines producer shall not act as an agent of an insurer unless the producer becomes an appointed agent of that insurer. A producer who is not acting as an agent of an insurer is not required to become appointed.

(b) An appointment shall be made by an insurer designating an insurance producer or limited lines producer as an agent of the insurer for the lines of insurance the producer will be authorized to sell, solicit, or negotiate for the insurer.

(c) As set forth in section 4813g of this subchapter, an insurer shall make a separate appointment for each line of insurance for which an insurance producer or limited lines producer will be acting as an agent of the insurer.

(d) To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the Commissioner, a notice of appointment within 15 days from the date the agency contract is executed or the first insurance application is submitted, whichever is sooner.

(e) An insurer shall pay an appointment fee, in the amount and method of payment set forth in section 4800 of this title, for each insurance producer appointed by the insurer and for each line of insurance in which a producer is qualified.

(f) An insurer shall remit, in a manner prescribed by the Commissioner, a renewal appointment fee in the amount set forth in section 4800 of this title.

(g) As soon as practicable, the Commissioner shall permit an insurer to appoint a producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request.
8 V.S.A. § 8308 — VT Code / Title 8 / Chapter 159 / Section 8308
§ 8308. Confidentiality and prohibition on announcements
Status: in_force

(a) All risk-based capital reports, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, and risk-based capital plans, including the results or report of any examination or analysis of an insurer performed pursuant to this chapter and any corrective order issued by the Commissioner pursuant to examination or analysis, with respect to any domestic insurer or foreign insurer that are filed with the Commissioner, constitute information that might be damaging to the insurer if made available to its competitors and therefore shall be kept confidential and privileged by the Commissioner. This information shall not be made available for public inspection and copying under the Public Records Act, shall not be subject to subpoena, shall not be subject to discovery, and shall not be admissible in evidence in any private civil action. However, the Commissioner is authorized to use the documents, materials, or other information for the purpose of enforcement actions taken by the Commissioner under this chapter or any other provision of the insurance laws of this State.

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

(c) In furtherance of his or her duties under this chapter, the Commissioner may:

(1) share documents, materials, or other information, including the confidential and privileged documents, materials, or information subject to subsection (a) of this section, with other state, federal, and international regulatory agencies; with the NAIC and its affiliates and subsidiaries; and with state, federal, and international law enforcement authorities, provided the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;

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

(3) enter into agreements governing sharing and use of information consistent with this subsection.

(d) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in subsection (c) of this section.

(e) Except as otherwise required under this chapter, the making, publishing, disseminating, circulating, or placing before the public, directly or indirectly in any manner, the risk-based capital levels of any insurer, or of any component derived in the calculation, by any insurer, agent, broker, or other person engaged in any manner in the insurance business is prohibited. Any person violating this section shall be subject to an administrative penalty of up to $500.00.

(f) The Commissioner may, in his or her discretion, permit the correction of any material misstatement published by a party unrelated to the insurer concerning any aspect of the insurer's risk-based capital level or any component thereof. A correction permitted under this section may be used solely to rebut the material misstatement.
8 V.S.A. § 2708 — VT Code / Title 8 / Chapter 81 / Section 2708
§ 2708. Investigations and complaints; powers of Commissioner
Status: in_force

If the Commissioner has reason to believe that any person has violated any of the provisions of this chapter, the Commissioner may make such investigation as the Commissioner shall deem necessary, and, to the extent necessary for this purpose, the Commissioner's authorized representative may examine such person and shall have the power to compel the production of all relevant books, records, and documents.
8 V.S.A. § 31705 — VT Code / Title 8 / Chapter 221 / Section 31705
§ 31705. Powers
Status: in_force

A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this part in addition to those powers enumerated in this subchapter, notwithstanding any limitation or restrictions found elsewhere in this part. The Commissioner may adopt such rules concerning the establishment and operation of corporate credit unions as he or she deems necessary and proper. Subject to such rules, a corporate credit union may:

(1) accept shares or deposits in any form from its members; from other state, regional, or national corporate credit unions; and from credit union organizations and associations;

(2) make loans to its members; to other credit unions; and to other state, regional, and national corporate credit unions, organizations, and associations of credit unions;

(3) establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors;

(4) invest in the shares of or make deposits in credit unions;

(5) borrow money, accept demand deposits, and issue notes or debentures;

(6) acquire or sell the assets and assume the liabilities of a member; and

(7) enter into agreements with credit unions to discount or purchase loans made pursuant to government-guaranteed loan programs, real estate loans made by members, or any obligations of the United States or any agency thereof held by members.
8 V.S.A. § 3468 — VT Code / Title 8 / Chapter 101 / Section 3468
§ 3468. Investments qualified under prior law
Status: in_force

The provisions of this chapter shall not affect or operate to disqualify any investment that an insurer has made or that it is legally obligated to acquire prior to the effective date of this subchapter; provided, however, that an insurer at its option may transfer any previously made investment to the authority of the provisions of this chapter whereupon such investments shall be subject to and governed thereby.
8 V.S.A. § 6059 — VT Code / Title 8 / Chapter 142 / Section 6059
§ 6059. Administrative and procedural authority regarding risk retention groups and purchasing groups
Status: in_force

The Commissioner is authorized to make use of any of the powers established under this title to enforce the laws of this State not specifically preempted by the Risk Retention Act of 1986, including the Commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties, and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the Commissioner can rely on the procedural laws of this State. The injunctive authority of the Commissioner, in regard to risk retention groups, is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.
8 V.S.A. § 7002 — VT Code / Title 8 / Chapter 143 / Section 7002
§ 7002. License required
Status: in_force

(a) No person shall engage in the business of an insurance premium finance company in the State without first having obtained a license as an insurance premium finance company from the Commissioner.

(b) The annual license fee shall be $200.00. Licenses may be renewed from year to year as of July 1 of each year upon payment of the fee of $200.00. The license fee shall be paid to the Commissioner.

(c) The Commissioner shall have authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers, and employees and he or she may, in his or her discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he or she is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.

(d) This section shall not apply to any building or savings and loan association, bank, trust company, licensed lender, or credit union authorized to do business in this State, nor to an insurance company or to an insurance agent or insurance broker licensed to do business in this State financing premiums on policies written by such agent or broker; provided, however, that all other provisions of this chapter shall apply to the financing of insurance premiums.
8 V.S.A. § 30501 — VT Code / Title 8 / Chapter 220 / Section 30501
§ 30501. Financial reports
Status: in_force

(a) The Commissioner shall require each credit union to submit a quarterly report of its condition within 30 days of the end of each calendar quarter in such manner and on such forms as the Commissioner may require. Reports shall be verified to be true, correct, and complete by the oath of the person preparing the report.

(b) The Commissioner may require a credit union to file additional reports or special reports at such frequency and within such time periods as the Commissioner may require in his or her discretion. The Commissioner may require that such additional or special reports include such information and be in such format as the Commissioner may direct.

(c) Promptly following the completion of any annual audit, any verification of member accounts, or any other verification or examination performed by or at the request of the supervisory committee, the supervisory committee shall file a copy of such written report with the governing body.

(d) Each credit union shall forward to the Commissioner a copy of all reports required by the National Credit Union Administration, or any successor thereof.

(e) If any report is not filed by the date it is due, a fine of not more than $100.00 for each day the report remains in arrears may be levied against the offending credit union. If the report is not filed within 15 days of the due date, the Commissioner may, after written notice to the chief executive officer of the credit union of its intention to do so, suspend or revoke the certificate of approval, issue a cease and desist order, take possession of the business and property of the credit union, order its liquidation in accordance with section 36101 of this title, or take any other action permitted by law or regulation.

(f) The Commissioner, in his or her discretion, may accept reports filed with other regulators for purposes of the requirements of this section.
8 V.S.A. § 7093 — VT Code / Title 8 / Chapter 145 / Section 7093
§ 7093. Domiciliary liquidators in other states
Status: in_force

(a) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under subsection 7094(c) of this title, be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this State. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this State. He or she also shall have the right to recover all other assets of the insurer located in this State, subject to section 7094 of this title.

(b) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the Commissioner of this State shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in this State, at the same time that the domiciliary liquidator is vested with title in the domicile. The Commissioner of this State may petition for a conservation or liquidation order under section 7091 or 7092 of this title, or for an ancillary receivership under section 7094 of this title, or after approval by the Superior Court of Washington County may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.

(c) Claimants residing in this State may file claims with the liquidator or ancillary receiver, if any, in this State or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.
8 V.S.A. § 3311 — VT Code / Title 8 / Chapter 101 / Section 3311
§ 3311. Quorum
Status: in_force

In the case of a mutual insurance company, the policyholders or annuitants therein, who attend a duly called meeting, shall constitute a quorum.
8 V.S.A. § 8507 — VT Code / Title 8 / Chapter 165 / Section 8507
§ 8507. Dispute resolution
Status: in_force

The Commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and that may arise between two or more compacting states, or between compacting states and noncompacting states, and the Commission shall adopt an operating procedure providing for resolution of such disputes.
8 V.S.A. § 4852 — VT Code / Title 8 / Chapter 132 / Section 4852
§ 4852. Aggregate liability
Status: in_force

No one policy or subscriber as to a policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the amount provided for in the power of attorney or in the subscribers' agreement, computed solely upon premium earned on such policy during that year.
8 V.S.A. § 80 — VT Code / Title 8 / Chapter 3 / Section 80
§ 80. Insurance Regulatory and Supervision Fund
Status: in_force

(a) There is hereby created a fund to be known as the Insurance Regulatory and Supervision Fund for the purpose of providing the financial means for the Commissioner of Financial Regulation to administer Parts 3 and 6, except chapter 133 of this title, and except as provided under subsection 6017(a) of this title. All fees and assessments received by the Department pursuant to such administration shall be credited to this Fund. All fines and administrative penalties, however, shall be deposited directly into the General Fund.

(b) All payments from the Insurance Regulatory and Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management, after receipt of proper documentation regarding services rendered and expenses incurred.

(c) Annually, $30,000.00 shall be transferred from the Fund to the Fire Service Training Council Special Fund established in 20 V.S.A. § 3157.

(d) At the end of each fiscal year, the balance in the Insurance Regulatory and Supervision Fund shall be transferred to the General Fund.

(e) The Commissioner of Finance and Management may anticipate receipts to the Insurance Regulatory and Supervision Fund and issue warrants based thereon.
8 V.S.A. § 2121 — VT Code / Title 8 / Chapter 72 / Section 2121
§ 2121. Deceptive advertising
Status: in_force

(a) A person subject to this part shall not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, a statement or representation that is false, misleading, or deceptive.

(b) The Commissioner may order a person to cease conduct that violates this section.
8 V.S.A. § 30203 — VT Code / Title 8 / Chapter 220 / Section 30203
§ 30203. Rules and regulations
Status: in_force

The Commissioner may adopt rules as may be necessary for the proper conduct of credit unions organized or operating under chapters 220–226 of this title.
8 V.S.A. § 3849 — VT Code / Title 8 / Chapter 103 / Section 3849
§ 3849. Adoption of rules
Status: in_force

The Commissioner may:

(1) Adopt rules necessary to carry out the purposes of this subchapter.

(2) Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes the regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person who is chronically or terminally ill.

(3) Adopt rules governing the relationships and responsibilities of insurers, life settlement providers, and life settlement brokers during life settlement transaction.
8 V.S.A. § 32302 — VT Code / Title 8 / Chapter 222 / Section 32302
§ 32302. Real estate loans
Status: reserved

(a) Clear title. All loans secured by mortgages on real estate shall be supported by written evidence satisfactory to the credit union that title to the security is marketable, and the lien is valid and enforceable. A mortgage on lands subject to lease under which rents are reserved to the owner, with all of the owner's rights and options under the lease collaterally assigned to the credit union as security or a mortgage upon lands impressed with a public use, sometimes known as lease, society, or glebe lands, but held under a durable lease, shall not be deemed to be subordinate to such lease or public use.

(b) Appraised value. The appraisal of real estate securing a real-estate-related transaction entered into by a credit union shall comply with Part 722 of the National Credit Union Administration regulations, as amended from time to time.

(c) Servicing of loans. A credit union may contract with another credit union, corporation, or association whose transactions are in whole or in part the handling and servicing of mortgage loans to handle and service loans in its behalf. Whenever such a contract is made, the credit union shall not lose or suffer any impairment of any right of deduction or offset it might have against anyone liable for the mortgage debt.

(d) Home loan escrow accounts. Any credit union that requires a home loan escrow account to be established and maintained by a borrower shall follow the provisions of section 10404 of this title.

(e) Loans insured or guaranteed by federal law. Any mortgage on real estate given to secure a loan insured or guaranteed by the federal housing commissioner, the administrator of veterans' affairs, or the administrator of the Small Business Administration under the National Housing Act, the Servicemen's Readjustment Act of 1944, or the Small Business Act, respectively, as amended, shall not be subject to the provisions of any law of this State prescribing the nature, amount, or form of security, or manner of repayment, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting the period or principal amount of which loans may be made, or prescribing or limiting the interest that may be charged or other charges that may be made or taken upon any loan or advance of credit.
8 V.S.A. § 4813b — VT Code / Title 8 / Chapter 131 / Section 4813b
§ 4813b. License required
Status: in_force

A person shall not sell, solicit, or negotiate insurance in this State for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this subchapter.
8 V.S.A. § 3302 — VT Code / Title 8 / Chapter 101 / Section 3302
§ 3302. Plan of organization; incorporators
Status: in_force

For the purpose of this chapter, an insurance company may be incorporated as a stock insurer with its capital divided into shares and owned by the stockholders, or a mutual insurer without capital stock the governing body of which is elected by its policyholders. There shall be not less than 15 incorporators of whom not less than two-thirds shall be citizens of this State. Except as provided in sections 4831 through 4856 of this title, no unincorporated association shall be formed after July 1, 1968, for the purpose of doing any insurance business in Vermont. Those domestic unincorporated associations that are doing insurance business of any kind under authority of the Commissioner on July 1, 1968, may continue to carry on their business subject to the provisions of this part.
8 V.S.A. § 4047c — VT Code / Title 8 / Chapter 107 / Section 4047c
§ 4047c. Termination of coverage
Status: in_force

Continuation of insurance under the group policy shall terminate upon the occurrence of any of the following:

(1) The date 18 months after the date that insurance under the policy would have terminated due to a qualifying event, as defined in subsection 4047a(b) of this title.

(2) The person fails to make timely payment of the required contribution.

(3) The person is covered by Medicare.

(4) The person is covered by any other group insured or uninsured arrangement that provides dental coverage or hospital and medical coverage for individuals in a group, under which the person was not covered immediately prior to the occurrence of a qualifying event, as defined in subsection 4047a(b) of this title, and no preexisting condition exclusion applies; provided, however, that the person shall remain eligible for continuation coverages that are not available under the insured or uninsured arrangement.

(5) The date on which the group policy is terminated or, in the case of an employee, the date on which the decedent's or terminated employee's employer terminates participation under the group policy. If such coverage is replaced by similar coverage under another group policy:

(A) the person shall have the right to become covered under that replacement policy for the balance of the period that the person would have remained covered under the prior group policy;

(B) the minimum level of benefits to be provided by the replacement policy shall be the applicable level of benefits of the prior group policy reduced by any benefits payable under that prior group policy; and

(C) the prior group policy shall continue to provide benefits to the extent of its accrued liabilities and extensions of benefits as if the replacement has not occurred. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 7087 — VT Code / Title 8 / Chapter 145 / Section 7087
§ 7087. Disposition of records during and after termination of liquidation
Status: in_force

Whenever it shall appear to the Commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful and are no longer required by law to be retained, the Commissioner may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.
8 V.S.A. § 8090 — VT Code / Title 8 / Chapter 154 / Section 8090
§ 8090. Outline of coverage for applicant; certificate
Status: in_force

(a) An outline of coverage shall be delivered to a prospective applicant for long-term care insurance at the time of initial solicitation through means that prominently direct the attention of the recipient to the document and its purpose. The Commissioner shall prescribe a standard format, including style, arrangement, overall appearance, and the content of an outline of coverage.

(b) In the case of agent solicitations, an agent shall deliver the outline of coverage prior to the presentation of an application or enrollment form.

(c) In the case of direct response solicitations, the outline of coverage shall be presented in conjunction with any application or enrollment form.

(d) In the case of a policy issued to a group defined in subdivision 8082(4)(A) of this chapter, an outline of coverage shall not be required to be delivered, provided that the information described in subsection (e) of this section is contained in other materials relating to enrollment. Upon request, these other materials shall be made available to the Commissioner.

(e) The outline of coverage shall include all of the following:

(1) A description of the principal benefits and coverage provided in the policy.

(2) A statement of the principal exclusions, reductions, and limitations contained in the policy.

(3) A statement of the terms under which the policy or certificate, or both, may be continued in force or discontinued, including any reservation in the policy of a right to change premium. Continuation or conversion provisions of group coverage shall be specifically described.

(4) A statement that the outline of coverage is a summary only, not a contract of insurance, and that the policy or group master policy contains governing contractual provisions.

(5) A description of the terms under which the policy or certificate may be returned and the premium refunded.

(6) A brief description of the relationship of cost of care and benefits.

(7) A statement that discloses to the policyholder or certificate holder whether the policy is intended to be a federally tax-qualified long-term care insurance contract under Subsection 7702B(b) of the Internal Revenue Code of 1986, as amended.

(f) A certificate issued pursuant to a group long-term care insurance policy delivered or issued for delivery in this State shall include:

(1) a description of the principal benefits and coverage provided in the policy;

(2) a statement of the principal exclusions, reductions, and limitations contained in the policy; and

(3) a statement that the group master policy determines governing contractual provisions.

(g) If an application for a long-term care insurance contract or certificate is approved, the issuer shall deliver the contract or certificate of insurance to the applicant not later than 30 days after the date of approval.
8 V.S.A. § 23 — VT Code / Title 8 / Chapter 1 / Section 23
§ 23. Confidentiality of investigation and examination reports
Status: in_force

(a) This section shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered by the Commissioner.

(b) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports of examinations by the Commissioner, whether in the possession of a supervisory agency or another person, shall be confidential and privileged, shall not be made public, and shall not be subject to discovery or introduction into evidence in any private civil action. No person who participated on behalf of the Commissioner in an investigation or examination shall be permitted or required to testify in any such civil action as to any findings, recommendations, opinions, results, or other actions relating to the investigation or examination.

(c) The Commissioner may, in the Commissioner's discretion, disclose or publish or authorize the disclosure or publication of any such record or report or any part thereof in the furtherance of legal or regulatory proceedings brought as a part of the Commissioner's official duties. The Commissioner may, in the Commissioner's discretion, disclose or publish or authorize the disclosure or publication of any such record or report or any part thereof, to civil or criminal law enforcement authorities for use in the exercise of such authority's duties, in such manner as the Commissioner may deem proper.

(d) For the purposes of this section, records of investigations and records and reports of examinations shall include joint examinations by the Commissioner and any other supervisory agency. Records of investigations and reports of examinations shall also include records of examinations and investigations conducted by:

(1) any agency with supervisory jurisdiction over the person; and

(2) any agency of any foreign government with supervisory jurisdiction over any person subject to the jurisdiction of the Department, when such records are considered confidential by such agency or foreign government and the records are in the possession of the Commissioner.
8 V.S.A. § 36103 — VT Code / Title 8 / Chapter 226 / Section 36103
§ 36103. Conservatorship
Status: in_force

(a) The Commissioner may, ex parte without notice, appoint himself or herself or an insuring organization or any other person as conservator and immediately take possession and control of the business and assets of any credit union in any case in which:

(1) The Commissioner determines that such action is necessary to conserve the assets of any credit union or to protect the interests of the members of such credit union.

(2) A credit union, by a resolution of its governing body, consents to such an action by the Commissioner.

(3) The Attorney General notifies the Commissioner in writing that a credit union has been found guilty of a criminal offense.

(4) There is a willful violation of a cease and desist order that has become final.

(5) There is concealment of books, papers, records, or assets of the credit union or refusal to submit books, papers, records, or affairs of the credit union for inspection to any examiner or to any lawful agent of the Commissioner.

(6) The credit union is significantly undercapitalized and has no reasonable prospect of becoming adequately capitalized.

(7) The credit union is critically undercapitalized.

(b) Not later than 14 days after the date on which the Commissioner takes possession and control of the business and assets of a credit union pursuant to subsection (a) of this section, such credit union may apply to the Superior Court of Washington County for an order requiring the Commissioner to show cause why the Commissioner should not be enjoined from continuing such possession and control. Except as provided in this subsection, no court may take any action, except at the request of the Commissioner by regulation or order, to restrain or affect the exercise of powers or functions of the Commissioner as conservator.

(c) Except as provided in subsection (b) of this section, the Commissioner may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time:

(1) as the Commissioner shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the Commissioner; or

(2) as such credit union is liquidated in accordance with the provisions of section 36101 of this title.

(d) The Commissioner may appoint such agents as he or she considers necessary in order to assist the Commissioner in carrying out his or her duties as a conservator under this subsection.

(e) All expenses incurred by the Commissioner in exercising his or her authority under this subsection with respect to any credit union shall be paid out of the assets of such credit union.

(f) The conservator shall have all the powers of the members, the directors, the officers, and the committees of the credit union and shall be authorized to operate the credit union in its own name or to conserve its assets in the manner and to the extent authorized by the Commissioner.

(g) The authority granted by this subsection is in addition to all other authority granted to the Commissioner under this title.
8 V.S.A. § 3791l — VT Code / Title 8 / Chapter 103 / Section 3791l
§ 3791l. Reserve calculation-Indeterminate premium plans
Status: in_force

In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in sections 3791g, 3791h, and 3791k of this subchapter, the reserves that are held under the plan shall:

(1) be appropriate in relation to the benefits and the pattern of premiums for that plan; and

(2) be computed by a method that is consistent with the principles of this Standard Valuation Law, as determined by rules adopted by the Commissioner.
8 V.S.A. § 7118 — VT Code / Title 8 / Chapter 147 / Section 7118
§ 7118. Applicable laws
Status: in_force

(a) Chapter 157 (transfer and novation of insurance contracts) of this title shall not apply to any legacy insurance transfer under this chapter.

(b) In the event of any conflict between a provision of this chapter and any other provision of this title, such provision of this chapter shall control.

(c) A proposed legacy insurance transfer shall be a “contested case” under 3 V.S.A. chapter 25, except that a “party” shall be limited as defined in subdivision 7111(16) of this chapter.
8 V.S.A. § 10203 — VT Code / Title 8 / Chapter 200 / Section 10203
§ 10203. Disclosure of financial records prohibited
Status: in_force

Except as otherwise expressly provided in this subchapter, a financial institution, its officers, employees, agents, and directors shall not disclose to any person any financial information relating to a customer. Financial institutions shall adopt reasonable procedures to ensure compliance with this subchapter.
8 V.S.A. § 8101 — VT Code / Title 8 / Chapter 155 / Section 8101
§ 8101. Report of material transactions required
Status: in_force

(a) Every insurer domiciled in this State shall file a report with the Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the Commissioner for review, approval, or information purposes by the insurer pursuant to other provisions of the insurance laws, regulations, or other requirements.

(b) The report required in subsection (a) of this section shall be filed within 15 days of the end of the calendar month in which the transaction occurs.

(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with the department and with the National Association of Insurance Commissioners.

(d) All reports obtained by or disclosed to the Commissioner under this chapter shall be confidential and shall not be subject to subpoena nor made public by the Commissioner, the National Association of Insurance Commissioners, or any other person, except to the insurance departments of other states, without the prior written consent of the insurer to which it pertains, unless the Commissioner, after the insurer has had notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication thereof, in which event the Commissioner may publish all or any part thereof in such manner as he or she may deem appropriate.
8 V.S.A. § 5115 — VT Code / Title 8 / Chapter 139 / Section 5115
§ 5115. Duty of nonprofit health maintenance organizations
Status: in_force

Any nonprofit health maintenance organization subject to this chapter shall offer nongroup plans to individuals in accordance with 33 V.S.A. § 1811 without discrimination based on age, gender, industry, and medical history, except as allowed by 33 V.S.A. § 1811(f)(2)(B).
8 V.S.A. § 4848 — VT Code / Title 8 / Chapter 132 / Section 4848
§ 4848. Subscribers' liability
Status: in_force

(a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint.

(b) Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his or her policy was in force.

(c) Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause.
8 V.S.A. § 4685 — VT Code / Title 8 / Chapter 128 / Section 4685
§ 4685. Rate standards
Status: in_force

(a) General. Rates shall not be excessive, inadequate, or unfairly discriminatory.

(b) Excessiveness.

(1) Competitive market. A rate in a competitive market is not excessive.

(2) Noncompetitive market. Rates in a noncompetitive market are excessive if they are producing or are likely to produce unreasonably high profits for the insurance provided or if expenses are unreasonably high in relation to services rendered.

(c) Inadequacy. Rates are not inadequate unless insufficient to sustain projected losses and expenses in the class or classes of business to which they apply or the use of such rates has or, if continued, will have the effect of substantially lessening competition or the tendency to create a monopoly in any market.

(d) Unfair discrimination. Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for a class of policyholders with like loss exposures but different expenses, or like expenses but different loss exposures, provided that the rate equitably reflects the differences with reasonable accuracy. A rate is not unfairly discriminatory if it is averaged broadly among persons insured under a group, franchise, or blanket policy or a mass marketed plan.
8 V.S.A. § 31301 — VT Code / Title 8 / Chapter 221 / Section 31301
§ 31301. Number and election of directors
Status: in_force

(a) The governing body of a credit union shall consist of an odd number of directors, at least five in number. The initial governing body shall be elected at the organizational meeting of the credit union as provided in subsection 31103(e) of this title, and thereafter by the members of the credit union at the annual meeting.

(b) Each director shall hold office for the term provided in the bylaws as long as the director is qualified to serve and until the director's successor has qualified. The term of a director may not exceed three years. A director may serve more than one term. If directors are elected for terms in excess of one year, their terms of office shall be staggered so that, insofar as possible, an equal number expires each year.
8 V.S.A. § 3671 — VT Code / Title 8 / Chapter 101 / Section 3671
§ 3671. Disclosure of information
Status: in_force

(a) Upon written request, an insurance company, its agents, adjusters, or brokers shall furnish to a law enforcement officer, State's Attorney, or the Attorney General any and all information pertaining to a fire loss under investigation, including:

(1) pertinent insurance policy information relevant to a fire loss under investigation and any application for such a policy;

(2) policy premium payment records that are available;

(3) history of previous claims made by the insured; and

(4) material relating to the investigation of the loss, including statements of any person, proof of loss, and any other evidence relevant to the investigation.

(b) When an insurance company, its agents, adjusters, or brokers have reason to believe that a fire loss in which it has an interest may be of other than accidental cause, then for the purpose of notification and for having that fire loss investigated, the company, its agents, adjusters, or brokers shall notify the State Fire Marshal in writing and provide him or her with any material developed during the inquiry into the fire loss.
8 V.S.A. § 17301 — VT Code / Title 8 / Chapter 207 / Section 17301
§ 17301. Mergers and consolidations; mutual or cooperative financial institutions
Status: in_force

(a) General. Two or more mutual or cooperative financial institutions may merge or consolidate into one financial institution organized under chapter 203 of this title in accordance with the procedures and subject to the conditions and limitations set forth in this subchapter.

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

(1) the names of the participating institutions and their locations;

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

(3) the amount of capital and the manner of converting deposits, accounts, or shares of such institution into deposits, accounts, or shares of the resulting institution;

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

(5) a statement that the agreement is subject to approval of the Commissioner and of the eligible account holders of each participating institution;

(6) the mode for carrying the plan into effect;

(7) the anticipated effective date of such merger or consolidation; and

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

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

(d) Vote of mutual voters. The plan of merger or consolidation, as approved by the Commissioner, shall be submitted to the mutual voters of the participating institutions for their approval at an annual meeting, or at a special meeting called for that purpose, in accordance with the organizational documents of the institution and applicable law.

(e) Executed plan; certificate; effective date. The executed plan, certificate, and effective date shall be in accordance with subsection 17101(d) of this title.
8 V.S.A. § 4700 — VT Code / Title 8 / Chapter 128 / Section 4700
§ 4700. Examinations
Status: in_force

(a) The Commissioner or his or her designee shall examine any insurer, pool, advisory or service organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter.

(b) Every insurer, pool, advisory or service organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its experience, or the experience of its affiliated insurers including the data, statistics, or information collected or used by it in its activities. These records shall be available at all reasonable times to enable the Commissioner to determine whether the activities of any advisory or service organization, insurer, residual market mechanism, or pool comply with the provisions of this chapter. Such records shall be maintained in an office within this State or shall be made available to the Commissioner for examination or inspection at any time.

(c) The necessary and reasonable cost of an examination made pursuant to this section shall be paid by the examined party upon presentation of a detailed account of such costs.

(d) In lieu of any such examination, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state.
8 V.S.A. § 4098d — VT Code / Title 8 / Chapter 107 / Section 4098d
§ 4098d. Covered services provided by athletic trainers
Status: in_force

(a) To the extent a health insurance plan provides coverage for a particular type of health care service or for any particular medical condition that is within the scope of practice of athletic trainers, a licensed athletic trainer who acts within the scope of practice authorized by 26 V.S.A. chapter 83 shall not be denied reimbursement by the health insurance plan for those covered services if the health insurance plan would reimburse another health care professional for those services.

(b) Health care services provided by athletic trainers may be subject to reasonable deductibles, co-payment and coinsurance amounts, fee or benefit limits, practice parameters, and utilization review consistent with applicable rules adopted by the Department of Financial Regulation, provided that the amounts, limits, and review shall not function to direct treatment in a manner unfairly discriminative against athletic trainer care, and collectively shall be not more restrictive than those applicable under the same policy for care or services provided by other health care professionals but allowing for the management of the benefit consistent with variations in practice patterns and treatment modalities among different types of health care professionals.

(c) A health insurer may require that the athletic trainer services be provided by a licensed athletic trainer under contract with the insurer.

(d) Nothing in this section shall be construed as impeding or preventing either the provision or coverage of health care services by licensed athletic trainers within the lawful scope of athletic trainer practice. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 15201 — VT Code / Title 8 / Chapter 205 / Section 15201
§ 15201. Establishment of branches outside Vermont
Status: in_force

(a) A Vermont financial institution may establish a branch in any state other than this State by merger, consolidation, acquisition, or as otherwise permitted by and in accordance with the laws of such host state and applicable federal financial institution laws.

(b) A merger or consolidation pursuant to this section shall be in accordance with and subject to the provisions of chapter 207 of this title.

(c) Not later than the date on which the required application is filed with the responsible federal supervisory agency, the applicant in the establishment of a branch under this section shall file an application on a form prescribed by the Commissioner. If the Commissioner finds that the proposed transaction will not be detrimental to the safety or soundness of the applicant and the applicant has obtained and provided the Commissioner with copies of all other required approvals, the Commissioner shall approve the application and the operation of the branch outside this State.

(d) A branch of a Vermont financial institution that is located in another state may conduct any activity that is permissible for a branch in that state of a financial institution incorporated under the laws of such state. In order to engage in trust activities in an out-of-state branch, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title.
8 V.S.A. § 30804 — VT Code / Title 8 / Chapter 220 / Section 30804
§ 30804. Notification of approval or denial of application
Status: in_force

(a) Within 60 days after the filing of a completed application, the conclusion of any public hearing, and the conclusion of any public comment period, the Commissioner shall notify the applicant of the approval or denial of the application.

(b) The Commissioner may extend the period to notify the applicant of the approval or denial of the application for an additional 30-day period by providing notice to the applicant within the time period specified in subsection (a) of this section that the Commissioner intends to extend the time period.
8 V.S.A. § 4466 — VT Code / Title 8 / Chapter 121 / Section 4466
§ 4466. Existing voluntary associations; may incorporate
Status: in_force

(a) After one year from November 22, 1959, no unincorporated or voluntary association shall be permitted to transact business in this State as a fraternal benefit society.

(b) Any domestic voluntary association now authorized to transact business in this State may incorporate and shall receive from the Commissioner of Financial Regulation a permanent certificate of incorporation as a fraternal benefit society when:

(1) it has completed its conversion to an incorporated society not later than one year from November 22, 1959;

(2) it has filed its articles of incorporation and has satisfied the other requirements described in section 4464 of this title; and

(3) the Commissioner of Financial Regulation has made such examination and procured whatever additional information he or she believes advisable.

(c) Every voluntary association so incorporated shall incur the obligations and enjoy the benefits thereof the same as though originally incorporated, and the corporation shall be deemed a continuation of the original voluntary association. The officers thereof shall serve through their respective terms as provided in its original articles of association, but their successors shall be elected and serve as provided in its articles of incorporation. Incorporation of a voluntary association shall not affect existing suits, claims, or contracts.
8 V.S.A. § 8099 — VT Code / Title 8 / Chapter 154 / Section 8099
§ 8099. Enforcement
Status: in_force

(a) No policy may be advertised, marketed, or offered as long-term care insurance unless it complies with the provisions of this chapter and rules adopted under this chapter.

(b) In addition to any other remedy or sanction provided by law, after notice and opportunity for hearing, the Commissioner may assess an administrative penalty in an amount not to exceed $10,000.00 or up to three times the amount of any commissions paid, whichever is greater, for each violation against any person who violates any provision of this chapter.

(c) A person who violates a provision of this chapter shall be fined not more than $10,000.00 or imprisoned for not more than six months, or both.

(d) The Department or the Attorney General at the request of the Department may bring an action to enforce the provisions of this chapter in Washington Superior Court.
8 V.S.A. § 14404 — VT Code / Title 8 / Chapter 204 / Section 14404
§ 14404. Security
Status: in_force

The capital of a financial institution exercising trust powers shall be held as security for the faithful discharge of the duties undertaken thereby as well as for the claims of other creditors. The financial institution shall furnish to the authority making the appointment a good and sufficient bond for a sum not less than 25 percent of the amount of the trust fund, conditioned for the faithful discharge of the duties undertaken by virtue of section 14401 of this title. However, when the bond would not exceed $2,000.00, a financial institution shall be relieved of furnishing it.
8 V.S.A. § 2251 — VT Code / Title 8 / Chapter 74 / Section 2251
§ 2251. Definitions
Status: in_force

As used in this chapter:

(1) “Charges” means the amount a consumer owes to a company in addition to the funded amount and includes an administrative fee, origination fee, underwriting fee, processing fee, and any other fee regardless of how the fee is denominated, including amounts denominated as interest or rate.

(2) “Consumer” means a natural person who is seeking or has obtained consumer litigation funding for a pending legal claim, provided:

(A) the claim is in Vermont; or

(B) the person resides or is domiciled in Vermont, or both.

(3) “Consumer litigation funding” or “funding” means a nonrecourse transaction in which a company purchases and a consumer assigns to the company a contingent right to receive an amount of the potential net proceeds of a settlement or judgment obtained from the consumer's legal claim. If no proceeds or net proceeds are obtained, the consumer is not required to repay the company the funded amount or charges.

(4) “Consumer litigation funding company,” “litigation funding company,” or “company” means a person that provides consumer litigation funding to a consumer. The term does not include an immediate family member of the consumer.

(5) “Funded amount” means the amount of monies provided to, or on behalf of, the consumer pursuant to a litigation funding contract. The term excludes charges.

(6) “Health care facility” has the same meaning as in 18 V.S.A. § 9402(6).

(7) “Health care provider” has the same meaning as in 18 V.S.A. § 9402(7).

(8) “Litigation funding contract” or “contract” means a contract between a company and a consumer for the provision of consumer litigation funding.

(9)(A) “Net proceeds” means the amount recovered by a consumer as a result of a legal claim less costs associated with the legal claim or the underlying events giving rise to the legal claim, including:

(i) attorney's fees, attorney liens, litigation costs;

(ii) claims or liens for related medical services owned and asserted by the provider of such services;

(iii) claims or liens for reimbursement arising from third parties who have paid related medical expenses, including claims from insurers, employers with self-funded health care plans, and publicly financed health care plans; and

(iv) liens for workers' compensation benefits paid to the consumer.

(B) This definition of “net proceeds” shall in no way affect the priority of claims or liens other than those for payments to the consumer litigation funding company under a consumer litigation funding contract subject to this chapter.
8 V.S.A. § 14207 — VT Code / Title 8 / Chapter 204 / Section 14207
§ 14207. Provisions when title to deposit is litigated
Status: in_force

(a) Multiple claims. In actions against a financial institution by one spouse to recover for monies deposited by the other spouse in the latter's own name, the depositing spouse may be a witness. In actions against such financial institution to recover for money on deposit, if there is a person, whether married or not, claiming the same fund, who is not a party to the action, the court, on the petition of such financial institution and on such notice as it considers proper to the plaintiff and such claimant, may order the proceedings to be amended by making such claimant a party defendant. The court shall thereupon hear and determine the rights and interests of the parties to such action in and to such fund.

(b) Litigated deposits; payment into court; costs. The deposits that are the subject of such action may remain with such financial institution upon the same interest as other deposits of like amount, until final judgment in the action, and the same shall be paid by such financial institution in accordance with the order of the court, or the deposits may be paid into court to await the final determination of the action. When so paid into court, the financial institution shall no longer be a party to such action, and its liability for such deposit shall cease. The costs in such action shall be in the discretion of the court and may be charged upon the fund affected by the action.
8 V.S.A. § 5027 — VT Code / Title 8 / Chapter 138 / Section 5027
§ 5027. Evidence of the insurance; changes; penalty
Status: in_force

(a) Where Vermont is the home state of the insured, the surplus lines broker, upon placing a domestic risk with a surplus lines insurer, shall promptly deliver to the insured the policy issued by the surplus lines insurer, or if such policy is not then available, a certificate, cover note, or other confirmation of insurance, showing the description and location of the subject of the insurance, coverage, conditions and term of the insurance, the premium and rate charged and taxes collected from the insured, and the name and address of the insured and surplus lines insurer. If the risk is assumed by more than one insurer, the document or documents shall state the name and address and proportion of the entire risk assumed by each insurer.

(b) No surplus lines broker shall issue or deliver such policy or such confirmation of insurance or represent that insurance will be or has been written by any non-admitted surplus lines insurer unless he or she has written authority from the surplus lines insurer to assume the risk or has received confirmation from the surplus lines insurer in the regular course of business that such insurance has been granted.

(c) If, after delivery of any such document, there is any change in the identity of the insurers, the proportion of the risk assumed by any insurer, or any other material change in coverage evidenced by an appropriate document, the surplus lines broker shall promptly deliver to the insured an appropriate substitute for, or endorsement of the original document, accurately showing the current status of the coverage and the insurers responsible thereunder. The document as modified and issued must conform to all the requirements of this chapter, and any such change resulting in a violation of this chapter is prohibited.

(d) As soon as reasonably possible, and in no event later than 60 days after placement of any such insurance, the surplus lines broker shall procure from the insurer a full and properly executed policy and deliver it to the insured to replace any confirmation previously issued. The word “policy,” as used in this section, shall include a certificate of insurance or cover note bound under a fully executed and effective contract from a bona fide intermediary or general agent for a surplus lines insurer, provided that it contains or has attached to it all insuring agreements, clauses, conditions, endorsements, exclusions, or any other material provisions that would regularly be included in such a policy.

(e) Any surplus lines broker who fails to comply with the requirements of this section shall be subject to the penalties provided in this chapter.
8 V.S.A. § 14406 — VT Code / Title 8 / Chapter 204 / Section 14406
§ 14406. Segregation of trust funds; exception
Status: in_force

All monies, property, or securities received or held by a financial institution in the capacity of executor, administrator, receiver, assignee, trustee, or guardian shall be kept separate and distinct from its general business and shall not be mingled with the investments of its assets or be liable for its debts or obligations. However, a financial institution exercising trust powers, in good faith, may deposit temporarily in its commercial or savings departments any money so held in trust awaiting distribution or investment and may also deposit in its savings department as an investment for any one trust an amount insurable and insured by the Federal Deposit Insurance Corporation. All such deposits in either department shall be in the name of the trust or in the name of the financial institution as trustee of the trust. If the security afforded by virtue of this section and section 14404 of this title is insufficient to satisfy in full any claim growing out of the holding or management of monies, property, and securities so received and held, the unsatisfied balance shall then be satisfied as are demands of the general creditors of the financial institution.
8 V.S.A. § 7064 — VT Code / Title 8 / Chapter 145 / Section 7064
§ 7064. Collection and list of assets
Status: in_force

(a) As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the Superior Court of Washington County and one copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.

(b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.

(c) A submission to the court for disbursement of assets in accordance with section 7073 of this title fulfills the requirements of subsection (a) of this section.
8 V.S.A. § 11703 — VT Code / Title 8 / Chapter 201 / Section 11703
§ 11703. Hearings on applications; decisions; general good standard
Status: in_force

(a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion.

(b) After consideration of all relevant matters presented in the application, in any written comments, in a Department investigation and at any hearing, the Commissioner shall issue a decision approving or disapproving the application.

(c) If the Commissioner's decision is favorable, a certificate of general good, if required and one has not already been issued, and a certificate of approval shall issue with the decision. If the Commissioner's decision is not favorable, the Commissioner shall provide the reasons for the disapproval.

(d) No financial institution shall commence operations; open a branch; or effectuate a merger, share exchange, acquisition, conversion, reorganization, dissolution, or other similar request without first securing a certificate of approval.

(e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont.

(f) Bases for meeting general good standards. In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors:

(1) the character, ability, and overall sufficiency of the management, including directors or organizers, corporators, and incorporators of a new financial institution;

(2) the adequacy of capital and financial resources of the institution or institutions concerned;

(3) the competitive abilities and future prospects of the institution or institutions concerned;

(4) the convenience and needs of the market area or areas to be served;

(5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served;

(6) the effect on the applicant's customers;

(7) if an existing financial institution, whether the proposed transaction contributes to the financial strength and success of the financial institution or institutions concerned;

(8) the fairness and equities involved in any conversion, merger, consolidation, or acquisition; and

(9) such other aspects of the proposed transaction as the Commissioner deems advisable.
8 V.S.A. § 12604 — VT Code / Title 8 / Chapter 202 / Section 12604
§ 12604. Uninsured banks
Status: in_force

(a) An uninsured bank is a financial institution that only accepts deposits for which insurance of deposits by the FDIC is not required. For purposes of this section, uninsured banks may accept deposits from a depositor that, when added to the deposits already held for the depositor, if any, exceed the maximum insured amount then permitted to be insured by the Federal Deposit Insurance Corporation for insured deposits. An uninsured bank may be organized pursuant to this section and subchapters 1 through 5 of this chapter. Unless otherwise indicated in this chapter, an uninsured bank has all the powers, rights, duties, and obligations as a financial institution under this title. An uninsured bank is not a nondepository trust company nor is it a merchant bank.

(b) No uninsured bank shall engage in business as an uninsured bank in this State without first obtaining a certificate of authority from the Commissioner pursuant to sections 11703 and 12103 of this title and this section.

(c) The organizational documents of an uninsured bank that are filed with the Secretary of State shall contain the following statement: “This organization is subject to the Vermont law on uninsured banks, 8 V.S.A. § 12604, and does not have the power to solicit, receive, or accept retail deposits.” This statement in the organizational documents of an uninsured bank may not be amended.

(d) An uninsured bank shall maintain capital in accordance with section 14104 of this title, except that the Commissioner may establish different capital requirements for uninsured banks from those required for insured financial institutions.

(e) An uninsured bank may convert to any other type of investor-owned financial institution pursuant to chapter 206 of this title.

(f) The Commissioner may establish by rule or order reserve requirements for uninsured banks.

(g) An uninsured bank's lending limit is governed by subsection 14301(d) of this title, except that loans or extensions of credit to a person are limited to 15 percent of total capital.

(h) An uninsured bank shall display conspicuously at each window or place where deposits are usually accepted a sign stating that deposits are not insured by the FDIC.

(i) An uninsured bank shall either include in boldface conspicuous type on each signature card, or instrument evidencing a deposit the following statement: “This deposit is not insured by the FDIC” or require each depositor to execute a statement that acknowledges that the initial deposit and all future deposits at the bank are not insured by the FDIC. The bank shall retain this acknowledgment as long as the depositor maintains any deposit with the bank.

(j) An uninsured bank shall include on all its deposit-related advertising a prominent disclosure that deposits are not insured by the FDIC.

(k) An uninsured bank formed and authorized under this chapter shall:

(1) maintain its principal place of business in this State;

(2) appoint a registered agent to accept service of process and to otherwise act on its behalf in this State, provided that whenever such registered agent cannot with reasonable diligence be found at the Vermont registered office of the uninsured bank, the Secretary of State shall be an agent of such uninsured bank upon whom any process, notice, or demand may be served;

(3) hold at least one meeting of its governing body in this State each year; and

(4) have at least one Vermont resident as a member of its governing body.
8 V.S.A. § 3308 — VT Code / Title 8 / Chapter 101 / Section 3308
§ 3308. List of stockholders; certificate to transact business; liability of president and directors
Status: in_force

When the entire capital stock of a corporation having capital stock has been issued, a complete list of the stockholders with the name and post office address of each and the number of shares held by each shall be filed with the Commissioner, who shall examine the corporation. If, after such examination, it appears that the whole capital stock has been paid in cash, and the Commissioner has considered the criteria in section 3361 of this chapter, the Commissioner shall issue a certificate under his or her seal authorizing the corporation to begin the transaction of business, which shall be filed with the Secretary of State. A corporation having capital stock shall not begin the transaction of business until the certificate has been issued and filed. If a corporation commences business before a certificate is issued and filed, the president and directors assenting thereto are personally liable for all debts incurred before the certificate is issued and filed.
8 V.S.A. § 4242 — VT Code / Title 8 / Chapter 113 / Section 4242
§ 4242. General provisions of Plan
Status: in_force

The Plan shall provide:

(1) reasonable rules for the distribution of risks on an equitable basis under either a pooled or assigned plan;

(2) rates applicable to, and based upon, that class of risks as described in section 4241 of this title to which the Plan applies;

(3) limits of liability and coverages as described in section 4241 of this title that shall be not less favorable to the insured than is provided in 23 V.S.A. chapter 11, where that chapter is applicable to the insured;

(4) a method whereby applicants, insureds, and insurers are entitled to a hearing before the Commissioner of Financial Regulation, for the settlement of grievances.
8 V.S.A. § 7094 — VT Code / Title 8 / Chapter 145 / Section 7094
§ 7094. Ancillary formal proceedings
Status: in_force

(a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this State, the Commissioner may file a petition with the Superior Court of Washington County requesting appointment as ancillary receiver in this State if the Commissioner finds that:

(1) there are sufficient assets of the insurer located in this State to justify the appointment of an ancillary receiver; or

(2) the protection of creditors or policyholders in this State so requires.

(b) The court may issue an order appointing an ancillary receiver in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which its principal office or place of business is located; or, in the case of real estate, with the town clerk of the town where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.

(c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this State may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this State. The ancillary receivers shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims that are proved and allowed in the ancillary proceedings in this State, and shall pay the necessary expenses of the proceedings. The ancillary receiver shall promptly transfer all remaining assets, books, accounts, and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and his or her deputies shall have the same powers and be subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this State.

(d) When a domiciliary liquidator has been appointed in this State, ancillary receivers appointed in reciprocal states shall have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties, and powers to those provided in subsection (c) of this section for ancillary receivers appointed in this State.
8 V.S.A. § 30704 — VT Code / Title 8 / Chapter 220 / Section 30704
§ 30704. Indemnification
Status: in_force

A credit union shall not indemnify any person for any penalty or fine imposed under this title.
8 V.S.A. § 19313 — VT Code / Title 8 / Chapter 209 / Section 19313
§ 19313. Authority of court to enforce Commissioner's order
Status: in_force

The court shall issue a notice to the treasurer and president of such financial institution and to any officer who is alleged in such petition to have failed to proceed in conformity with the requirements of law to appear at a time and place named in the notice and show cause why an injunction or proper remedial order should not be issued. If sufficient cause is not shown, the court shall have power:

(1) to allow such financial institution to continue to transact business in conformity with the requirements of law subject to such orders, conditions or restrictions as the evidence in the case and the interests involved shall require; or

(2) if it appears that it is unsafe or inexpedient for such financial institution to continue to transact business, to appoint a receiver or receivers to take charge of the property and effects of the financial institution and such receivership shall be subject to the provisions of this subchapter applicable in case of a receiver appointed on petition of the Commissioner on ascertainment of a financial institution's insolvency.
8 V.S.A. § 3566 — VT Code / Title 8 / Chapter 101 / Section 3566
§ 3566. Penalty for refusal
Status: in_force

The Commissioner may suspend, revoke, or nonrenew the license of any company if the company, by its officers, directors, employees, or agents, refuses to submit to examination or to comply with any reasonable written request of the examiners. Any such proceedings for suspension, revocation, or nonrenewal of any license or authority before the Commissioner shall be conducted in accordance with 3 V.S.A. chapter 25.
8 V.S.A. § 2202b — VT Code / Title 8 / Chapter 73 / Section 2202b
§ 2202b. Approval of application; issuance of commercial lender license
Status: in_force

(a) Upon the filing of an application and payment of the required fees, the Commissioner shall issue a commercial lender license to the applicant if the Commissioner finds:

(1) The experience, character, and general fitness of the applicant command the confidence of the community and warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter.

(A) If the applicant is a partnership or association, such findings are required with respect to each partner, member, and person in control of the applicant.

(B) If the applicant is a corporation, such findings are required with respect to each officer, director, and person in control of the applicant.

(2) The applicant and each officer, director, and person in control of the applicant has never had a lender license, mortgage broker license, mortgage loan originator license, or similar license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

(3) The applicant and each officer, director, and person in control of the applicant has not been convicted of or pled guilty or nolo contendere to a felony in a domestic, foreign, or military court:

(A) during the seven-year period preceding the date of the application for licensing, except a conviction for driving under the influence or a similarly titled offense in this State or in any other jurisdiction; or

(B) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; and

(C) provided that any pardon of a conviction shall not be a conviction for purposes of this subsection (a).

(b)(1) If the Commissioner finds that the applicant does not meet the requirements of subsection (a) of this section, the Commissioner shall not issue a license.

(2) Not later than 60 days after an applicant files a complete application, the Commissioner shall notify the applicant of the denial, stating the reason or reasons therefor.

(3) If the applicant does not file a timely request for reconsideration pursuant to section 2104 of this title, the Commissioner shall:

(A) return to the applicant the sum paid by the applicant as a license fee; and

(B) retain the investigation fee to cover the costs of investigating the application.

(c)(1) If the Commissioner finds that an applicant meets the requirements of subsection (a) of this section, he or she shall issue the license not later than 60 days after the applicant submits a complete application.

(2) Provided that the licensee annually renews the license, the license shall be valid until the licensee surrenders the license or until the Commissioner revokes, suspends, terminates, or refuses to renew the license.

(d) For good cause shown and consistent with the purposes of this section, the Commissioner may waive or modify the requirements of subdivision (a)(2) of this section.
8 V.S.A. § 4461 — VT Code / Title 8 / Chapter 121 / Section 4461
§ 4461. Fraternal benefit societies defined
Status: in_force

(a) Any incorporated society, order, or supreme lodge, without capital stock, including one exempted under the provisions of subdivision 4502(a)(2) of this title, whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and that makes provision for the payment of benefits in accordance with this chapter, is hereby declared to be a fraternal benefit society.

(b) As used in this chapter:

(1) “Society” means a fraternal benefit society.

(2) “Commissioner” means the Commissioner of Financial Regulation.
8 V.S.A. § 34103 — VT Code / Title 8 / Chapter 224 / Section 34103
§ 34103. Effect of merger or conversion
Status: in_force

(a) Applicability. From and after the effective date of a merger or conversion, under chapter 224 or 225 of this title, the continuing credit union may conduct business in accordance with the terms of the plan as approved and in accordance with this chapter.

(b) Continuing entity. Whenever the authority of any participating or converting credit union has been terminated, the continuing credit union shall be deemed to be a continuation of the entity of the participating or converting credit union such that all property of the participating or converting credit union, including rights, titles, and interests in and to all property of whatsoever kind, whether real, personal, or mixed, and things in action, and every right, privilege, interest, and asset of any conceivable value or benefit then existing, or pertaining to it, or which would inure to it, including appointments, designations, and nominations, and all rights and interests in any fiduciary capacity, shall immediately by act of law and without any conveyance or transfer and without further act or deed be vested in and continue to be that property of the continuing credit union; and such continuing credit union shall have, hold, and enjoy the same in its own right as fully and to the same extent as the same was possessed, held, and enjoyed by the participating or converting credit union, and such continuing credit union as of the time of the taking effect of such merger or conversion shall continue to have and succeed to all the rights, obligations, and relations of the participating or converting credit union. Furthermore, unless the plan provides otherwise or the Commissioner orders otherwise, the resulting field of membership of the continuing credit union shall be the combined field of membership of both participating credit unions, and the continuing credit union may continue to operate the offices of the other participating credit union.

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

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

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

(f) Disposal of property and assets. The continuing credit union shall have the right to use, control, sell, or dispose of all real and personal estate, rights, or interests of the merged credit unions and convey the same by deed, assignment, endorsement, contract, or other conveyance, either in its own name or in the name of any merged credit unions as provided in this section, or in the names of both, as fully and effectively as the merged credit unions could have done; and may maintain suit in its own name or in the name of any such credit union, as provided in this subchapter, or in the names of both, to foreclose or recover any title, right, demand, or claim appertaining to the merged credit unions. To this end and except as provided in the contract of merger, the existence of each of the merged credit unions shall be deemed and treated as having continued each separably and distinguishably for all purposes necessary or convenient to liquidate the assets of any merged credit unions. Any receipt, assignment, endorsement, transfer, option, compromise, acquittance, release, or contract to sell, convey, or exchange may be executed in its name or in the name of the continuing credit unions, or both. Any other thing may be done in either or both of these names that may be necessary or proper for the reduction to cash of any assets of a foreclosure, of any rights or titles, or the doing of any other acts or things appropriate to the winding up of the affairs of the merging organization as a separate entity. Those contracts and agreements shall be executed, and those acts shall be done under the control of the directors of the continuing organization.
8 V.S.A. § 3691 — VT Code / Title 8 / Chapter 101 / Section 3691
§ 3691. Receivership
Status: in_force

Whenever it appears to the Commissioner that any person has committed a violation of this subchapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the Commissioner may proceed as provided in chapter 145 of this title.
8 V.S.A. § 32402 — VT Code / Title 8 / Chapter 222 / Section 32402
§ 32402. Commissioner approval
Status: in_force

A credit union shall obtain the written approval of the Commissioner prior to engaging in the business of making member business loans.
8 V.S.A. § 3710 — VT Code / Title 8 / Chapter 103 / Section 3710
§ 3710. Power to contract-Purchase of annuities or insurance by minors
Status: in_force

(a) Any person of competent legal capacity may contract for insurance.

(b) Any minor not less than 15 years of age, notwithstanding his or her minority, may contract for or own annuities or insurance or affirm by novation or otherwise preexisting contracts for annuities or insurance upon his or her own life, body, health, property, liabilities, or other interests, or on the person of another in whom the minor has an insurable interest. Such a minor shall, notwithstanding such minority, be deemed competent to exercise all rights and powers with respect to or under (i) any contract for annuity or for insurance upon his or her own life, body, or health, or (ii) any contract such minor effected upon his or her own property, liabilities, or other interests, or (iii) any contract effected or owned by the minor, on the person of another, as might be exercised by a person of full legal age, and may at any time surrender his or her interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. Such a minor shall not, by reason of his or her minority, be entitled to rescind, avoid, or repudiate the contract, nor to rescind, avoid, or repudiate any exercise of a right or privilege thereunder, except that such a minor not otherwise emancipated, shall not be bound by any unperformed agreement to pay by promissory note or otherwise, any consideration or premium on any such annuity or insurance contract.

(c) Any annuity contract or policy of life or disability insurance procured by or for a minor under subsection (b) of this section shall be made payable either to the minor or his or her estate or to a person having an insurable interest in the life of the minor.
8 V.S.A. § 6031 — VT Code / Title 8 / Chapter 141 / Section 6031
§ 6031. Formation
Status: in_force

(a) One or more sponsors may form a sponsored captive insurance company under this chapter. In addition to the general provisions of this chapter, the provisions of this subchapter shall apply to sponsored captive insurance companies.

(b) Subject to the approval of the Commissioner, a sponsored captive insurance company may be formed as any type of entity permissible under Vermont law.
8 V.S.A. § 4517 — VT Code / Title 8 / Chapter 123 / Section 4517
§ 4517. Investments
Status: in_force

Funds of a hospital service corporation may be invested in any prudent investment as permitted for an insurance company formed under chapter 101 of this title. The corporation shall file and obtain the Commissioner's prior approval of its investment guidelines. Any amendments to the investment guidelines must be approved by the Commissioner prior to use.
8 V.S.A. § 7152 — VT Code / Title 8 / Chapter 149 / Section 7152
§ 7152. Scope and purpose
Status: in_force

(a) The purpose of this chapter is to promote the public welfare by creating a comprehensive legal framework within which pet insurance may be sold in Vermont.

(b) The requirements of this chapter shall apply to pet insurance policies that are issued to any resident of this State and are sold, solicited, negotiated, or offered in this State and policies or certificates that are delivered or issued for delivery in this State.

(c) All other applicable provisions of Vermont insurance law shall continue to apply to pet insurance except that the specific provisions of this chapter shall supersede any general provisions of law that would otherwise be applicable to pet insurance.
8 V.S.A. § 8004 — VT Code / Title 8 / Chapter 151 / Section 8004
§ 8004. Lien on behalf of residents; rehabilitation or liquidation
Status: in_force

(a) Prior to the issuance of a certificate of authority under this chapter, or at such other time as the Commissioner may determine it is in the best interests of residents of a facility, the Commissioner may file a lien on the real and personal property of the provider or facility to secure the obligations of the provider pursuant to existing and future contracts for continuing care. A lien filed under this section shall be effective for a period of 10 years following such filing and may be extended by the Commissioner upon a finding that such extension is advisable for the protection of residents of the facility. The lien may be foreclosed upon the liquidation of the facility or the insolvency of the provider, and in such event the proceeds thereof shall be used in full or partial satisfaction of obligations of the provider pursuant to contracts for continuing care then in effect. The lien provided for in this section shall be subordinate to the lien of any mortgage on the property of the provider used to fund the costs of acquiring, developing, or constructing and funding the reserves thereof, and may be subordinated with the written consent of the Commissioner to the claims of other persons if the Commissioner shall determine such subordination to be advisable for the efficient operation of the facility. A lien filed by the Commissioner under this section does not displace any previously perfected lien.

(b)(1) If, at any time, the Commissioner determines, after notice and an opportunity for the provider to be heard, that:

(A) a portion of a reserve fund escrow required under this chapter has been or is proposed to be released;

(B) a provider has been or will be unable, in such a manner as may endanger the ability of the provider to fully perform its obligations pursuant to contracts for continuing care, to meet the most recent pro forma income or cash flow projections filed by the provider;

(C) a provider has failed to maintain the reserves required under this chapter; or

(D) a provider is insolvent or in imminent danger of becoming subject to a delinquency proceeding under chapter 145 of this title or insolvent;

(2) the Commissioner may apply to the appropriate court for an order directing or authorizing the Commissioner to seize the property of, to rehabilitate, or to liquidate a provider under chapter 145 of this title.

(c) In furtherance of the welfare of the persons who have previously contracted with the provider for continuing care, the proceeds of any lien obtained by the Commissioner pursuant to this section shall be distributed in the following order of priority:

(1) used on behalf of residents of a facility being liquidated;

(2) used in full or partial refund of entrance fees;

(3) used to pay other creditors as provided by law.
8 V.S.A. § 3615 — VT Code / Title 8 / Chapter 101 / Section 3615
§ 3615. Powers and duties of Association
Status: in_force

(a) The Association shall:

(1) Be obligated to the extent of the covered claims existing prior to the order of liquidation, arising within 30 days after the order of liquidation, or before the policy expiration date if less than 30 days after the order of liquidation, or before the insured replaces the policy or causes its cancellation, if the insured does so within 30 days of the determination, but this obligation shall include only that amount of each covered claim that, unless it is a claim arising out of a workers' compensation policy, is less than $500,000.00 and that, if it is a claim for unearned premium, is in excess of $25.00. In no event shall the Association be obligated to a policyholder or claimant in an amount in excess of the obligation of the insolvent insurer under the policy from which the claim arises, nor for any claim filed with the Association after the final date set for the filing of claims against the liquidator or receiver of the insolvent insurer, nor in any event after the expiration of three years from the date of determination of the insolvency of such insurer.

(2) Be deemed the insurer to the extent of its obligation on the covered claims and to such extent shall have all rights, duties, and obligations of the insolvent insurer as if the insurer had not become insolvent.

(3) Allocate claims paid and expenses incurred among the three accounts and assess member insurers separately for each account those amounts necessary to pay the obligations of the Association under subdivision (1) of this subsection subsequent to an insolvency, the expense of handling claims subsequent to an insolvency, and the cost of examinations under section 3620 of this title and other expenses authorized by this subchapter. The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the calendar year preceding the assessment bears to the net direct written premiums of all member insurers and for the calendar year preceding the assessment. Each member insurer shall be notified of the assessment not later than 30 days before it is due. No member insurer may be assessed in any year on any account an amount greater than two percent of that member insurer's net direct written premiums for the calendar year preceding the determination of insolvency on the kinds of insurance in the account. If the maximum assessment, together with the other assets of the Association, does not provide in any year in any account an amount sufficient to make all necessary payments from that account, the funds available may be prorated and the unpaid portion shall be paid as soon thereafter as funds become available. The Association shall pay claims in any order that it considers reasonable, including the payment of claims as they are received from the claimants or in groups or categories of claims. The Association may exempt or defer, in whole or in part, the assessment of any member insurer if the assessment would cause the member insurer's financial statement to reflect amounts of capital or surplus less than the minimum amounts required for a certificate of authority by any jurisdiction in which the member insurer is authorized to transact insurance. While an assessment is deferred, however, the member insurer shall not pay dividends to its shareholders or policyholders. Deferred assessments shall be paid by the insurer when payment will not reduce capital or surplus below required minimums, and the payments shall be either refunded to those members that received larger assessments because of the deferment or, at the election of the member, credited against future assessments. Each member insurer authorized by the Association to act as a servicing facility may set off against any assessment all authorized payments made on covered claims and all expenses incurred in the payment of those claims.

(4) Investigate claims brought against the Association and adjust, compromise, settle, and pay covered claims to the extent of the Association's obligation and deny all other claims and may review settlements, releases, and judgments to which the insolvent insurer or its insureds were parties to determine the extent to which such settlements, releases, and judgments may be properly contested.

(5) Notify such persons as the Commissioner directs under subdivision 3617(b)(1) of this title.

(6) Handle claims through its employees or through one or more insurers or other persons designated as servicing facilities. Designation of a servicing facility is subject to the approval of the Commissioner, but such designation may be declined by a member insurer.

(7) Reimburse each servicing facility for obligations of the Association paid by the facility and for expenses incurred by the facility while handling claims on behalf of the Association and shall pay the other expenses of the Association by this subchapter.

(b) The Association may:

(1) employ or retain such persons as are necessary to handle claims and perform other duties of the Association;

(2) borrow funds necessary to effect the purposes of this subchapter in accord with the plan of operating;

(3) sue or be sued;

(4) negotiate and become a party to such contracts as are necessary to carry out the purpose of this subchapter;

(5) perform such other acts as are necessary or proper to effectuate the purpose of this subchapter; and

(6) refund to the member insurers in proportion to the contribution of each member insurer to that account that amount by which the assets of the account exceed the liabilities if, at the end of any calendar year, the Board of Directors finds that the assets of the Association in any account exceed the liabilities of that account as estimated by the Board of Directors for the coming year.
8 V.S.A. § 3846 — VT Code / Title 8 / Chapter 103 / Section 3846
§ 3846. Advertising for life settlements
Status: in_force

(a) No person engaged in the business of life settlements shall make, issue, circulate, or cause to be made, issued, or circulated, or placed before the public, in a newspaper, magazine, or other publication, in the form of a notice, circular, pamphlet, letter, or poster or over any radio station or television station, or by internet, or in any other way, any estimate, illustration, circular, statement, sales presentation, omission, or comparison, which:

(1) Misrepresents or fails to adequately disclose the benefits, advantages, conditions, exclusions, limitations, or terms of any life settlement contract.

(2) Uses any name or title of any life settlement contract or class of life settlement contracts misrepresenting the true nature thereof.

(3) Is a misrepresentation for the purpose of inducing or tending to induce a policy owner to enter into a life settlement contract in violation of the provisions of this chapter.

(4) Is inaccurate, untruthful, deceptive, or misleading in fact or by implication. The form and content of an advertisement of a life settlement contract shall be sufficiently complete and clear so as to avoid deception. It shall not have the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive shall be determined from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.

(5) Directly or indirectly markets, advertises, solicits, or otherwise promotes the purchase of a policy for the purpose of, or with an emphasis on, entering into a life settlement contract.

(6) Uses the word “free,” “no cost,” “without cost,” “no additional cost,” “at no extra cost,” or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.

(b) Every life settlement licensee shall establish and at all times maintain a system of control over the content, form, and method of dissemination of all advertisements of its contracts, products, and services. All advertisements, regardless of who wrote, created, designed, or presented them, shall be the responsibility of the life settlement licensees as well as the individual who created or presented the advertisement. A system of control shall include regular routine notification, at least once a year, to agents and others authorized by the life settlement licensee who disseminate advertisements of the requirements and procedures for approval by the life settlement licensee prior to the use of any advertisements not furnished by the life settlement licensee.

(c) The name of the life settlement licensee shall be clearly identified in all advertisements about the licensee or its life settlement contract, products, or services, and if any specific life settlement contract is advertised, the life settlement contract shall be identified either by form number or some other appropriate description. If an application is part of the advertisement, the name of the life settlement provider shall be shown on the application.

(d) If the advertising emphasizes the dollar amounts available to policy owners, the advertising shall disclose the average purchase price as a percent of face value obtained by policy owners contracting with the licensee during the past six months.

(e) The fact that the life settlement contract offered is made available for inspection prior to consummation of the sale, or that an offer is made to refund the payment if the policy owner is not satisfied, or that the life settlement contract includes a “free look” period that satisfies or exceeds legal requirements does not remedy any inaccurate, untruthful, deceptive or misleading statements.
8 V.S.A. § 4011 — VT Code / Title 8 / Chapter 107 / Section 4011
§ 4011. Definitions
Status: in_force

As used in this chapter:

(1) “Covered individual” means an individual who is covered by a health insurance plan, whether as the primary subscriber or policyholder or as a dependent, employee, or employee's dependent under the plan.

(2) “Health care services” means services for the diagnosis, prevention, treatment, cure, or relief of a health condition, illness, injury, or disease.

(3) “Health insurance plan” means a policy or contract issued by a health insurer, including the health benefit plan or plans offered by the State of Vermont to its employees and any health benefit plan offered by any agency or instrumentality of the State to its employees. Unless otherwise specified, “health insurance” does not include Vermont Medicaid.

(4) “Health insurer” means an insurance company that provides health insurance as defined in subdivision 3301(a)(2) of this title, a nonprofit hospital or medical service corporation, a managed care organization, a health maintenance organization, and, to the extent permitted under federal law, any administrator of an insured, self-insured, or publicly funded health care benefit plan offered by a public or private entity.

(5) “Major medical insurance” means a comprehensive health insurance plan that is not specific disease, accident, hospital indemnity, dental care, vision care, disability income, long-term care, Medicare supplement insurance, or other limited-benefit coverage. The term does not include short-term, limited-duration health insurance coverage or a plan under which benefits are paid directly to a covered individual or the individual's assigns and for which the amount of the benefit is not based on potential medical costs or on actual costs incurred. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3446 — VT Code / Title 8 / Chapter 101 / Section 3446
§ 3446. Filing of amended charters
Status: in_force

Upon the consummation of a reorganization or merger pursuant to this subchapter, duplicate originals of amended and restated charter documents adopted by the mutual holding company and the insurance company shall be filed in the office of the Secretary of State, and shall take effect as of the date of the filing of such originals in such office.
8 V.S.A. § 4149 — VT Code / Title 8 / Chapter 111 / Section 4149
§ 4149. Allowance of premium against estate
Status: in_force

Money paid to a company duly organized and authorized to act in this State in guaranteeing the fidelity of persons and in acting as surety on bonds, or to a person for acting as surety on an official bond given to the Judge of Probate, may be allowed, in his or her discretion, as a charge against the estate in which such bond is required.
8 V.S.A. § 4202 — VT Code / Title 8 / Chapter 113 / Section 4202
§ 4202. Form and contents of policy
Status: in_force

A policy shall not be issued or delivered under this chapter unless:

(1) every printed portion of the policy and any endorsement or attached papers are plainly printed;

(2) a brief description of the policy is plainly printed on the first page; and

(3) the exceptions of the policy are printed with the same prominence as the benefits to which they apply.
8 V.S.A. § 4796 — VT Code / Title 8 / Chapter 131 / Section 4796
§ 4796. Commissions; payment; acceptance
Status: in_force

(a) An insurance company, insurance producer, limited lines, or surplus lines broker shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.

(b) A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.

(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this State if that person was required to be licensed under this chapter at the time of the sale, solicitation, or negotiation and was so licensed at the time.

(d) An insurer, insurance producer, or limited lines producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this State, unless the payment would violate subdivision 4724(8) of this title.

(e) A person licensed under this chapter shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, negotiating, or otherwise orchestrating the sale, enrollment, membership, or other connection between a Vermont resident and any arrangement involving the sharing of health-related expenses that is not insurance as defined in section 3301a of this title.
8 V.S.A. § 3688 — VT Code / Title 8 / Chapter 101 / Section 3688
§ 3688. Rules and regulations
Status: in_force

The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this subchapter.
8 V.S.A. § 31303 — VT Code / Title 8 / Chapter 221 / Section 31303
§ 31303. Executive committee
Status: in_force

(a) The executive committee, if one is appointed by the governing body, shall consist of an odd number of no fewer than three directors of the credit union.

(b) The executive committee shall meet in accordance with section 31304 of this title and as often as necessary and shall act for the governing body between meetings of the governing body in all other matters except for approval of policies and amendments to the organizational documents or bylaws, subject to such conditions and limitations as prescribed by the governing body.

(c) The executive committee shall keep complete minutes of all of its actions, copies of which shall be submitted to the governing body at its next meeting.
8 V.S.A. § 4095e — VT Code / Title 8 / Chapter 107 / Section 4095e
§ 4095e. Clinical trials for cancer patients
Status: in_force

(a) The Commissioner shall, after notice and hearing, adopt rules requiring that all health insurance plans issued in this State provide coverage for routine costs for covered individuals who participate in cancer clinical trials.

(1) Any rules adopted under this section shall be limited to the coverage of routine costs for covered individuals who participate in a cancer clinical trial.

(2) Any rules adopted under this section shall be restricted to approved cancer clinical trials conducted under the auspices of the following cancer care providers (cancer care providers): The University of Vermont Medical Center, the Norris Cotton Cancer Center at Dartmouth-Hitchcock Medical Center, and approved clinical trials administered by a hospital and its affiliated, qualified cancer care providers.

(3) For participation in clinical trials located outside Vermont, coverage under this section shall be required only if the covered individual provides notice to the health insurance plan prior to participation in the clinical trial, and one or more of the following circumstances applies:

(A) no clinical trial is available at the Vermont or New Hampshire cancer care providers described in subdivision (2) of this subsection (a);

(B) the covered individual already has completed a clinical trial at one of the Vermont or New Hampshire cancer care providers described in subdivision (2) of this subsection (a) and the covered individual's cancer care provider determines that a subsequent clinical trial related to the original diagnosis is available outside the health benefit plan's network and that participation in that clinical trial would be in the best interests of the covered individual, even if a comparable clinical trial is available at that time at one or both of the Vermont or New Hampshire cancer care providers described in subdivision (2) of this subsection (a); or

(C) the health insurance plan has already approved a referral of the covered individual to an out-of-network cancer care provider and an out-of-network clinical trial becomes available and the covered individual's cancer care provider determines participation in that clinical trial would be in the best interests of the covered individual, even if a comparable clinical trial is available at one or both of the Vermont or New Hampshire cancer care providers described in subdivision (2) of this subsection (a).

(4) If a covered individual participates in a clinical trial administered by a cancer care provider that is not in the health insurance plan's provider network, the health insurance plan may require that routine follow-up care be provided within the health insurance plan's network, unless the cancer care provider determines this would not be in the best interests of the covered individual.

(b) This section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 19201 — VT Code / Title 8 / Chapter 209 / Section 19201
§ 19201. Appointment and bonding of conservators
Status: in_force

Whenever the Commissioner deems it necessary in order to conserve the assets of a Vermont financial institution for the benefit of the depositors and other creditors thereof, the Commissioner may appoint a conservator for the financial institution and require of the conservator such bond and security as the Commissioner deems proper.
8 V.S.A. § 19403 — VT Code / Title 8 / Chapter 209 / Section 19403
§ 19403. Depositor's objection to plan; receivership continued
Status: in_force

If any of the depositors of the Vermont financial institution file written objections to the approval of the plan and refuse to consent to the plan, the court at the hearing may direct the receiver to set aside assets of each class of the receivership, in such amounts and character as the court finds to be just and equitable. Upon such terms as may be just and equitable, the court shall continue the receivership as to those assets and those depositors, and direct the receiver to turn over the remainder of the assets of the financial institution in his or her hands to the new or reorganized financial institution when directed so to do by the Commissioner, and discharge the receiver from further liability.
8 V.S.A. § 8309 — VT Code / Title 8 / Chapter 159 / Section 8309
§ 8309. Supplemental provisions
Status: in_force

(a) The provisions of this chapter are in addition to any other provisions of the laws of this State and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including chapter 145 of this title.

(b) The Commissioner may adopt rules necessary for the implementation of this chapter.

(c) The Commissioner may exempt from the application of this chapter any domestic property and casualty insurer that:

(1) writes direct business only in this State;

(2) writes direct annual premiums of $2,000,000.00 or less; and

(3) assumes no reinsurance in excess of five percent of direct premium written.
8 V.S.A. § 8096 — VT Code / Title 8 / Chapter 154 / Section 8096
§ 8096. Secondary notice of cancellation
Status: in_force

The Commissioner shall adopt the National Association of Insurance Commissioners' model rule regarding secondary notice of cancellation of long-term care policies.
8 V.S.A. § 6045 — VT Code / Title 8 / Chapter 141 / Section 6045
§ 6045. Branch captive reports
Status: in_force

Prior to March 15 of each year, or with the approval of the Commissioner within 75 days after its fiscal year-end, a branch captive insurance company shall file with the Commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two of its executive officers or, in the case of a branch captive insurance company formed as a limited liability company or as a reciprocal insurer, of two individuals authorized by the governing board. If the Commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the Commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.
8 V.S.A. § 4813o — VT Code / Title 8 / Chapter 131 / Section 4813o
§ 4813o. Reporting of actions
Status: in_force

(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within 30 days of the final disposition of the matter. This report shall include a copy of the order, consent to order, or other relevant legal documents.

(b) Within 30 days of the initial pretrial hearing date, a producer shall report to the Commissioner any criminal prosecution of the producer taken in any jurisdiction. The report shall include a copy of the initial complaint filed, the order resulting from the hearing, and any other relevant legal documents.
8 V.S.A. § 2259 — VT Code / Title 8 / Chapter 74 / Section 2259
§ 2259. Violations an unfair or deceptive act
Status: in_force

(a) A company's failure to comply with the requirements of this part, including this chapter, shall constitute an unfair or deceptive act in commerce enforceable under 9 V.S.A. chapter 63, the Consumer Protection Act.

(b) The powers vested in the Commissioner by this chapter shall be in addition to any other powers or rights of consumers or the Attorney General or others under any other applicable law or rule, including the Vermont Consumer Protection Act and any applicable rules adopted thereunder, provided the Commissioner's determinations concerning the interpretation and administration of the provisions of this part, including this chapter, and rules adopted thereunder shall carry a presumption of validity.
8 V.S.A. § 13203 — VT Code / Title 8 / Chapter 203 / Section 13203
§ 13203. Capital notes or debentures as capital reserve
Status: in_force

Subject to prior approval of the Commissioner, a financial institution may issue capital notes or debentures, the proceeds from the sale of which may be used in lieu of capital deposits to establish part of the capital reserve required in section 13201 of this title, provided that:

(1) such capital notes or debentures are issued pursuant to the organization's borrowing powers;

(2) such notes or debentures are subject to conditions governing the repayment of principal and interest that are comparable to the requirements governing return of initial capital deposits as set forth in section 13202 of this title; and

(3) repayment of the principal amount of such capital notes or debentures issued pursuant to this section shall have priority over the return of any capital deposits in the capital reserve.
8 V.S.A. § 17401 — VT Code / Title 8 / Chapter 207 / Section 17401
§ 17401. Mergers and consolidations; investor-owned and mutual or cooperative financial institutions
Status: in_force

(a) Resulting mutual or cooperative financial institution. An investor-owned financial institution may be merged into or consolidated with a mutual or cooperative financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subchapter and provided:

(1) The resulting mutual or cooperative financial institution shall comply with the requirements of subsections 17301(a), (b), (c), and (d) of this title except that the plan of merger or consolidation shall state the amount the institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the Commissioner considers appropriate.

(2) The investor-owned institution to be merged or consolidated shall comply with subsections 17201(b) through (f) of this title.

(b) Resulting investor-owned institution. Except as the Commissioner may authorize pursuant to subsection 17101(f) of this title, a mutual or cooperative financial institution may not merge into an investor-owned institution organized under the laws of this State without first converting into an investor-owned institution under section 16101 of this title.
8 V.S.A. § 35101 — VT Code / Title 8 / Chapter 225 / Section 35101
§ 35101. Conversions
Status: in_force

(a) General. The provisions of this chapter shall apply whenever a federal credit union seeks to convert to a Vermont credit union or whenever a Vermont credit union seeks to convert to a federal credit union; provided, however, that conversion from a Vermont credit union to a federal credit union shall be as permitted in federal law and shall not require the Commissioner's approval, and that federal law shall be controlling to the extent the laws of this State are inconsistent.

(b) Types of conversions. The types of conversions permitted under this chapter are as follows:

(1) conversion from a federal credit union to a Vermont credit union; and

(2) conversion from a Vermont credit union to a federal credit union.

(c) Manner of conversion. Any credit union may convert under this chapter in the following manner:

(1) The governing body of the credit union shall approve the plan of conversion by at least a majority vote, unless a higher percentage is required by the credit union's organizational documents.

(2) The approved plan of conversion, together with a certified copy of the authorizing resolution adopted by the governing body of the credit union, shall be submitted to the Commissioner for approval pursuant to the requirements and procedures of chapter 220, subchapter 8 of this title, except as provided in subsection (a) of this section.

(3) The plan of conversion, as approved by the Commissioner, shall be submitted to members of the credit union for their approval at an annual meeting or at a special meeting called for that purpose.

(4) The approved plan shall be finalized as provided in subsection 35101(f) of this section.

(d) Contents of plan of conversion. The plan of conversion shall include:

(1) the name of the credit union and its location;

(2) the type of credit union that the resulting credit union is to be;

(3) a method and schedule for terminating any nonconforming activities that would result from such conversion;

(4) a statement of the competitive impact resulting from such conversion, including the loss of particular financial services in the market area resulting from such conversion;

(5) a statement that the conversion is subject to approval of the Commissioner, except for conversions from a Vermont credit union to a federal credit union;

(6) a statement that the conversion is subject to approval of the credit union's members; and

(7) such additional information as the Commissioner may require.

(e) Member voting requirements. A majority of the members of the credit union casting votes at a duly called and noticed meeting, unless a higher percentage is required by the credit union's organizational documents, is necessary to approve the plan of conversion at the meeting. For purposes of this section, written notice must be delivered in person to each member or mailed to each member at the address for such member appearing on the records of the credit union, not more than 30 days nor less than seven days prior to the date of the meeting. Notice may be given electronically if the member has specifically requested or consented to electronic notification of meetings. An affirmative vote constitutes approval of the adoption of any amendments to the organizational documents of the credit union that are necessary to effect the transaction.

(f) Finalizing the plan of conversion. Except as provided in subsection (g) of this section, the credit union shall effect its conversion as follows:

(1) Upon approval by the members, the credit union shall submit the executed conversion plan to the Commissioner, together with all necessary amendments to the credit union's organizational documents, each certified by an officer of the credit union.

(2) The Commissioner shall issue to the resulting credit union a certificate specifying the name of the converting credit union and the name and organizational structure of the resulting credit union. The resulting credit union shall file one copy of the certificate issued by the Commissioner with the Secretary of State for recording. The certificate shall be conclusive evidence of the conversion and the correctness of all proceedings relating to the conversion in all courts and places. The certificate may be filed in any land records office to evidence the new name in which property of the converting credit union is to be held.

(3) Unless a later date is specified in the conversion plan, the conversion becomes effective upon filing of the certificate as provided in subdivision (2) of this subsection, and the former charter of the converting credit union shall terminate automatically. The Commissioner may file or order any credit union to file conforming documents with the Secretary of State.

(g) Completion of conversion into federal credit union. Upon completion of a conversion into a federal credit union, the federal credit union shall certify in writing to the Commissioner and the Secretary of State that the conversion has been completed under applicable federal law. The charter of the converting credit union shall terminate automatically upon issuance of the federal credit union charter.

(h) If the Commissioner disapproves the conversion plan, the Commissioner shall state the reasons for the disapproval in writing and furnish them to the credit union. The credit union shall be given a reasonable opportunity to amend the plan to eliminate the reasons for disapproval.

(i) Authority for expedited conversion. Notwithstanding any other section of law or any organizational document of the credit union, the Commissioner may order that a charter conversion become effective immediately when the Commissioner finds it is necessary for the protection of members or the public.

(k) Rules of the Commissioner. The Commissioner shall issue such rules governing the conversion of a credit union organized under this chapter to a federal credit union and the conversion of a federal credit union to a credit union organized under this chapter as the Commissioner deems necessary or appropriate.
8 V.S.A. § 2531 — VT Code / Title 8 / Chapter 79 / Section 2531
§ 2531. Audited financials
Status: in_force

(a) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Commissioner may prescribe, file with the Commissioner:

(1) an audited financial statement of the licensee for the fiscal year prepared in accordance with U.S. generally accepted accounting principles; and

(2) any other information as the Commissioner may reasonably require.

(b) The audited financial statements shall be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Commissioner.

(c) The audited financial statements shall include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Commissioner. If the certificate or opinion is qualified, the Commissioner may order the licensee to take any action as the Commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification.
8 V.S.A. § 3703 — VT Code / Title 8 / Chapter 103 / Section 3703
§ 3703. Penalties
Status: in_force

A person violating sections 3701 and 3702 of this title may be subject to an administrative penalty of not more than $2,000.00; and the license of such person or company may be suspended by the Commissioner for not less than three months nor more than six months, and for a second offense such license shall be revoked. Such person or company shall not thereafter be licensed for one year from the date of such revocation.
8 V.S.A. § 6019 — VT Code / Title 8 / Chapter 141 / Section 6019
§ 6019. Rules for controlled unaffiliated business
Status: in_force

The Commissioner may adopt rules establishing standards to ensure that a parent or its affiliated company, or an industrial insured or its affiliated company, is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by a pure captive insurance company or an industrial insured captive insurance company, respectively; provided, however, that, until such time as rules under this section are adopted, the Commissioner may approve the coverage of such risks by a pure captive insurance company or an industrial insured captive insurance company.
8 V.S.A. § 10603 — VT Code / Title 8 / Chapter 200 / Section 10603
§ 10603. Penalty
Status: in_force

The Commissioner, in addition to using any other power exercisable by the Commissioner under this title, may:

(1) impose an administrative penalty of not more than $1,000.00 for each violation upon any person who violates or participates in a violation of any law or regulation described in this subchapter;

(2) impose an administrative penalty in an amount greater than the amount prescribed in subdivision (1) of this section if a greater amount is prescribed in the federal law or regulation violated;

(3) order any person to make restitution to any person injured as a result of any violation of this subchapter; and

(4) order any person to cease violating this subchapter.
8 V.S.A. § 4485 — VT Code / Title 8 / Chapter 121 / Section 4485
§ 4485. Foreign or alien society; admission
Status: in_force

(a) No foreign or alien society may transact business in this State without a license issued by the Commissioner of Financial Regulation. Any such society may be licensed to transact business in this State upon filing with the Commissioner of Financial Regulation:

(1) a duly certified copy of its charter or articles of incorporation;

(2) a copy of its constitution and laws, certified by its secretary or corresponding officer;

(3) a power of attorney to the Secretary of State as prescribed in section 4489 of this title;

(4) a statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the Commissioner of Financial Regulation, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the Secretary of State of this State;

(5) a certificate from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business therein;

(6) copies of its certificate forms; and

(7) such other information as he or she may deem necessary; and upon a showing that its assets are invested in accordance with the provisions of this chapter.

(b) Any foreign or alien society desiring admission to this State shall have the qualifications required of domestic societies organized under this chapter.
8 V.S.A. § 19310 — VT Code / Title 8 / Chapter 209 / Section 19310
§ 19310. Submission of disallowed claims to Superior judge
Status: in_force

Claims presented to the receiver, upon his or her request or upon that of a person interested in the financial institution, or upon request of a creditor within 20 days after notice of the disallowance of his or her claim in whole or in part, shall be submitted to the Superior judge for the purpose of proving the same at such time and in such manner as the Superior judge orders.
8 V.S.A. § 7054 — VT Code / Title 8 / Chapter 145 / Section 7054
§ 7054. Actions by and against rehabilitator
Status: in_force

(a) A court in this State before which an action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for 90 days and such additional time as is necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The rehabilitator shall take such action respecting the pending litigation as he or she deems necessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this State and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.

(b) A statute of limitations or defense of laches shall not run with respect to any action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. An action by or against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the order of rehabilitation is entered or the petition is denied. The rehabilitator may, upon an order for rehabilitation, within one year or such other longer time as applicable law may permit, institute an action or proceeding on behalf of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which such order is entered.
8 V.S.A. § 11403 — VT Code / Title 8 / Chapter 201 / Section 11403
§ 11403. Periodic reports from state financial institutions with a branch, office, or activity in this State
Status: in_force

(a) The Commissioner may require periodic reports from any state financial institution that has established and maintains a branch in this State pursuant to section 15202 of this title.

(b) The Commissioner may require periodic reports from any state financial institution that has established and maintains an office or conducts an activity pursuant to section 15204 of this title.

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

(1) consistent with the reporting requirements applicable to financial institutions 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. § 4078 — VT Code / Title 8 / Chapter 107 / Section 4078
§ 4078. Midwifery coverage; home births [Effective until January 1, 2027; see also 8 @ § 4078 effective January 1, 2027 set out below]
Status: in_force

(a) A health insurance plan providing maternity benefits shall also provide coverage for services rendered by a midwife licensed pursuant to 26 V.S.A. chapter 85 or an advanced practice registered nurse licensed pursuant to 26 V.S.A. chapter 28 who is certified as a nurse midwife for services within the licensed midwife's or certified nurse midwife's scope of practice and provided in a hospital or other health care facility or at home.

(b) Coverage for services provided by a licensed midwife or certified nurse midwife shall not be subject to any greater co-payment, deductible, or coinsurance than is applicable to any other similar benefits provided by the health insurance plan.

(c) This section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)

(a) A health insurance plan providing maternity benefits shall also provide coverage for services rendered by a midwife licensed pursuant to 26 V.S.A. chapter 85 or an advanced practice registered nurse licensed pursuant to 26 V.S.A. chapter 28 who is certified as a nurse midwife for services within the licensed midwife's or certified nurse midwife's scope of practice and provided in a hospital, birth center, or other health care facility or at home.

(b) Coverage for services provided by a licensed midwife or certified nurse midwife shall not be subject to any greater co-payment, deductible, or coinsurance than is applicable to any other similar benefits provided by the health insurance plan.

(c) This section shall apply to Medicaid and any other public health care assistance program offered or administered by the State or by any subdivision or instrumentality of the State. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025; amended 2025, No. 19, § 2, eff. January 1, 2027.)
8 V.S.A. § 3614 — VT Code / Title 8 / Chapter 101 / Section 3614
§ 3614. Board of Directors
Status: in_force

(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons, at least three of whom shall be persons who are officers, directors, or employees of insurance companies incorporated under the laws of this State, unless there are fewer than three such companies, in which case there shall be one Director for each such company. The Directors shall serve terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies on the Board shall be filled for the remaining period of the term by a majority vote of the remaining Board members, subject to the approval of the Commissioner.

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

(c) Members of the Board may be reimbursed from the assets of the Association for expenses incurred by them as members of the Board of Directors.
8 V.S.A. § 3791k — VT Code / Title 8 / Chapter 103 / Section 3791k
§ 3791k. Reserve calculation-Valuation net premium exceeding the gross premium charged
Status: in_force

(a) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in sections 3791d and 3791f of this subchapter.

(b) For a life insurance policy issued on or after January 1, 1987, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and that provides an endowment benefit or a cash surrender value or a combination in an amount greater than the excess premium, the provisions of this section shall be applied as if the method actually used in calculating the reserve for the policy were the method described in section 3791g of this subchapter, ignoring the subsection 3791g(b) of this subchapter. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with section 3791g of this subchapter, including the subsection (b) of that section, and the minimum reserve calculated in accordance with this section.
8 V.S.A. § 4705 — VT Code / Title 8 / Chapter 128 / Section 4705
§ 4705. Dividend plans
Status: in_force

Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers; provided, however, this provision shall not contravene the provisions of chapter 145 of this title. A plan for the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers shall not be deemed a rating plan or system nor be conditioned upon renewal of a policy. The Commissioner is authorized to obtain information concerning dividends in such form or detail as he or she deems appropriate.
8 V.S.A. § 10402 — VT Code / Title 8 / Chapter 200 / Section 10402
§ 10402. Lending reports, disclosures, and standards
Status: in_force

An entity subject to this chapter shall be subject to and comply with the provisions of 9 V.S.A. chapter 4.
8 V.S.A. § 2454 — VT Code / Title 8 / Chapter 78 / Section 2454
§ 2454. Name; office
Status: in_force

A personal information protection company shall file with the Department of Financial Regulation the name it proposes to use in connection with its business, which the Department shall not approve if it determines that the name may be misleading, likely to confuse the public, or deceptively similar to any other business name in use in this State.
8 V.S.A. § 4693 — VT Code / Title 8 / Chapter 128 / Section 4693
§ 4693. Agreements to adhere
Status: in_force

(a) Except as necessary to comply with the requirements of section 4687 of this title, no insurer may agree with any other insurer or with an advisory or service organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses such rate or material is not sufficient in itself to support a finding that an agreement to adhere or use exists but may be used for the purpose of supplementing any other evidence as to the existence of such an agreement.

(b) Two or more insurers having common ownership or operating in this State under common management or control may act in concert between or among themselves in the same manner as if they constituted a single insurer.
8 V.S.A. § 14107 — VT Code / Title 8 / Chapter 204 / Section 14107
§ 14107. Investments
Status: in_force

(a) A Vermont financial institution may invest its assets prudently in accordance with the best judgment of its governing body in a manner consistent with this section.

(b) A Vermont financial institution may not acquire more than five percent of the equity interest of any Vermont financial institution or of a Vermont bank holding company without the prior approval of the Commissioner.

(c) Notwithstanding any other provision of law to the contrary, a financial institution may invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on an investment or loan previously made or an obligation created in good faith.

(d) A Vermont financial institution's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following:

(1) investment quality parameters;

(2) investment mix and diversification;

(3) investment maturities; and

(4) delegation of authority to officers and committees responsible for administering the portfolio.

(e) A Vermont financial institution shall not acquire a lien on its equity interests as collateral for any extension of credit or other obligation nor acquire title to such collateral except to prevent loss upon a loan or investment previously made or an obligation created in good faith. If a Vermont financial institution acquires such a lien upon its equity interest or acquires title to such equity interest under the exception in this subsection, it shall not permit the lien to continue for more than two years, nor shall it hold title to the equity interest for more than one year, without the consent of the Commissioner.

(f) Except as otherwise provided in subsection (e) of this section, and subject to chapter 202, subchapter 4 and chapter 203, subchapter 2 of this title, a Vermont financial institution may repurchase or redeem its own equity interests.
8 V.S.A. § 3442 — VT Code / Title 8 / Chapter 101 / Section 3442
§ 3442. Merger of mutual insurance company into an existing mutual insurance holding company; merger and acquisition by mutual insurance holding company or subsidiary of mutual insurance holding company
Status: in_force

(a) Merger of mutual insurance company into mutual insurance holding company. A domestic or foreign mutual insurance company, upon the approval of the Commissioner, may reorganize by merging its policyholders' membership interests into a mutual insurance holding company formed pursuant to section 3441 of this title and continue the corporate existence of the reorganizing insurance company as a stock insurance company subsidiary of the mutual insurance holding company. A merger pursuant to this section shall be governed by the terms, conditions, and procedure set forth in section 3441 of this title.

(b) Merger and acquisition by mutual insurance holding company or subsidiary of mutual insurance holding company. Subject to applicable requirements of this chapter, a mutual insurance holding company may:

(1) merge or consolidate with, or acquire the assets of, a mutual insurance holding company reorganized pursuant to this act or any similar entity organized pursuant to the laws of any other state;

(2) either alone or together with one or more stock insurance holding companies as defined in subsection 3443(c) of this title, or other subsidiaries, directly or indirectly, acquire the stock of a stock insurance company or a mutual insurance company that reorganizes under this act or the law of its state of organization;

(3) together with one or more of its stock insurance company subsidiaries, acquire the assets of a stock insurance company or a mutual insurance company; or

(4) acquire a stock insurance company through the merger of such stock insurance subsidiary with a stock insurance company or stock insurance holding company.

(c) A merger or consolidation pursuant to subsection (b) of this section is subject to the standards and procedures prescribed in sections 3424 through 3434 of this title. Mutual insurance holding companies and stock insurance holding companies shall be considered insurers for purposes of application of such sections.

(d) No such merger or consolidation shall be effectuated unless in advance thereof, the plan and agreement therefor have been filed with and approved by the Commissioner. Such approval shall be given unless the Commissioner finds such plan or agreement:

(1) is inequitable to the policyholders of any insurer involved in the merger or the members of any mutual insurance holding company involved in the merger; or

(2) would substantially reduce the security of and service to be rendered to policyholders of an insurer involved in the merger or consolidation.

(e) A stock or asset acquisition pursuant to subsection (b) of this section shall be subject to the provisions of subsection 3443(c) of this title.

(f) The provisions of subsection 3441(b) of this title shall apply to any transaction under this section that involves the merger, consolidation, or acquisition of a mutual insurance company or mutual insurance holding company.
8 V.S.A. § 8092 — VT Code / Title 8 / Chapter 154 / Section 8092
§ 8092. Acceleration of life insurance death benefit; monthly report
Status: in_force

Anytime a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report shall be provided to the policyholder. The report shall include:

(1) any long-term care benefits paid out during the month;

(2) an explanation of any changes in the policy, such as death benefits or cash values, due to long-term care benefits being paid out; and

(3) the amount of long-term care benefits existing or remaining.
8 V.S.A. § 4501 — VT Code / Title 8 / Chapter 121 / Section 4501
§ 4501. Exemptions
Status: in_force

(a) Except as provided in this section, societies are governed by this chapter and are exempt from all other provisions of the insurance laws of this State, not only in governmental relations with the State, but for every other purpose. No law enacted after the effective date of this chapter shall apply to them, unless societies are expressly designated in such law.

(b) The civil marriage laws shall not be construed to affect the ability of a society to determine the admission of its members as provided in section 4464 of this title, or to determine the scope of beneficiaries in accordance with section 4477 of this title, and shall not require a society that has been established and is operating for charitable and educational purposes and that is operated, supervised, or controlled by or in connection with a religious organization to provide insurance benefits to any person if to do so would violate the society's free exercise of religion, as guaranteed by the First Amendment to the Constitution of the United States or by Chapter I, Article 3 of the Constitution of the State of Vermont.
8 V.S.A. § 6034b — VT Code / Title 8 / Chapter 141 / Section 6034b
§ 6034b. Separate accounts of protected cells
Status: in_force

With the Commissioner's prior written approval, a protected cell of a sponsored captive insurance company may establish one or more separate accounts and may allocate to them amounts to provide for the insurance of risks of one or more participants, or controlled unaffiliated business of such participant or participants, subject to the following:

(1) The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account, without regard to other income, gains, or losses of the protected cell.

(2) Amounts allocated to a separate account in the exercise of the power granted by this subsection are owned by the protected cell, and the protected cell may not be nor hold itself out to be a trustee with respect to such amounts.

(3) Unless otherwise approved by the Commissioner, assets allocated to a protected cell shall be valued in accordance with the rules otherwise applicable to the protected cell's assets.

(4) If and to the extent so provided under the applicable contracts that portion of the assets of any such protected cell equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the protected cell may conduct.

(5) No sale, exchange, or other transfer of assets may be made by such protected cell between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in the case of a transfer into a separate account, such transfer is made solely to establish the account or to support the operation of the contracts with respect to the separate account to which the transfer is made and unless such transfer, whether into or from a separate account, is made by a transfer of cash or by a transfer of securities having a readily determinable market value, provided that such transfer of securities is approved by the Commissioner. The Commissioner may approve other transfers among such accounts if, in his or her opinion, such transfers would be equitable.

(6) To the extent such protected cell deems it necessary to comply with any applicable federal or State laws, such protected cell, with respect to any separate account, including any separate account that is a management investment company or a unit investment trust, may provide for persons having an interest therein appropriate voting and other rights and special procedures for the conduct of the business of such account, including special rights and procedures relating to investment policy, investment advisory services, selection of independent public accountants, and the selection of a committee, the members of which need not be otherwise affiliated with such protected cell, to manage the business of such account.
8 V.S.A. § 2244 — VT Code / Title 8 / Chapter 73 / Section 2244
§ 2244. Unique identifier shown
Status: in_force

(a) The unique identifier issued by the Nationwide Mortgage Licensing System and Registry of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order of the Commissioner.

(b) The unique identifier issued by the Nationwide Mortgage Licensing System and Registry of any person engaging in the business of lending or acting as a mortgage broker, sales finance company, or loan solicitation licensee shall be clearly shown on all loan application forms, solicitations, or advertisements, including business cards and websites, and any other documents as established by rule or order of the Commissioner.
8 V.S.A. § 4224 — VT Code / Title 8 / Chapter 113 / Section 4224
§ 4224. Notice of cancellation
Status: in_force

(a) No notice of cancellation of a policy of insurance to which section 4223 of this title applies or of a policy issued under the Vermont Automobile Insurance Plan shall be effective unless mailed or delivered by the insurer to the named insured at least 45 days prior to the effective date of cancellation; provided, however, that where cancellation is for nonpayment of premium, at least 15 days' notice of cancellation shall be given.

(b) In all instances, the reason or reasons for cancellation shall accompany or be included in the notice of cancellation. An insurer shall not be held liable in any claim or suit for damages arising solely from the insurer's compliance with the requirement that the reason for cancellation be specified.

(c) This section shall not apply to nonrenewal.
8 V.S.A. § 30201 — VT Code / Title 8 / Chapter 220 / Section 30201
§ 30201. Administration
Status: in_force

Any state-chartered credit union organized or operating in Vermont shall be under the supervision of the Commissioner of Financial Regulation.
8 V.S.A. § 20 — VT Code / Title 8 / Chapter 1 / Section 20
§ 20. Uniform Commercial Code
Status: in_force

(a) All commercial transactions of financial institutions doing business in this State shall be governed by and conducted in accordance with Title 9A.

(b) In any conflict between the provisions of Title 9A and any other provisions of law, including organizational documents of financial institutions, dealing with the same subject matter, Title 9A shall prevail unless otherwise specifically provided by law.
8 V.S.A. § 5111 — VT Code / Title 8 / Chapter 139 / Section 5111
§ 5111. Rules
Status: in_force

The Commissioner may, after notice and hearing, adopt reasonable rules under 3 V.S.A. chapter 25 as are necessary or proper to carry out the provisions of this chapter.
8 V.S.A. § 3772 — VT Code / Title 8 / Chapter 103 / Section 3772
§ 3772. Exceptions
Status: in_force

(a) This subchapter shall not apply to:

(1) reinsurance;

(2) group insurance;

(3) pure endowment;

(4) an annuity or reversionary annuity contract;

(5) a term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before 71 years of age, for which uniform premiums are payable during the entire term of the policy;

(6) a term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in section 3765, 3766, 3767, or 3768 of this subchapter, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, that provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before 71 years of age, for which uniform premiums are payable during the entire term of the policy;

(7) a policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in section 3763, 3764, 3765, 3766, 3767, or 3768 of this subchapter, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; nor

(8) a policy delivered outside this State through an agent or other representative of the company issuing the policy.

(b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
8 V.S.A. § 4707 — VT Code / Title 8 / Chapter 128 / Section 4707
§ 4707. Judicial review
Status: in_force

Any party in interest aggrieved by the decision or final order of the Commissioner may appeal to a court of competent jurisdiction.
8 V.S.A. § 3884 — VT Code / Title 8 / Chapter 105 / Section 3884
§ 3884. Required renewals; continuation of agents' contracts and brokers' accounts
Status: in_force

(a) In the event of an insurer's cancellation of an agent's contract or a broker's account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.

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

(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents' contracts and brokers' accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section.
8 V.S.A. § 2564 — VT Code / Title 8 / Chapter 79 / Section 2564
§ 2564. Disclosure for payroll processing services
Status: in_force

(a) A licensee that provides payroll processing services shall:

(1) issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and

(2) make available worker paystubs or an equivalent statement to workers.

(b) This section shall not apply to a licensee providing payroll processing services where the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by subdivision (a)(2) of this section.
8 V.S.A. § 2516 — VT Code / Title 8 / Chapter 79 / Section 2516
§ 2516. Application for license; additional information
Status: in_force

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) the complete addresses of locations in this State where the applicant proposes to engage in check cashing or currency exchange, including all limited stations and mobile locations; and

(2) a description of the source of money and credit to be used by the applicant to engage in check cashing services and currency exchange.
8 V.S.A. § 3672 — VT Code / Title 8 / Chapter 101 / Section 3672
§ 3672. Immunity
Status: in_force

An insurance company, its agents, adjusters, or brokers shall be immune from civil liability as a result of the furnishing in good faith of information to any law enforcement officer, State's Attorney, or the Attorney General in accordance with the provisions of section 3671 of this title.
8 V.S.A. § 3803 — VT Code / Title 8 / Chapter 103 / Section 3803
§ 3803. Employee groups
Status: in_force

The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements:

(1) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term “employees” shall include the employees of one or more subsidiary corporations, and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietors, or partnerships if the business of the employer and of such affiliated corporations, proprietors, or partnerships is under common control through stock ownership, contract, or otherwise. The policy may provide that the term “employees” shall include the individual proprietor or partners if the employer is an individual proprietor or a partnership. The policy may provide that the term “employees” shall include retired employees. No director of a corporate employer shall be eligible for insurance under the policy unless such person is otherwise eligible as a bona fide employee of the corporation, by performing services other than the usual duties of a director. No individual proprietor or partner shall be eligible for insurance under the policy unless he or she is actively engaged in and devotes a substantial part of his or her time to the conduct of the business of the proprietor or partnership. A policy issued to insure the employees of a public body may provide that the term “employees” shall include elected or appointed officials.

(2) The premium for the policy shall be paid by the policyholder, either wholly from the employer's funds or funds contributed by him or her, or partly from such funds and partly from funds contributed by the insured employees. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured employees. A policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.

(3) The policy must cover at least two employees at date of issue.

(4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the employees or by the employer or trustees.
8 V.S.A. § 31602 — VT Code / Title 8 / Chapter 221 / Section 31602
§ 31602. Bonds and insurance
Status: in_force

(a) Every credit union authorized to do business in this State under this title shall acquire and maintain a blanket fidelity bond covering the directors, officers, employees, members of official committees, attorneys at law, and other agents with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance, and for faithful performance of duty in an amount not less than the amount prescribed by the Commissioner. The Department shall prescribe in its rules the amount of minimum bond coverage required for all credit unions according to their asset categories.

(b) Every credit union authorized to do business in this State under this title shall acquire and maintain suitable insurance to protect the credit union against burglary, robbery, theft, and other insurable hazards to which the credit union may be exposed.

(c) To the extent not otherwise covered by subsections (a) and (b) of this section, every credit union authorized to do business in this State under this title shall acquire and maintain such bonds and insurance to the extent the same is required by 12 C.F.R. Part 713, as amended from time to time.

(d) The Commissioner may require a credit union authorized to do business in this State under this title to secure additional bonds and insurance.
8 V.S.A. § 7058 — VT Code / Title 8 / Chapter 145 / Section 7058
§ 7058. Continuance of coverage
Status: in_force

(a) All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:

(1) a period of 30 days from the date of entry of the liquidation orders;

(2) the expiration of the policy coverage;

(3) the date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy;

(4) the liquidator has effected a transfer of the policy obligation pursuant to subdivision 7060(a)(9) of this title; or

(5) the date proposed by the liquidator and approved by the court to cancel coverage.

(b) An order of liquidation under section 7057 of this title shall terminate coverages at the time specified in subsection (a) of this section for purposes of any other statute.

(c) Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.

(d) Policies of life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (a) and (b) of this section.
8 V.S.A. § 8084b — VT Code / Title 8 / Chapter 154 / Section 8084b
§ 8084b. Suitability
Status: in_force

(a) This section shall not apply to life insurance policies that accelerate benefits for long-term care.

(b) The “issuer,” meaning every insurer, health care service plan, or other entity marketing long-term care insurance, shall:

(1) develop and use suitability standards to determine whether the purchase or replacement of long-term care insurance is appropriate for the needs of the applicant;

(2) train its agents in the use of its suitability standards;

(3) maintain a copy of its suitability standards and make them available for inspection upon request by the Commissioner; and

(4) file with the Commissioner a copy of the issuer's personal worksheet form.

(c)(1) To determine whether the applicant meets the standards developed by the issuer, the agent and issuer shall develop procedures that take the following into consideration:

(A) the ability to pay for the proposed coverage and other pertinent financial information related to the purchase of the coverage;

(B) the applicant's goals or needs with respect to long-term care and the advantages and disadvantages of insurance to meet these goals or needs; and

(C) the values, benefits, and costs of the applicant's existing insurance, if any, when compared to the values, benefits, and costs of the recommended purchase or replacement.

(2) The issuer and, where an agent is involved, the agent shall make reasonable efforts to obtain the information set out in subsection (c) of this section. The efforts shall include presentation to the applicant, at or prior to application, of the personal worksheet used by the issuer. The issuer may request the applicant to provide information to comply with its suitability standards.

(3) A completed personal worksheet shall be returned to the issuer prior to the issuer's consideration of the applicant for coverage, except the personal worksheet need not be returned for sales of employer group coverage to employees and their spouses.

(4) The sale or dissemination outside the company or agency by the issuer or agent of information obtained through the personal worksheet is prohibited.

(d) The issuer shall use the suitability standards it has developed pursuant to this section in determining whether issuing long-term care insurance coverage to an applicant is appropriate.

(e) Agents shall use the suitability standards developed by the issuer in marketing long-term care insurance.

(f) If the issuer determines that the applicant does not meet its financial suitability standards, or if the applicant has declined to provide the information, the issuer may reject the application. In the alternative, the issuer shall send the applicant a letter by which the applicant may choose to purchase the policy knowing that the issuer had determined that the applicant did not meet the financial suitability standards. However, if the applicant has declined to provide financial information, the issuer may use some other method to verify the applicant's intent. Either the applicant's returned letter or a record of the alternative method of verification shall be made part of the applicant's file.

(g) The issuer shall report annually to the Commissioner the total number of applications received from residents of this State, the number of those who declined to provide information on the personal worksheet, the number of applicants who did not meet the suitability standards, and the number of those who chose to confirm after receiving a suitability letter.
8 V.S.A. § 19309 — VT Code / Title 8 / Chapter 209 / Section 19309
§ 19309. Limitation on time for proving claims
Status: in_force

(a) By order, the Superior judge shall limit the time for creditors of the Vermont financial institution to present and prove their claims before the receiver.

(b) Within 60 days from the date of such order, the receiver shall cause notice thereof to be given by publication for three weeks successively in a newspaper printed and circulated in the county where such Vermont financial institution is located. The time allowed for creditors to present and prove their claims shall not be less than six months and may be extended as circumstances require. Claims not presented within the time limit shall not share in the assets of the Vermont financial institution.
8 V.S.A. § 19402 — VT Code / Title 8 / Chapter 209 / Section 19402
§ 19402. Petitioning court for hearing; notice; hearing; approval of plan
Status: in_force

(a) Upon receiving the approval of the plan by the Commissioner, the committee or the Commissioner may petition the Superior Court of Washington County, setting forth the details of the plan that has been agreed upon and requesting the court to set a day for hearing thereon. Thereupon the court shall make an order fixing a day for the hearing of the petition, notice of which shall be given to the depositors and the holders of equity interests in the financial institution by publication once in each week for not less than two successive weeks immediately preceding the date of hearing in some newspaper printed in the county where the financial institution's principal place of business is located, or in such other newspaper, having a general circulation in the county, as the court may direct and by posting a copy of the notice upon the front door of the financial institution.

(b) The court may adjourn the hearing from time to time and no further notice shall be required. At the date of hearing, or any adjournment thereof, the court shall take testimony, and if it appears that it is for the best interests of the depositors that the plan be approved, the court may make an order approving the same and fixing the terms and conditions upon which the receivership may be terminated.
8 V.S.A. § 3365 — VT Code / Title 8 / Chapter 101 / Section 3365
§ 3365. Plan of organization
Status: in_force

Such insurers admitted to do business in this State under authority of this article shall be incorporated as stock or mutual companies as defined in section 3302 of this title. Except as provided in sections 4831 through 4856 of this title, no unincorporated or joint stock association shall be admitted after July 1, 1968, for the purpose of doing any insurance business in Vermont. Such unincorporated or joint stock associations that are lawfully admitted and qualified on such date may continue to carry on their business in this State subject to the provisions of this part, but they shall not write any new or additional lines of insurance after such date.
8 V.S.A. § 31307 — VT Code / Title 8 / Chapter 221 / Section 31307
§ 31307. Credit committee; credit manager
Status: in_force

(a) Except as provided in section 31313 of this title, the governing body may delegate, in accordance with its bylaws, all or part of its lending authority to a credit committee, a credit manager, one or more loan officers, or any combination thereof, who shall review and act on all applications for extensions of credit, or for release or substitution of collateral, in accordance with the loan policy prescribed by the governing body.

(b) If the bylaws of a credit union provide for a credit committee, such committee shall consist of an odd number of three or more members of the credit union and may be appointed by the governing body or elected by the members, as provided in the bylaws.

(c) No member of the credit committee shall simultaneously serve on the supervisory committee or on the governing body, and all such credit committee members shall be members of the credit union in good standing.

(d) The credit committee, if any, shall meet as often as necessary, but at least monthly. All actions by the committee shall be by majority vote of those members present at any meeting at which a quorum is present. A majority of the credit committee shall constitute a quorum. The credit committee shall keep complete minutes of all of its meetings, including the names of those present.

(e) The credit manager or loan officer shall provide to the governing body or the credit committee, if any, on at least a monthly basis, a complete listing of all applications for extensions of credit or for release or substitution of collateral that were reviewed and acted upon or, alternatively, inform the governing body that such information is available upon request.

(f) A credit manager or loan officer shall not disburse the funds of the credit union for any extension of credit approved by such credit manager or loan officer.

(g) An applicant for an extension of credit or release or substitution of collateral that has been disapproved by a credit manager or loan officer may appeal to the credit committee or, in the absence of a credit committee, to the governing body. In those instances where the credit committee made the initial denial of an applicant's request for an extension of credit or release or substitution of collateral, the applicant may appeal to the governing body. Any such appeal to the credit committee or the governing body, as applicable, shall be acted upon at the next regular meeting of the credit committee or governing body. If the initial denial of the loan application has not been reviewed by the credit committee or governing body, as applicable, the notice of loan denial given to the member shall include a notice that the member has a right, upon written request, to appeal the loan denial to the credit committee or the governing body, as applicable.
8 V.S.A. § 22 — VT Code / Title 8 / Chapter 1 / Section 22
§ 22. Confidentiality and information-sharing agreements
Status: in_force

(a) Except as expressly provided in subsection (b) of this section, all documents, material, or other information reported to, or developed or maintained by, the Commissioner may be used by the Commissioner in the furtherance of legal or regulatory proceedings brought as a part of the Commissioner's official duties.

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

(1) may share documents, materials, or other information, including confidential and privileged documents, materials, or other information, with other state, federal, or international agencies; the National Association of Insurance Commissioners; the North American Securities Administrators Association; the International Association of Insurance Supervisors; the Conference of State Bank Supervisors; the National Association of State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;

(2) may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from other state, federal, and international agencies; the National Association of Insurance Commissioners; the North American Securities Administrators Association; the International Association of Insurance Supervisors; the Conference of State Bank Supervisors; the National Association of State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and from state, federal, and international law enforcement authorities; and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information;

(3) may enter into agreements governing sharing and use of information consistent with this section; and

(4) shall determine, prior to sharing information about an individual pursuant to subdivision (1) of this subsection, that sharing the information will substantially further the performance of the regulatory or law enforcement duties of the recipient.

(c) Any information furnished pursuant to this section by or to the Commissioner that has been designated confidential by the furnisher of the information shall not be subject to public inspection under 1 V.S.A. chapter 5, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.

(d) Neither the Commissioner nor any person who received documents, material, or information while acting under the authority of the Commissioner shall be permitted or required to testify in any private civil action concerning any confidential documents, material, or information.

(e) No waiver of an existing privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure or sharing as authorized under this section.

(f) The provisions of this section shall apply to information relating to persons that engage in activities that are financial in nature, or incidental or complementary to such financial activity within the meaning of 12 U.S.C. § 1843(k) and to credit unions. This section shall also apply to captives formed or licensed under the provisions of chapter 141 or 142 of this title.
8 V.S.A. § 6058 — VT Code / Title 8 / Chapter 142 / Section 6058
§ 6058. Purchasing group taxation
Status: in_force

Premium taxes and taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing groups shall be:

(1) imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and

(2) paid first by such insurance source, and if not by such source, by the agent or broker for the purchasing group, and if not by such agent or broker, then by the purchasing group, and if not by such purchasing group, then by each of its members.
8 V.S.A. § 8516 — VT Code / Title 8 / Chapter 165 / Section 8516
§ 8516. Other laws
Status: in_force

(a) Nothing in this chapter prevents the enforcement of any other law of a compacting state, except as provided in subsection (b) of this section.

(b) For any product approved or certified to the Commission, the rules, uniform standards, and any other requirements of the Commission shall constitute the exclusive provisions applicable to the content, approval, and certification of such products. For advertisement that is subject to the Commission's authority, any rule, uniform standard, or other requirement of the Commission that governs the content of the advertisement shall constitute the exclusive provision that a Commissioner may apply to the content of the advertisement. Notwithstanding the foregoing, no action taken by the Commission shall abrogate or restrict:

(1) the access of any person to state courts;

(2) remedies available under state law related to breach of contract, tort, or other laws not specifically directed to the content of the product;

(3) state law relating to the construction of insurance contracts; or

(4) the authority of the Attorney General of the state, including maintaining any actions or proceedings, as authorized by law.

(c) All insurance products filed with individual states shall be subject to the laws of those states.
8 V.S.A. § 2103 — VT Code / Title 8 / Chapter 72 / Section 2103
§ 2103. Approval of application and issuance of license
Status: in_force

(a) Upon the filing of an application, payment of the required fees, and satisfaction of any applicable bond and liquid asset requirements, the Commissioner shall issue a license to the applicant if the Commissioner finds:

(1)(A) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant command the confidence of the community and warrant belief that the business will be operated honestly, fairly, and efficiently pursuant to the applicable chapter of this title. If the applicant is a corporation, partnership, or association, such findings are required with respect to each key individual and each person in control of the applicant.

(B) For purposes of assessing whether a person is financially responsible, the Commissioner may consider how the person has managed his or her own financial condition, which may include factors such as whether the person has:

(i) current outstanding judgments, except judgments solely as a result of medical expenses;

(ii) current outstanding tax liens or other government liens and filings;

(iii) foreclosures within the past three years; or

(iv) a pattern of seriously delinquent accounts within the past three years.

(2) Allowing the applicant to engage in business will promote the convenience and advantage of the community in which the applicant will conduct its business.

(3) The applicant, each key individual, and each person in control of the applicant has never had a financial services license or similar license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

(4) The applicant, each key individual, and each person in control of the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

(A)(i) during the seven-year period preceding the date of the application for licensing and registration; or

(ii) at any time preceding such date of application, if such felony involved an act of fraud or dishonesty, a breach of trust, or money laundering; and

(B) provided that any pardon or expungement of a conviction shall not be a conviction for purposes of this subsection.

(5) The applicant has satisfied the applicable surety bond and liquid asset requirement as follows:

(A) for an application for a lender license, mortgage broker license, mortgage loan originator license, or loan solicitation license, the applicable bond and liquid asset requirements of sections 2203 and 2203a of this title;

(B) for an application for a litigation funding company registration, the financial stability requirement of section 2252 of this title;

(C) for an application for a money transmitter license, the net worth and security requirements of sections 2540 and 2541 of this title;

(D) for an application for a debt adjuster license, the bond requirement of section 2755 of this title; and

(E) for an application for a loan servicer license, the bond requirement of sections 2903 and 2907 of this title.

(6) For an application for a mortgage loan originator license, the applicant has satisfied the prelicense education requirement of section 2204a of this title and the prelicensing testing requirement of section 2204b of this title.

(b)(1) If the Commissioner finds the applicant does not meet the requirements of subsection (a) of this section, the Commissioner shall not issue a license.

(2) Not later than 60 days after an applicant files a complete application, the Commissioner shall notify the applicant of the denial, stating the reason or reasons therefor.

(3) If the applicant does not file a timely request for reconsideration pursuant to section 2104 of this title, the Commissioner shall:

(A) return to the applicant the bond, if any, and any amounts paid for the applicable license fee; and

(B) retain the investigation fee to cover the costs of investigating the application.

(c)(1) If the Commissioner finds that an applicant meets the requirements of subsection (a) of this section, he or she shall issue the license not later than 60 days after an applicant submits a complete application.

(2) Except as otherwise provided in this title, a license is valid until the licensee surrenders the license or the Commissioner revokes, suspends, terminates, or refuses to renew the license.

(d) For good cause shown and consistent with the purposes of this section, the Commissioner may waive or modify the requirements of subdivision (a)(3) of this section; provided, however, that the Commissioner may not waive the requirement of subdivision (a)(3) of this section for applicants for a mortgage loan originator license.

(e) If an application remains incomplete for 120 days, the Commissioner may deem the application abandoned or withdrawn.

(f) If an applicant avails itself or is otherwise subject to a multistate licensing process:

(1) the Commissioner is authorized to accept the investigation results of a lead investigative state for the purposes of reaching the findings in subsections (a)–(d) of this section if the lead investigative state has sufficient staffing, expertise, and minimum standards; or

(2) if Vermont is a lead investigative state, the Commissioner is authorized to investigate the applicant pursuant to subsections (a)–(e) of this section.

(g) This section does not apply to a person applying for a commercial lender license under section 2202a of this title.
8 V.S.A. § 32708 — VT Code / Title 8 / Chapter 222 / Section 32708
§ 32708. Prohibited activities
Status: in_force

A CUSO shall not acquire control of, either directly or indirectly, another depository financial institution, nor invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or similar organization, corporation, or association.
8 V.S.A. § 19312 — VT Code / Title 8 / Chapter 209 / Section 19312
§ 19312. Failure to comply with Commissioner's order
Status: in_force

If such financial institution or any of its officers refuses or neglects to comply with such order, the Commissioner may apply to the Superior Court of Washington County for such an injunction or order against such financial institution and its officers as the circumstances require.
8 V.S.A. § 7082 — VT Code / Title 8 / Chapter 145 / Section 7082
§ 7082. Liquidator's recommendations to the court
Status: in_force

(a) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he or she shall deem necessary. He or she may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 7078 of this title. As soon as practicable, the liquidator shall present to the court a report of the claims against the insurer with recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.

(b) The court may approve, disapprove, or modify the report on claims by the liquidator. Reports that are not modified by the court within a period of 60 days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject to later modification or to rulings made by the court pursuant to section 7078 of this title. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
8 V.S.A. § 4171 — VT Code / Title 8 / Chapter 112 / Section 4171
§ 4171. Short title
Status: in_force

This chapter shall be known and may be cited as the Vermont Life and Health Insurance Guaranty Association Act.