8 V.S.A. § 14410 — VT Code / Title 8 / Chapter 204 / Section 14410
§ 14410. Fiduciary investments
Status: in_force

(a) In the absence of an express prohibition in the instrument, judgment, decree, power, order, or other writing creating a trust or other fiduciary relationship, a financial institution acting as fiduciary may invest and reinvest funds held by it in a fiduciary capacity in the securities of an open-end or closed-end investment company or investment trust registered under 15 U.S.C. § 80a-1 to 80a-64 (Investment Company Act of 1940), as that act exists now or as amended in the future.

(b) The investments authorized in subsection (a) of this section may be made even if the financial institution, or an affiliate thereof, is providing services to the investment company and is receiving reasonable compensation for such services as an advisor, manager, sponsor, administrator, broker, distributor, custodian, shareholder servicing agent, transfer agent, registrar, or any related services. At least annually, the financial institution shall disclose in a clear and conspicuous manner to the principal of each fiduciary account the fees it has charged or received from the investment company, or an affiliate thereof, for such services and the basis upon which compensation is calculated, expressed either in a specific amount or as a percentage of asset value.
8 V.S.A. § 3813 — VT Code / Title 8 / Chapter 103 / Section 3813
§ 3813. Grace period
Status: in_force

The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.
8 V.S.A. § 2704 — VT Code / Title 8 / Chapter 81 / Section 2704
§ 2704. Redemption of gift certificate for cash
Status: in_force

If the remaining value of a gift certificate is less than $1.00, the gift certificate shall be redeemable in cash for its remaining value upon the demand of the holder of the gift certificate.
8 V.S.A. § 3461b — VT Code / Title 8 / Chapter 101 / Section 3461b
§ 3461b. General limitations and diversification requirements for life and health insurers
Status: in_force

(a) General three percent diversification.

(1) Except as otherwise specified in this subchapter, a domestic life and health insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer would hold more than three percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured or guaranteed by a single person.

(2) This three percent limitation shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally-recognized statistical rating organization.

(3) Asset-backed securities shall not be subject to the limitations of subdivision (1) of this subsection; however, an insurer shall not acquire an asset-backed security if, as a result of and after giving effect to the investment, the aggregate amount of asset-backed securities secured by or evidencing an interest in a single asset or single pool of assets held by a trust or other business entity then held by the insurer would exceed three percent of its admitted assets.

(b) An insurer subject to this section shall comply with applicable regulations addressing investments in lower and medium grade obligations.

(c) Canadian investments.

(1) An insurer subject to this section shall not acquire, directly or indirectly through an investment subsidiary, a Canadian investment authorized by this subchapter if, as a result of and after giving effect to the investment, the aggregate amount of these investments then held by the insurer would exceed 40 percent of its admitted assets or if the aggregate amount of Canadian investments not acquired under subdivision 3461c(2) of this title then held by the insurer would exceed 25 percent of its admitted assets.

(2) However, as to an insurer that is authorized to do business in Canada or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in Canada and denominated in Canadian currency, the limitations of subdivision (1) of this subsection shall be increased by the greater of:

(A) the amount the insurer is required by Canadian law to invest in Canada or to be denominated in Canadian currency; or

(B) 115 percent of the amount of its reserves and other obligations under contracts on lives or risks resident or located in Canada.
8 V.S.A. § 3719 — VT Code / Title 8 / Chapter 103 / Section 3719
§ 3719. Valuation of bonds, etc.
Status: in_force

Bonds or other evidences of debt having a fixed term and rate held by a life insurance company, assessment life association, or fraternal beneficiary association authorized to do business in this State, if amply secured and not in default as to principal and interest, shall be valued as follows: At their market value on December 31 preceding the filing of its return with the Commissioner; or, at the option of the company, as follows: If purchased at par, at the par value; if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made; provided, that the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase; and provided, further, that the Commissioner shall have full discretion in determining the method of calculating values according to the foregoing rule. A company having selected one of the foregoing methods of valuation shall not change such method without the consent and approval of the Commissioner. At any time, in his or her discretion, the Commissioner may require any insurance corporation, other than a life insurance corporation, authorized to do business in this State, to value its bonds or other evidences of debt in accordance with the foregoing rule. Provided, however, that any valuation method used shall be consistent with the valuation method promulgated by the National Association of Insurance Commissioners.
8 V.S.A. § 4716 — VT Code / Title 8 / Chapter 128 / Section 4716
§ 4716. Penalties
Status: in_force

A person who violates a provision of this subchapter may be subject to an administrative penalty of $2,000.00 for each violation.
8 V.S.A. § 8091 — VT Code / Title 8 / Chapter 154 / Section 8091
§ 8091. Policy summary for life insurance policy providing long-term care benefits
Status: in_force

(a) If an individual life insurance policy provides long-term care benefits within the policy or by rider, a policy summary shall be delivered at the time of policy delivery. In the case of direct response solicitations, the insurer shall deliver the policy summary upon the applicant's request, but regardless of request shall make delivery not later than at the time of policy delivery. In addition to complying with all applicable requirements, the summary shall also include:

(1) an explanation of how the long-term care benefit interacts with other components of the policy, including deductions from death benefits;

(2) an illustration of the amount of benefits, the length of benefits, and the guaranteed lifetime benefits if any, for each covered person;

(3) any exclusions, reductions, and limitations on benefits of long-term care;

(4) a statement that any long-term care inflation protection option required by subdivision 8085(b)(6) of this title is not available under this policy;

(5) if applicable to the policy type, the summary shall also include:

(A) a disclosure of the effects of exercising other rights under the policy;

(B) a disclosure of guarantees related to long-term care costs of insurance charges; and

(C) current and projected maximum lifetime benefits.

(b) The provisions of the policy summary listed in this section may be incorporated into a basic illustration required to be delivered or into the life insurance policy summary that is required to be delivered in accordance with the Department's rules.
8 V.S.A. § 30303 — VT Code / Title 8 / Chapter 220 / Section 30303
§ 30303. Emergency closing by credit union
Status: in_force

If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal business transactions or the safety and welfare of a credit union's plant, assets, or personnel, the credit union officer or official in charge of any office open to the public may determine not to open the office so threatened or close the same, if open. The credit union shall notify the Commissioner of the emergency closing as soon as reasonably possible.
8 V.S.A. § 4815 — VT Code / Title 8 / Chapter 131 / Section 4815
§ 4815. Definitions
Status: in_force

As used in this subchapter:

(1) “Actuary” shall have the same meaning as in section 3577 of this title.

(2) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.

(3) “Control” or “controlled” shall have the same meaning as in chapter 101, subchapter 13 of this title.

(4) “Controlled insurer” means a licensed insurer that is controlled, directly or indirectly, by a producer.

(5) “Controlling producer” means a producer who, directly or indirectly, controls an insurer.

(6) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact an insurance business in this State. The following are not licensed insurers for the purposes of this subchapter:

(A) all residual market pools and joint underwriting authorities or associations; and

(B) all captive insurers as defined in chapter 141 of this title, except risk retention groups.

(7)(A) “Managing general agent” means any person who:

(i) manages all or part of the insurance business of an insurer and acts as an agent for such insurer, and, who, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium greater than or equal to five percent of the policyholder surplus of the insurer in any one quarter or year; and

(ii) engages in one or more of the following activities on the business produced:

(I) adjusts or pays claims in excess of $10,000.00; or

(II) negotiates reinsurance on behalf of the insurer.

(B) Notwithstanding the provisions of subdivision (A) of this subdivision (7), the following persons shall not be considered as managing general agents for the purposes of this chapter:

(i) an employee of the insurer;

(ii) a U.S. manager of the U.S. branch of an alien insurer;

(iii) an underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written, or if based on the volume of premiums written, is also based on the insurer earning a profit on the business written by such underwriting manager; and

(iv) the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.

(8) “Producer” means an agent, broker, or reinsurance intermediary licensed pursuant to subchapter 1 of this chapter.

(9) “Reinsurance intermediary” means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section.

(10) “Reinsurance intermediary-broker” means any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer.

(11)(A) “Reinsurance intermediary-manager” means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term.

(B) Notwithstanding the provisions of subdivision (A) of this subdivision (11), the following persons shall not be considered a reinsurance intermediary-manager, with respect to such reinsurer, for the purposes of this subchapter:

(i) an employee of the reinsurer;

(ii) a U.S. manager of the U.S. branch of an alien reinsurer;

(iii) an underwriting manager who, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, and whose compensation is not based on the volume of premiums written; and

(iv) the manager of a group, association, pool, or organization of insurers that engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance commissioner of the state in which the manager's principal business office is located.

(12) “Reinsurer” means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance.

(13) “Underwrite” means the authority to accept or reject risk on behalf of the insurer.
8 V.S.A. § 2526 — VT Code / Title 8 / Chapter 79 / Section 2526
§ 2526. Unauthorized activities
Status: in_force

A person shall not engage in the business of money transmission on behalf of a person not licensed under subchapter 2 of this chapter or not exempt pursuant to subchapter 1 of this chapter. A person that engages in such activity provides money transmission to the same extent as if the person were a licensee and shall be jointly and severally liable with the unlicensed or nonexempt person.
8 V.S.A. § 6034c — VT Code / Title 8 / Chapter 141 / Section 6034c
§ 6034c. Protected cell conversion
Status: in_force

(a)(1) Subject to the prior written approval of the Commissioner, on application of the sponsor and with the prior consent of each participant of the affected protected cells or as otherwise permitted pursuant to a participation agreement and the consent of each affected incorporated protected cell, a sponsored captive insurance company or a sponsored captive insurance company licensed as a special purpose financial insurance company may convert one or more protected cells or incorporated protected cells into a:

(A) single protected cell or incorporated protected cell;

(B) new sponsored captive insurance company;

(C) new sponsored captive insurance company licensed as a special purpose financial insurance company;

(D) new special purpose financial insurance company;

(E) new pure captive insurance company;

(F) new risk retention group;

(G) new agency captive insurance company;

(H) new industrial insured captive insurance company; or

(I) new association captive insurance company.

(2) Any such conversion shall be subject to section 6031 and subchapters 1 and 4 of this chapter, as applicable, as well as to a plan or plans of operation approved by the Commissioner, without affecting any protected cell's or incorporated protected cell's assets, rights, benefits, obligations, and liabilities.

(b) Any such conversion shall be deemed for all purposes to be a continuation of each such protected cell's or incorporated protected cell's existence together with all of its assets, rights, benefits, obligations, and liabilities, as a new protected cell or incorporated protected cell, a licensed sponsored captive insurance company, a sponsored captive insurance company licensed as a special purpose financial insurance company, a pure captive insurance company, a risk retention group, an industrial insured captive insurance company, or an association captive insurance company, as applicable. Any such conversion shall be deemed to occur without any transfer or assignment of any such assets, rights, benefits, obligations, or liabilities and without the creation of any reversionary interest in, or impairment of, any such assets, rights, benefits, obligations, and liabilities.

(c) Any such conversion shall not be construed to limit any rights or protections applicable to any converted protected cell or incorporated protected cell and such sponsored captive insurance company or sponsored captive insurance company licensed as a special purpose financial insurance company under this subchapter or under subchapter 4 of this chapter, as applicable, that existed immediately prior to the date of any such conversion.

(d)(1) Any protected cell converting into an incorporated protected cell pursuant to this section, or converting into a new captive insurance company or risk retention group pursuant to this section, shall perform such conversion in accordance with:

(A) the provisions of 11A V.S.A. chapter 11 if the converted entity is to be a corporation;

(B) the provisions of 11 V.S.A. chapter 25, subchapter 10 if the converted entity is to be a limited liability company; or

(C) the provisions applicable to any other type of entity permissible under Vermont law if the converted entity is to be such an entity.

(2) As used in this subdivision, a protected cell that is not an incorporated protected cell shall be considered an “organization” as that term is defined in 11A V.S.A. § 11.01 and 11 V.S.A. § 4141; an “other insurer” as that term is defined in 8 V.S.A. § 6020; and an “entity” as that term is defined in 11C V.S.A. § 102.
8 V.S.A. § 7036 — VT Code / Title 8 / Chapter 145 / Section 7036
§ 7036. Condition on release from delinquency proceedings
Status: in_force

An insurer subject to delinquency proceedings, whether formal or informal, shall not:

(1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;

(2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;

(3) be returned to the control of its shareholders or private management; or

(4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association.
8 V.S.A. § 4107 — VT Code / Title 8 / Chapter 109 / Section 4107
§ 4107. Provisions of policies and certificates; disclosure to debtors
Status: in_force

(a) All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.

(b) Each individual policy or group certificate of credit life insurance or credit accident and health insurance shall, in addition to other requirements of law, set forth the name and home office address of the insurer, the name or names of the debtor, the premium or amount of payment, if any, by the debtor separately for credit life insurance and credit accident and health insurance, a description of the coverage including the amount and term thereof, and any exceptions, limitations, or restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance may exceed the unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to his or her estate.

(c) Said individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as hereinafter provided.

(d) If said individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor, if any, separately for credit life insurance and credit accident and health insurance, the amount, term, and a brief description of the coverage provided, shall be delivered to the debtor at the time such indebtedness is incurred. The copy of the application for, or notice of, proposed insurance shall refer exclusively to insurance coverage and shall be separate and apart from the loan, sale, or other credit statement of account, instrument, or agreement, unless the information required by this subsection is prominently set forth therein. Upon acceptance of the insurance by the insurer and within 30 days of the date upon which the indebtedness is incurred, the insurer shall cause the individual policy or group certificate of insurance to be delivered to the debtor. Said application or notice of proposed insurance shall state that upon acceptance by the insurer, the insurance shall become effective as of the date the indebtedness is incurred.
8 V.S.A. § 7069 — VT Code / Title 8 / Chapter 145 / Section 7069
§ 7069. Setoffs
Status: in_force

(a) Mutual debts or mutual credits whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in subsections (b) and (c) of this section and section 7072 of this title.

(b) No setoff or counterclaim shall be allowed in favor of any person where:

(1) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;

(2) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;

(3) the obligation of the insurer is owed to an affiliate of such person, or any other entity or association other than the person;

(4) the obligation of the person is owed to an affiliate of the insurer, or any other entity or association other than the insurer;

(5) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution;

(6) the obligation of the person is to pay to the insurer sums held in a fiduciary capacity for the insurer; or

(7) the person alone or together with any other member of its insurance company holding system owns 50 percent or more of the voting stock of the insurer.

(c) The receiver shall provide persons with accounting statements identifying debts that are currently due and payable. Where a person owes to the insurer currently due and payable balances, against which the person asserts setoff of mutual credits which may become due and payable from the insurer in the future, the person shall promptly pay to the receiver the currently due and payable amount, provided that, notwithstanding section 7081 of this title, the receiver shall promptly and fully refund, to the extent of the person's prior payments, any mutual credits that become due and payable to the person by the insurer.
8 V.S.A. § 4503 — VT Code / Title 8 / Chapter 121 / Section 4503
§ 4503. Penalties
Status: in_force

(a) Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in a society, shall be fined not less than $500.00 nor more than $2,000.00 or imprisoned not less than 30 days nor more than 90 days, or both.

(b) A person who willfully makes a false or fraudulent statement in any verified report or declaration under oath required or authorized by this chapter, or of any material fact or thing contained in a sworn statement concerning the death or disability of a member for the purpose of procuring payment of a benefit named in the certificate, shall be guilty of perjury and shall be subject to the penalties for perjury prescribed by law.

(c) A person who solicits membership for, or in any manner assists in procuring membership in, any society not licensed to do business in this State shall upon conviction be fined not less than $250.00 nor more than $1,000.00.

(d) A person guilty of a willful violation of, or neglect or refusal to comply with, the provisions of this chapter for which a penalty is not otherwise prescribed, shall upon conviction be subject to a fine of not more than $1,000.00. (1959, No. 197, § 43, eff. Nov. 22, 1959; amended 1971, No. 199 (Adj. Sess.), § 17; 1995, No. 167 (Adj. Sess.), § 17; 2021, No. 105 (Adj. Sess.), § 204, eff. July 1, 2022.)
8 V.S.A. § 2702 — VT Code / Title 8 / Chapter 81 / Section 2702
§ 2702. Expiration date
Status: in_force

The paid value of a gift certificate sold or offered to be sold shall be valid for not less than five years after its date of issuance or after the date funds were last loaded onto the gift certificate, whichever is later. The date of issuance and the expiration date shall be clearly identified on its face, or, if an electronic card with a banked dollar value, clearly printed upon a sales receipt transferred to the purchaser of the electronic card upon the completed transaction, or otherwise made available to the purchaser or holder of the electronic card through means of an internet site or a toll-free information telephone line. A gift certificate not clearly marked with an expiration date or for which the expiration date is not otherwise made available as provided in this section shall be deemed to have no expiration date. Following the expiration date of the gift certificate, the unused portion of the paid value of the gift certificate shall be returned to the holder of the gift certificate, if requested.
8 V.S.A. § 8006 — VT Code / Title 8 / Chapter 151 / Section 8006
§ 8006. Termination of contract; notice
Status: in_force

(a) A person who enters into a continuing care contract with a provider may voluntarily terminate the contract within 30 days of executing such contract and shall receive a refund of all money paid according to the provisions of subdivision 8007(c)(1) of this title. A person may voluntarily terminate the contract at any other time subject to the applicable refund provisions of subdivisions 8007(c)(2) and (3) of this chapter.

(b) If the resident dies before the occupancy date or, through illness, injury, or incapacity, is precluded from becoming a resident under the terms of the continuing care contract, the contract shall terminate.

(c) A provider may terminate a contract only for good and sufficient cause. The provider shall give the resident at least 90 days' written notice prior to termination and shall send a copy of the notice to the Department. Good and sufficient cause includes:

(1) a material failure on the part of the resident to abide by rules adopted for residents or a material breach by the resident of the continuing care contract, provided that failure to abide by the rules or contract that are caused, in whole or in part, by a diagnosable medical or psychiatric illness shall not be a basis for terminating the contract; and

(2) making any material misrepresentation or omission in connection with the application forms, financial statements, or other information submitted by the resident, except that the provisions of the contract, exclusive of financial statements, shall be incontestable after it has been in force during the lifetime of the resident for a period of two years from its date of execution.
8 V.S.A. § 4250 — VT Code / Title 8 / Chapter 113 / Section 4250
§ 4250. Examinations
Status: in_force

For the purpose of determining the provider's financial stability and protecting consumer interests, the Commissioner may conduct an examination of a provider concerning service contracts sold in this State to enable the Commissioner to determine compliance or noncompliance with this subchapter. The expenses of examinations shall be paid to the State by the company or companies examined, and the Commissioner of Finance and Management shall issue warrants for the proper charges incurred in all examinations.
8 V.S.A. § 32205 — VT Code / Title 8 / Chapter 222 / Section 32205
§ 32205. Payable on death accounts
Status: in_force

The provisions of section 14205 of this title governing payable on death accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 31407 — VT Code / Title 8 / Chapter 221 / Section 31407
§ 31407. Special membership meetings
Status: in_force

(a) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this part, any other law or regulation applicable to the credit union, the credit union's articles of incorporation or bylaws, or any practice of the credit union deemed unsafe or unauthorized by the supervisory committee.

(b) The bylaws may also prescribe the manner in which a special meeting of the members may be called by the members or by the governing body, or both.
8 V.S.A. § 4490 — VT Code / Title 8 / Chapter 121 / Section 4490
§ 4490. Injunction
Status: in_force

No action for an injunction against any domestic, foreign, or alien society, or branch thereof, shall be recognized in any court of this State unless made by the Attorney General upon request of the Commissioner of Financial Regulation.
8 V.S.A. § 3732 — VT Code / Title 8 / Chapter 103 / Section 3732
§ 3732. "Industrial life insurance" defined
Status: in_force

For the purposes of this subchapter, “industrial life insurance” is that form of life insurance written under policies of face amount of $1,000.00 or less bearing the words “industrial policy” imprinted on the face thereof as part of the descriptive matter, and under which premiums are payable monthly or more often.
8 V.S.A. § 3604 — VT Code / Title 8 / Chapter 101 / Section 3604
§ 3604. Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.]
Status: in_force

(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debits shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of this section. Any remaining debit of the insolvent insurer after offset under this section shall be treated as provided by section 3595 of this title.

(b) No offset shall be allowed in favor of any such person where:

(1) the obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise entitle him or her to share as a claimant in the assets of the insurer;

(2) the obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset;

(3) the obligation of such person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer; or

(4) the obligation of the person is to pay premiums whether earned or unearned, to the insurer, unless provided for otherwise in a final order for liquidation issued by the Commissioner or approved by a court of competent jurisdiction.
8 V.S.A. § 19209 — VT Code / Title 8 / Chapter 209 / Section 19209
§ 19209. Termination of conservatorship
Status: in_force

If the Commissioner becomes satisfied that it may safely be done and that it would be in the public interest, in the Commissioner's discretion, the Commissioner may terminate the conservatorship and permit the financial institution to resume the transaction of its business subject to such terms, conditions, restrictions, and limitations as the Commissioner may prescribe.
8 V.S.A. § 8202 — VT Code / Title 8 / Chapter 157 / Section 8202
§ 8202. Scope
Status: in_force

(a) The requirements of this chapter apply to any insurer authorized to transact business in this State who contracts to assume or transfer the obligations or risks on contracts of insurance, including annuities, pursuant to an assumption reinsurance agreement.

(b) This chapter does not apply to:

(1) any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for insurance obligations or risks under the contracts of insurance that are subject to the reinsurance agreement;

(2) the substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;

(3) the transfer of contracts of insurance pursuant to a merger or consolidation of two or more insurers to the extent that those transactions are regulated by statute;

(4) any insurer subject to a judicial order of liquidation or rehabilitation;

(5) any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapter 101, subchapter 9 or chapter 112 of this title; or

(6) the transfer of liabilities from one insurer to another under a single group policy upon the written request of the group policyholder.
8 V.S.A. § 4031 — VT Code / Title 8 / Chapter 107 / Section 4031
§ 4031. Omission of inapplicable or inconsistent standard provisions
Status: in_force

If any provision of sections 4029 and 4030 of this title is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of policy, the health insurer, with the approval of the Commissioner, shall omit from such policy any inapplicable provision or part of a provision and shall modify any inconsistent provision or part of the provision in such manner as to make the provision as contained in the policy consistent with the coverage provided by the policy. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 2239 — VT Code / Title 8 / Chapter 73 / Section 2239
§ 2239. Commercial leases
Status: in_force

This chapter shall not apply to commercial leases as defined in 9 V.S.A. chapters 59 and 61.
8 V.S.A. § 3662 — VT Code / Title 8 / Chapter 101 / Section 3662
§ 3662. Nonpayment of judgment; penalty
Status: in_force

In addition to accrual of interest and costs under section 3665 of this title, if a judgment against an insurance company is not paid within 30 days after demand made upon an agent of such company, and notice thereof given to the Commissioner by the officer holding the execution, the Commissioner may suspend the right of the company to do business in this State until it is paid. If such company, or an agent thereof, after notice of such suspension, shall issue a policy in this State, such company and agent shall each be subject to an administrative penalty of not more than $10,000.00 for each policy. A policy so granted shall be valid against the company.
8 V.S.A. § 4847 — VT Code / Title 8 / Chapter 132 / Section 4847
§ 4847. Subscribers' advisory committee
Status: in_force

(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscriber adopts.

(b) Not less than two-thirds of the committee shall be subscribers.

(c) The committee shall:

(1) supervise the finances of the insurer;

(2) supervise the insurer's operations to such extent as to ensure conformity with the subscribers' agreement and power of attorney;

(3) procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and

(4) have such additional powers and functions as may be conferred by the subscribers' agreement.
8 V.S.A. § 3463a — VT Code / Title 8 / Chapter 101 / Section 3463a
§ 3463a. Valuation of investments
Status: in_force

Investments of domestic insurers shall be valued in accordance with the valuation procedures established by the National Association of Insurance Commissioners, unless the Commissioner requires or finds another method of valuation that is not inconsistent with the valuation method promulgated by the National Association of Insurance Commissioners and is reasonable under the circumstances.
8 V.S.A. § 4480 — VT Code / Title 8 / Chapter 121 / Section 4480
§ 4480. Provisions; standard and prohibited
Status: in_force

(a) After one year from November 22, 1959, no life benefit certificate shall be delivered or issued for delivery in this State unless a copy of the form shall have been filed with the Commissioner of Financial Regulation. Each filing of a policy, contract, endorsement, rider, or certificate shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00 per filing submission.

(b) The certificate shall contain in substance the following standard provisions or, in lieu thereof, provisions that are more favorable to the member:

(1) title on the face and filing page of the certificate clearly and correctly describing its form;

(2) a provision stating the amount of rates, premiums, or other required contributions, by whatever name known, that are payable by the insured under the certificate;

(3) a provision that the member is entitled to a grace period of not less than a full month (or 30 days at the option of the society) in which the payment of any premium after the first, may be made. During the grace period, the certificate shall continue in full force, but if the certificate becomes a claim during the grace period before the overdue payment is made, the amount of the overdue payment or payments may be deducted in any settlement under the certificate;

(4) a provision that the member shall be entitled to have the certificate reinstated at any time within three years from the due date of the premium in default, unless the certificate has been completely terminated through the application of a nonforfeiture benefit, cash surrender value, or certificate loan, upon the production of evidence of insurability satisfactory to the society and the payment of all overdue premiums and any other indebtedness to the society upon the certificate, together with interest on the premiums and the indebtedness, if any, at a rate not exceeding six percent a year compounded annually;

(5) except in the case of pure endowment, annuity, or reversionary annuity contracts, reducing term insurance contracts, or contracts of term insurance of uniform amount of 15 years or less expiring before age 66, a provision that, in the event of default in payment of any premium after three full years' premiums have been paid or after premiums for a lesser period have been paid if the contract so provides, the society will grant, upon proper request not later than 60 days after the due date of the premium in default, a paid-up nonforfeiture benefit on the plan stipulated in the certificate, effective as of the due date, of the value as specified in this chapter. The certificate may provide, if the society's laws so specify or if the member shall so elect prior to the expiration of the grace period of any overdue premium, that default shall not occur so long as premiums can be paid under the provisions of an arrangement for automatic premium loan as may be set forth in the certificate;

(6) a provision that one paid-up nonforfeiture benefit as specified in the certificate shall become effective automatically unless the member elects another available paid-up nonforfeiture benefit, not later than 60 days after the due date of the premium in default;

(7) a statement of the mortality table and rate of interest used in determining all paid-up nonforfeiture benefits and cash surrender options available under the certificate, and a brief general statement of the method used in calculating the benefits;

(8) a table showing in figures the value of every paid-up nonforfeiture benefit and cash surrender option available under the certificate for each certificate anniversary either during the first 20 certificate years or during the term of the certificate, whichever is shorter;

(9) a provision that the certificate shall be incontestable after it has been in force during the lifetime of the member for a period of two years from its date of issue except for nonpayment of premiums, violation of the provisions of the certificate relating to military, aviation, or naval service; and violation of the provisions relating to suspension or expulsion as substantially set forth in the certificate. At the option of the society, supplemental provisions relating to benefits in the event of temporary or permanent disability or hospitalization and provisions that grant additional insurance specifically against death by accident or accidental means may also be accepted. The certificate shall be incontestable on the ground of suicide after it has been in force during the lifetime of the member for a period of two years from date of issue. The certificate may provide as to statements made to procure reinstatement that the society has the right to contest a reinstated certificate within a period of two years from date of reinstatement with the same exceptions as provided in this section;

(10) a provision that in case the age or sex of the member or of any other person is considered in determining the premium and it is found at any time before final settlement under the certificate that the age or sex has been misstated, and the discrepancy and premium involved have not been adjusted, the amount payable shall be such as the premium would have purchased at the correct age and sex; but if the correct age was not in an insurable age under the society's charter or laws, only the premiums paid to the society, less any payments previously made to the member, shall be returned or, at the option of the society, the amount payable under the certificate shall be such as the premium would have purchased at the correct age according to the society's promulgated rates and any extension thereof based on actuarial principles;

(11) a provision or provisions that recite fully, or that set forth the substance of, all sections of the charter, constitution, laws, rules, or regulations of the society, in force at the time of issuance of the certificate, the violation of which will result in the termination of, or in the reduction of, the benefit or benefits payable under the certificate;

(12) if the constitution or laws of the society provide for expulsion or suspension of a member, any member so expelled or suspended, except for nonpayment of a premium or within the contestable period for material misrepresentations in the member's application for membership shall have the privilege of maintaining the member's insurance in force by continuing payment of the required premium; and any of the foregoing provisions or portions thereof not applicable by reason of the plan of insurance or because the certificate is an annuity certificate may, to the extent inapplicable, be omitted from the certificate.

(c) After one year from November 22, 1959, no life benefit certificate shall be delivered or issued for delivery in this State containing in substance any of the following provisions:

(1) any provision limiting the time within which any civil action may be commenced to less than two years after the cause of action accrues;

(2) any provision by which the certificate shall purport to be issued or to take effect more than six months before the original application for the certificate was made, except in case of transfer from one form of certificate to another in connection with which the member is to receive credit for any reserve accumulation under the form of certificate from which the transfer is made; or

(3) any provision for forfeiture of the certificate for failure to repay any loan thereon or to pay interest on the loan while the total indebtedness, including interest, is less than the loan value of the certificate.

(d) The word “premiums” as used in this chapter means premiums, rates, or other required contributions by whatever name known.
8 V.S.A. § 32601 — VT Code / Title 8 / Chapter 222 / Section 32601
§ 32601. Failure to pay rent; removal of contents
Status: in_force

The provisions of section 14501 of this title governing safe deposit boxes shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 4172 — VT Code / Title 8 / Chapter 112 / Section 4172
§ 4172. Purpose
Status: in_force

The purpose of this chapter is to protect, subject to certain limitations, the persons specified in subsection 4173(a) of this chapter against failure in the performance of contractual obligations under life, health, and annuity policies, plans, and contracts specified in subsection 4173(b) of this chapter, due to the impairment or insolvency of the member insurer that issued such policies, plans, or contracts. To provide this protection:

(1) an association of member insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;

(2) members of the Association are subject to assessment to provide funds to carry out the purpose of this chapter; and

(3) the Association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairment or insolvency.
8 V.S.A. § 4251 — VT Code / Title 8 / Chapter 113 / Section 4251
§ 4251. Consumer disclosure requirements
Status: in_force

(a) Each service contract subject to this subchapter shall be written in clear, understandable language and easily read type and disclose the following:

(1) the identity of the provider and the service contract seller;

(2) the total purchase price of the contract, stated separately from the price of the goods purchased;

(3) the existence of any deductible amount;

(4) the procedures to file a claim, including the procedures for obtaining prior approval for repair work, the toll-free telephone number if prior approval is necessary for claim service and if the service contracts provide services essential to public health, safety, or welfare, the service contract provider shall either provide for 24-hour telephone assistance or state the procedure for obtaining reimbursement for emergency repairs performed outside normal business hours;

(5) the terms for transferability of the contract;

(6) the prerequisites for early cancellation;

(7) the terms, restrictions, or conditions governing termination of the service contract by the service contract holder;

(8) the obligations and duties of the service contract holder;

(9) the authorization of the original service contract holder to return the contract within 20 days of receipt of the contract if no claim has been made under the contract and obtain a refund of the full purchase price of the contract.

(b) All service contract reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this State shall conspicuously state, that upon the failure of the provider to perform under the contract, the insurer that issued the policy shall pay on behalf of the provider any sums the provider is legally obligated to pay and shall provide the service that the provider is legally obligated to perform according to the provider's contractual obligations under the service contracts issued or sold by the provider.
8 V.S.A. § 2221 — VT Code / Title 8 / Chapter 73 / Section 2221
§ 2221. Out-of-state mortgage loans
Status: in_force

A mortgage loan made outside Vermont for use outside Vermont shall be deemed to be made outside the state of Vermont and shall not be subject to this chapter except upon written agreement of the borrower and the licensee.
8 V.S.A. § 31404 — VT Code / Title 8 / Chapter 221 / Section 31404
§ 31404. Membership termination
Status: in_force

(a) Any member may withdraw from a credit union at any time upon giving notice of withdrawal as required by the bylaws.

(b) Any member may be expelled by a majority vote of the members present at any regular membership meeting or a special membership meeting called to consider the matter at which a quorum is present, but only after the member has been given an opportunity to be heard.

(c) The governing body may expel a member by a majority vote of a quorum of directors, pursuant to a written policy adopted by the governing body. Any member may be expelled if he or she violates the membership agreement, any policy or procedure adopted by the governing body, the bylaws of the credit union, or if the member is physically or verbally abusive to credit union members or staff. If such a policy is adopted, written notice of the policy as adopted and the effective date of such policy shall be mailed to each member of the credit union at the member's current address appearing on the records of the credit union no fewer than 30 days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership. Copies of such policies shall be available to members upon request. Any person expelled by the governing body shall have the right to request a hearing before the governing body to reconsider the expulsion.

(d) A person whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the credit union, but is not released from any obligation owed to the credit union.

(e) A member who has been expelled as provided in this section may not be readmitted to membership except upon approval by a majority vote of the governing body after application and proof that the applicant remains within the credit union's field of membership; has adequately explained, addressed, or remedied the conditions leading to expulsion; and will abide by the terms and conditions of membership. Not more than one such application for readmission may be made within any 12-month calendar period.
8 V.S.A. § 3428 — VT Code / Title 8 / Chapter 101 / Section 3428
§ 3428. Rights of dissenting shareholders
Status: in_force

(a) If any shareholder of any insurer, a party to a merger or consolidation, who did not vote in favor of such merger or consolidation at the meeting at which the agreement of merger or consolidation was adopted by the shareholders of such insurer shall, at any time within 30 days after the filing of the affidavit of notice of the adoption of the agreement of merger or consolidation as provided for in sections 3424 and 3425 of this title, object thereto in writing and demand payment of the value of his or her shares, the surviving or new insurer shall, in the event that the merger or consolidation shall be made effective, pay to such shareholder upon surrender of his or her certificates therefor, the value of such shares at the effective date of the merger or consolidation. If within 30 days after such effective date, the value of such shares is agreed upon between the shareholder and the surviving or new insurer, as the case may be, payment therefor may be made within 90 days after the effective date. If, within 30 days after such effective date, the surviving or new insurer, as the case may be, and the shareholder do not so agree, either such insurer or the shareholder may, within 90 days after such effective date, petition the Superior Court of the county in which the principal office of the insurer is located, to appraise the value of such shares; and payment of the appraised value thereof shall be made within 60 days after the entry of the judgment or order finding such appraised value. The practice, procedure, and judgment in the Superior Court upon such petition shall be the same, so far as practicable, as that under the eminent domain laws in this State.

(b) Upon the effective date of the merger or consolidation, any shareholder who has made such objection and demand shall cease to be a shareholder and shall have no rights with respect to such shares except the right to receive payment therefor. Every shareholder who did not vote in favor of such merger or consolidation and who does not object in writing and demand payment of the value of his or her shares at the time and in the manner aforesaid, shall be conclusively presumed to have assented to such merger or consolidation.
8 V.S.A. § 13402 — VT Code / Title 8 / Chapter 203 / Section 13402
§ 13402. Meetings of the governing body
Status: in_force

(a) The governing body shall hold at least six meetings each year at a time fixed in the internal governance documents, which shall be held at least once each quarter. In any month in which the governing body does not meet, the executive committee permitted under subsection 13403(c) of this title shall meet and a record of the meeting of the executive committee shall be ratified at the next meeting of the governing body.

(b) A quorum at any meeting shall consist of not less than a majority of the governing body, but less than a quorum shall have power to adjourn from time to time until the next duly called meeting.

(c) At least once each month and at each regular meeting, the treasurer shall prepare a financial statement showing the condition of the financial institution, which shall be recorded in a book kept for that purpose and at all times shall be open to the inspection of the governing body and the Commissioner. A record shall be made at each meeting of the transactions of the governing body and the names of the directors present.

(d) Full and complete records of all meetings of the governing body shall be kept and maintained.
8 V.S.A. § 6014 — VT Code / Title 8 / Chapter 141 / Section 6014
§ 6014. Tax on premiums collected
Status: repealed

(a) Each captive insurance company shall pay to the Commissioner of Taxes on or before March 15 of each year a tax at the rate of 38-hundredths of one percent on the first 20 million dollars and 285-thousandths of one percent on the next 20 million dollars and 19-hundredths of one percent on the next 20 million dollars and 72-thousandths of one percent on each dollar thereafter on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December 31 next preceding, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums which shall include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders; provided, however, that no tax shall be due or payable as to considerations received for annuity contracts.

(b) Each captive insurance company shall pay to the Commissioner of Taxes on or before March 15 of each year a tax at the rate of 214-thousandths of one percent on the first 20 million dollars of assumed reinsurance premium, and 143-thousandths of one percent on the next 20 million dollars and 48-thousandths of one percent on the next 20 million dollars and 24-thousandths of one percent on each dollar thereafter. However, no reinsurance tax applies to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection (a) of this section. No reinsurance premium tax shall be payable in connection with the receipt of assets in exchange for the assumption of loss reserves and other liabilities of another insurer under common ownership and control if such transaction is part of a plan to discontinue the operations of such other insurer, and if the intent of the parties to such transaction is to renew or maintain such business with the captive insurance company. No reinsurance premium tax shall be payable in connection with the receipt of assets in exchange for the assumption of loss reserves and other liabilities of a captive insurance company's parent or affiliates if the intent of such exchange is to renew or maintain such business with the captive insurance company.

(c)(1) The annual minimum aggregate tax to be paid by a captive insurance company calculated under subsections (a) and (b) of this section shall be $7,500.00. The annual maximum aggregate tax to be paid by a captive insurance company calculated under subsections (a) and (b) of this section shall be $200,000.00.

(2) The annual minimum aggregate tax to be paid by a sponsored captive insurance company shall be $7,500.00 and shall apply to the sponsored captive insurance company as a whole and not to each protected cell; such cells shall not be subject to the minimum tax.

(3) The annual maximum tax to be paid by a protected cell shall be as calculated under subdivision (1) of this subsection. The annual maximum tax to be remitted by a sponsored captive insurance company shall be the aggregate of the tax liabilities of each protected cell.

(d) A captive insurance company failing to make returns as required by 32 V.S.A. chapter 211 or failing to pay within the time required all taxes assessed by this section shall be subject to the provisions of 32 V.S.A. § 3202.

(e) Subject to the provisions of subsection (c) of this section, two or more captive insurance companies under common ownership and control shall be taxed as though they were a single captive insurance company.

(f) As used in this section:

(1) “Common ownership and control” shall mean ownership and control of two or more captive insurance companies by the same person or group of persons.

(2) “Ownership and control” shall mean:

(A) in the case of a stock corporation, the direct or indirect ownership of 80 percent or more of the outstanding voting stock of the corporation;

(B) in the case of a mutual or nonprofit corporation, the direct or indirect ownership of 80 percent or more of the surplus and the voting power of such corporation;

(C) in the case of a limited liability company, the direct or indirect ownership of 80 percent or more of the membership interests in the limited liability company;

(D) in the case of a sponsored captive insurance company, for purposes of this section a protected cell shall be treated as a separate captive insurance company owned and controlled by the protected cell's participant, but only if:

(i) the participant is the only participant with respect to such protected cell; and

(ii) the participant is the sponsor or is affiliated with the sponsor of the sponsored captive insurance company through common ownership and control.

(g) The tax provided for in this section shall constitute all taxes collectible under the laws of this State from any captive insurance company, and no other occupation tax or other taxes shall be levied or collected from any captive insurance company by the State or any county, city, or municipality within this State, except meals and rooms taxes, sales and use taxes, and ad valorem taxes on real and personal property used in the production of income.

(h) Annually, 13 percent of the premium tax revenues collected pursuant to this section shall be transferred to the Department of Financial Regulation for the regulation of captive insurance companies under this chapter.

(i) [Repealed.]

(j) The tax provided for in this section shall be calculated on an annual basis, notwithstanding policies or contracts of insurance or contracts of reinsurance issued on a multiyear basis. In the case of multiyear policies or contracts, the premium shall be prorated for purposes of determining the tax under this section.

(k) A captive insurance company first licensed under this chapter on or after January 1, 2017 shall receive a nonrefundable credit of $5,000.00 applied against the aggregate taxes owed for the first two taxable years for which the company has liability under this section.
8 V.S.A. § 11701 — VT Code / Title 8 / Chapter 201 / Section 11701
§ 11701. Application of subchapter
Status: in_force

(a) An application required to be filed under chapter 202, 203, 206, 207, or 210 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, or other similar request, shall be submitted to and considered by the Commissioner in accordance with the provisions of this subchapter.

(b) An application required to be filed under chapter 204 or 205 of this title for the approval of the Commissioner shall be filed on a form prescribed by the Commissioner and considered in accordance with the standards in section 11703 of this title. If the Commissioner finds that the application promotes the general good, a certificate of general good may be issued in summary fashion. No further approval shall be required.

(c) Nothing in this subchapter shall prevent the Commissioner from issuing a certificate of approval for any application that the Commissioner finds may be approved as filed without further process.

(d) Notwithstanding the provisions of subsections (a), (b), and (c) of this section, a financial institution shall notify the Commissioner of its intention to amend its organizational documents and may proceed as provided in the notice unless the Commissioner objects in writing within 30 days; provided, however, no advance notice for a bylaw amendment is required. If the Commissioner objects, the financial institution shall file an application in accordance with this subchapter.
8 V.S.A. § 31706 — VT Code / Title 8 / Chapter 221 / Section 31706
§ 31706. Reserves
Status: in_force

Each corporate credit union shall maintain such reserves and accounts as required by the regulations of the National Credit Union Administration, or its successor, as amended from time to time.
8 V.S.A. § 17501 — VT Code / Title 8 / Chapter 207 / Section 17501
§ 17501. Acquisition of assets
Status: in_force

(a) General. A Vermont financial institution may acquire the assets of, or assume the liabilities of, any other financial institution authorized to do business in this State. When the value of an acquisition or assumption is worth 25 percent or more of the assets of the acquiring, assuming, or transferring entity, the transaction shall be subject to and 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 the acquiring or assuming institution and the governing body of the transferring institution shall adopt by majority vote a plan for acquisition, assumption, or sale on terms that are mutually agreed upon. The plan shall include:

(1) the names and types of the institutions involved;

(2) a statement setting forth the material terms of the proposed acquisition, assumption, or sale, including, if applicable, the plan for disposition of all assets and liabilities not subject to the plan;

(3) a statement that the entire transaction is subject to written approval of the Commissioner and, if the transaction involves all or substantially all of the assets or liabilities of the transferring institution, the approval of the transferring institution's investors or mutual voters;

(4) if an investor-owned institution is the transferring institution and the proposed sale is not for cash, a clear and concise statement that investors of the institution voting against the proposed sale are entitled to rights set forth in subdivision 17101(c)(2) of this title; and

(5) the proposed effective date of the acquisition, assumption, or sale and all other information and provisions that are necessary to execute the transaction or that are required by the Commissioner.

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

(d) Vote of investors or mutual voters. If the transaction involves all or substantially all of the assets or liabilities of the transferring institution or if the transferring institution's organizational documents require, the plan of acquisition, assumption, or sale shall be presented to the investors or mutual voters of the transferring institution for their approval, and their approval shall be obtained in accordance with subsection 17101(c) of this title. If the approval of investors is required, then investors dissenting to the transaction have the rights set forth in subdivision 17101(c)(2) of this title.

(e) Executed plan; certificate; effective date.

(1) If the plan is approved by the investors or mutual voters of the transferring institution, an executive officer and the secretary of such institution shall submit the executed plan to the Commissioner, together with a copy of the resolution of the investors or mutual voters approving it, each certified by these officers.

(2) Upon receipt of the items set forth in subdivision (1) of this subsection and evidence that the participating institutions have complied with all applicable federal law and regulations, the Commissioner shall certify, in writing, to the participants that the plan has been approved and is in compliance with the provisions of this title.

(3) Notwithstanding approval of the investors or mutual voters or certification by the Commissioner, the transferring institution's governing body may, in its discretion, abandon such a transaction without further action or approval by the investors or mutual voters, subject to the rights of third parties under any contracts relating to the transaction.

(f) National financial institution as participant. If one of the participants in a transaction under this section is a national financial institution, all participants shall comply with such requirements as may be imposed by federal law for such an acquisition, assumption, or sale and provide evidence of such compliance to the Commissioner; provided that if the purchasing or assuming institution is a national financial institution, approval by the Commissioner is not required.

(g) Investor-owned institution acquiring mutual or cooperative financial institution. A mutual or cooperative financial institution may not sell all or substantially all of its assets to an investor-owned institution without prior approval by the Commissioner of a plan that provides fair and equitable treatment of the depositors or members in the sale of the assets and distribution of the proceeds.

(h) Applicability to transactions in ordinary course of business. This subchapter does not apply to a transfer of assets of a financial institution in the ordinary course of business that does not include any assumption of deposit liabilities.

(i) Authority for expedited acquisitions. Notwithstanding any other provision of law, or any organizational document of any participating institution, the Commissioner may order that the acquisition of assets and assumption of liabilities become effective immediately if the Commissioner determines that the action is necessary for the protection of depositors or the public. This action may be taken upon receipt of the following:

(1) certified copies of the authorizing resolutions adopted by the respective governing bodies of the acquiring or assuming financial institution or financial institution holding company and a copy of the plan of acquisition of assets and assumption of liabilities approved by a majority vote of the governing bodies of the acquiring or assuming financial institution or financial institution holding company and the transferring institution; or

(2) notice, containing information required by the Commissioner, from any other person of intent to acquire the assets and assume the liabilities of a financial institution or financial institution holding company.

(j) The applicant in any acquisition application filed with another supervisory agency by a financial institution holding company that controls a Vermont financial institution, or by a person that intends to acquire a Vermont financial institution or financial institution holding company shall file a copy of the application with the Commissioner at the time the application is filed with the other supervisory agency. The applicant shall notify the Commissioner of any amendments to the application by filing with the Commissioner a copy of any amendments that are required to be filed with the other supervisory agency. A copy of any acquisition approval issued by the other supervisory agency shall be filed with the Commissioner by the applicant within 30 days of its issuance. The Commissioner shall not disclose any information obtained pursuant to this section that is treated as confidential by the other supervisory agency.
8 V.S.A. § 7077 — VT Code / Title 8 / Chapter 145 / Section 7077
§ 7077. Special provisions for third-party claims
Status: in_force

(a) Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.

(b) Whether or not the third party files a claim, the insured may file a claim on his or her own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within 60 days after mailing of the notice required by section 7061 of this title, whichever is later, the insured is an unexcused late filer.

(c)(1) The liquidator shall make recommendations to the court under section 7082 of this title, for the allowance of an insured's claim under subsection (b) of this section after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action, and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, he or she shall reconsider the claim on the basis of additional information and amend his or her recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it thinks appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of:

(A) the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense; or

(B) the amount allowed on the claims by the court.

(2) After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.

(d) If several claims founded upon one policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as under subsection (c) of this section. If any insured's claim is subsequently reduced under subsection (c) of this section, the amount thus freed shall be apportioned ratably among the claims that have been reduced under this subsection.

(e) No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.
8 V.S.A. § 4252 — VT Code / Title 8 / Chapter 113 / Section 4252
§ 4252. Obligations of providers and insurers
Status: in_force

(a) A provider is considered to be the agent of an insurer that issued a service contract reimbursement insurance policy and therefore is required to act as a fiduciary in regard to premiums, return of premiums, or other sums of money received. However, nothing in this subchapter shall be construed to make such provider subject to the insurance agent licensure requirements set forth in this title.

(b) Providers shall keep accurate accounts, books, and records concerning transactions regulated under this subchapter for at least three years after the specified period of coverage has expired. Records required by this subchapter may be maintained solely in an electronic, optical, or other storage medium, provided they are capable of being accurately reproduced upon request. These accounts, books, and records shall include:

(1) copies of each type of service contract in use;

(2) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder;

(3) a list of the locations where service contracts are sold; and

(4) claims files that shall contain at least the dates, amounts, and description of all receipts, claims, and expenditures related to the service contracts.
8 V.S.A. § 7068 — VT Code / Title 8 / Chapter 145 / Section 7068
§ 7068. Claims of holders of void or voidable rights
Status: in_force

(a) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall be allowed unless he or she surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.

(b) A claim allowable under subsection (a) of this section by reason of the avoidance, whether voluntary or involuntary, of a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under section 7074 of this title if filed within 30 days from the date of the avoidance or within the further time allowed by the court under subsection (a) of this section.
8 V.S.A. § 6046 — VT Code / Title 8 / Chapter 141 / Section 6046
§ 6046. Examination of branch captives
Status: in_force

(a) The examination of a branch captive insurance company pursuant to section 6008 of this title shall be of branch business and branch operations only, so long as the branch captive insurance company provides annually to the Commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the Commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.

(b) As a condition of licensure, the alien captive insurance company shall grant authority to the Commissioner for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
8 V.S.A. § 4148 — VT Code / Title 8 / Chapter 111 / Section 4148
§ 4148. Copy of agreement to be filed and recorded
Status: in_force

A copy of such covenant, duly acknowledged in the manner required for the acknowledgment of deeds of real estate, may be filed and recorded as follows: in the office of the clerk or register of the court in which such fiduciary obtained his or her appointment; or if not appointed by decree of the court, in the manner provided by law for the record of deeds of real estate, if such covenant concerns real estate, or mortgages of personal property, if such covenant concerns personal property. Such record shall be notice to and binding on all persons.
8 V.S.A. § 4586 — VT Code / Title 8 / Chapter 125 / Section 4586
§ 4586. Form and contents of contract
Status: in_force

In every such contract made, issued, or delivered in this State:

(1) all printed portions shall be plainly printed in type of which the face is not smaller than 10 point;

(2) there shall be a brief description of the contract on its first page and on its filing back in type of which the face is not smaller than 14 point;

(3) the exceptions of the contract shall appear with the same prominence as the benefits to which they apply; and

(4) if the contract contains any provision purporting to make any portion of the articles, constitution, or bylaws of the corporation a part of the contract, such portion thereof shall be set forth in full.
8 V.S.A. § 31302 — VT Code / Title 8 / Chapter 221 / Section 31302
§ 31302. Duties of governing body
Status: reserved

The governing body shall have authority for the general management of the credit union and, among other things, the governing body shall:

(1) have the authority and responsibility for directing the operations, funds, and records of the credit union;

(2) act upon applications for membership or appoint an executive committee, a membership committee, or one or more membership officers from among the members of the credit union, other than the treasurer, an assistant treasurer, the chief executive officer, an assistant chief executive officer, or a loan officer, who may be authorized by the governing body to approve applications for membership under such conditions as the governing body may prescribe; except that the membership committee or membership officers so authorized shall submit to the governing body or to the executive committee, if applicable, at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the governing body may require;

(3) provide a blanket fidelity bond covering the directors, officers, employees, members of official committees, attorneys at law, and other agents as required by subsection 31602(a) of this title;

(4) fill vacancies on the governing body until successors elected at the next annual meeting have qualified;

(5) establish personnel policies, including policies for the compensation of employees;

(6) authorize the employment and compensation of the chief executive officer and the treasurer;

(7) authorize the employment of such person or persons as may be necessary to carry on the business of the credit union or delegate such authorization to the chief executive officer who shall hire such other persons necessary to carry on the business of the credit union, or contract with persons or organizations as may be necessary to carry on the operations of the credit union;

(8) determine the number of shares and the amount of deposits that may be owned by a member, the limitations to apply alike to all members;

(9) approve an annual operating budget for the credit union;

(10) authorize the conveyance of property;

(11) have the power to borrow or lend money to carry on the functions of the credit union;

(12) have the power to appoint any special committees deemed necessary;

(13) determine, from time to time, the interest rates not in excess of that allowed by law that shall be charged on loans to members and authorize interest refunds, if any, to members in proportion to the interest paid by them on loans or, at the discretion of the governing body, delegate to the executive committee or the chief executive officer the authority to establish interest rates pursuant to policies and guidelines adopted by the governing body;

(14) establish lending policies and, within any limitations set forth in the credit union's bylaws, fix a maximum amount that may be lent with and without security to a member;

(15) have the authority to review a loan application denied by a loan officer or denied by the credit committee, as applicable;

(16) declare dividends on share accounts at a credit union and determine the interest rate that will be paid on deposits at a community development credit union or, at the discretion of the governing body, delegate to the executive committee or the chief executive officer the authority to establish dividend rates and interest rates that will be paid on share accounts and on deposits pursuant to policies and guidelines adopted by the governing body;

(17) establish investment policies and invest credit union funds, except that the governing body may designate an investment committee or any qualified individual or entity responsible for making investments under policies established by the governing body;

(18) review and approve or reject loans to other credit unions that are not members if surplus funds warrant it and review and approve or reject loans to members of the supervisory and credit committees;

(19) suspend or remove any or all officers, or any or all members of the credit, supervisory, membership, or other committees from their positions on the committees for failure to perform their duties;

(20) establish and maintain a system of internal controls consistent with applicable law;

(21) review and ratify all written policies of the credit union at least annually;

(22) perform such other duties as the members from time to time direct and perform or authorize any action not inconsistent with this part and not specifically reserved by the bylaws to the members; and

(23) establish other policies as the governing body deems reasonable or prudent, and such policies as required by law, by regulation, or by the Commissioner.
8 V.S.A. § 4204 — VT Code / Title 8 / Chapter 113 / Section 4204
§ 4204. Illegal provisions
Status: in_force

A policy shall not be issued or delivered under this chapter if it contains a provision contradictory, in whole or in part, to any of the provisions of sections 4201–4203 and 4205–4209 of this title; nor shall any endorsements or attached papers vary, alter, extend, be used as a substitute for, or in any way conflict with such provisions. A policy shall not be issued or delivered under this chapter if it contains any provision purporting to make any portion of the charter, articles of association, Constitution, or bylaws of the insurer a part of the policy unless such portion of the charter, articles, Constitution, or bylaws is set forth in full in the policy.
8 V.S.A. § 4092 — VT Code / Title 8 / Chapter 107 / Section 4092
§ 4092. Prescription drug coverage
Status: in_force

(a) A health insurance plan shall not include an annual dollar limit on prescription drug benefits.

(b) A health insurance plan shall limit a covered individual's out-of-pocket expenditures for all prescription drugs to not more for self-only and family coverage per year than the minimum dollar amounts in effect under Section 223(c)(2)(A)(i) of the Internal Revenue Code of 1986 for self-only and family coverage, respectively.

(c)(1) For prescription drug benefits offered in conjunction with a high-deductible health plan (HDHP), the plan shall not provide prescription drug benefits until the expenditures applicable to the deductible under the HDHP have met the amount of the minimum annual deductibles in effect for self-only and family coverage under Section 223(c)(2)(A)(i) of the Internal Revenue Code of 1986 for self-only and family coverage, respectively, except that a plan may offer first-dollar prescription drug benefits to the extent permitted under federal law.

(2) Once the applicable expenditure amount set forth in subdivision (1) of this subsection has been met under the HDHP, coverage for prescription drug benefits shall begin, and the limit on out-of-pocket expenditures for prescription drug benefits shall be as specified in subsection (b) of this section.

(d)(1) A health insurance plan that uses step-therapy protocols shall:

(A) not require failure, including discontinuation due to lack of efficacy or effectiveness, diminished effect, or an adverse event, on the same drug on more than one occasion for covered individuals who are continuously enrolled in a plan offered by the health insurer or its pharmacy benefit manager; and

(B) grant an exception to its step-therapy protocols upon request of a covered individual or the covered individual's treating health care professional under the same time parameters as set forth for prior authorization requests in 18 V.S.A. § 9418b(g)(4) if any one or more of the following conditions apply:

(i) the prescription drug required under the step-therapy protocol is contraindicated or will likely cause an adverse reaction or physical or mental harm to the covered individual;

(ii) the prescription drug required under the step-therapy protocol is expected to be ineffective based on the covered individual's known clinical history, condition, and prescription drug regimen;

(iii) the covered individual has already tried the prescription drugs on the protocol, or other prescription drugs in the same pharmacologic class or with the same mechanism of action, which have been discontinued due to lack of efficacy or effectiveness, diminished effect, or an adverse event, regardless of whether the covered individual was covered at the time on a plan offered by the current insurer or its pharmacy benefit manager;

(iv) the covered individual is stable on a prescription drug selected by the covered individual's treating health care professional for the medical condition under consideration; or

(v) the step-therapy protocol or a prescription drug required under the protocol is not in the covered individual's best interests because it will:

(I) pose a barrier to adherence;

(II) likely worsen a comorbid condition; or

(III) likely decrease the covered individual's ability to achieve or maintain reasonable functional ability.

(2) Nothing in this subsection shall be construed to prohibit the use of tiered co-payments for covered individuals not subject to a step-therapy protocol.

(3) Notwithstanding any provision of subdivision (1) of this subsection to the contrary, a health insurance shall not utilize a step-therapy, “fail first,” or other protocol that requires documented trials of a prescription drug, including a trial documented through a “MedWatch” (FDA Form 3500), before approving a prescription for the treatment of substance use disorder.

(e)(1) A health insurance plan shall not require, as a condition of coverage, use of drugs not indicated by the U.S. Food and Drug Administration for the condition diagnosed and being treated under the supervision of a health care professional.

(2) Nothing in this subsection shall be construed to prevent a health care professional from prescribing a prescription drug for off-label use.

(f) A health insurance plan shall apply the same cost-sharing requirements to interchangeable biological products as apply to generic drugs under the plan.

(g)(1) A health insurance plan shall limit a covered individual's total out-of-pocket responsibility for prescription insulin drugs to not more than $100.00 per 30-day supply, regardless of the amount, type, or number of insulin drugs prescribed for the covered individual.

(2) The $100.00 monthly limit on out-of-pocket spending for prescription insulin drugs set forth in subdivision (1) of this subsection shall apply regardless of whether the covered individual has satisfied any applicable deductible requirement under the health insurance plan.

(h) A health insurance plan shall cover, without requiring prior authorization, at least one readily available asthma controller drug from each class of drug and mode of administration. As used in this subsection, “readily available” means that the medication is not listed on a national drug shortage list, including lists maintained by the U.S. Food and Drug Administration and by the American Society of Health-System Pharmacists.

(i) On a periodic basis but not less than once per calendar year, each health insurer shall notify all individuals covered under its health insurance plans of any changes in pharmaceutical coverage and provide access to the preferred drug list maintained by the health insurer or its pharmacy benefit manager.

(j) The Department of Financial Regulation shall enforce this section and may adopt rules as necessary to carry out the purposes of this section.

(k) A health insurance plan shall provide coverage for prescription drugs purchased in Canada and used in Canada or reimported legally on the same benefit terms and conditions as prescription drugs purchased in this country. For drugs purchased by mail or through the internet, the plan may require accreditation by the Internet and Mailorder Pharmacy Accreditation Commission (IMPAC™) or similar organization. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 4841 — VT Code / Title 8 / Chapter 132 / Section 4841
§ 4841. Deposit in lieu of bond
Status: in_force

In lieu of the bond required under section 4840 of this title, the attorney may maintain on deposit in the office of the Commissioner, subject to the same conditions as the bond, a like amount in:

(1) cash;

(2) securities qualified as insurer investments; or

(3) a letter of credit issued for the benefit of and acceptable to the Commissioner.
8 V.S.A. § 3611 — VT Code / Title 8 / Chapter 101 / Section 3611
§ 3611. Scope of subchapter; short title
Status: in_force

This subchapter shall apply to all kinds of direct insurance, except life, title, surety, health, credit, mortgage guaranty, and ocean marine insurance. This subchapter shall be known as the Vermont Property and Casualty Insurance Guaranty Association Act.
8 V.S.A. § 32204 — VT Code / Title 8 / Chapter 222 / Section 32204
§ 32204. Joint deposits
Status: in_force

(a) The provisions of section 14204 of this title governing joint deposits shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.

(b) A single joint share account may hold more than one membership share, supporting membership for more than one member of the credit union. If more than one joint owner seeks credit union membership through the joint account, the joint account must contain a membership share for each member.
8 V.S.A. § 3313 — VT Code / Title 8 / Chapter 101 / Section 3313
§ 3313. Proxies
Status: in_force

(a) The Commissioner may prescribe by rules and regulations, the form, content and manner of solicitation of any proxy, consent, or authorization in respect of any voting security issued by a domestic insurer as necessary or appropriate in the public interest, or for protection of investors in the securities, or to ensure the fair dealing in the securities.

(b) The term “voting security” as used in this section shall mean any instrument issued by a domestic stock insurance company that, in law or by contract, gives the holder the right to vote, consent, or authorize any corporate action of the insurer.

(c) This section shall not apply to voting securities of a domestic insurer if the securities are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

(d) Any person, domestic insurer, or director, officer, or employee of the insurer, shall not solicit or permit the use of his or her name to solicit, by mail or otherwise, any person to give a proxy, consent, or authorization in respect of a voting security issued by the insurer in contravention of any rule or regulation made under this section.

(e) Failure to comply with any rule or regulation made under this section shall be unlawful and any proxy or consent obtained in violation of this section or in contravention of any rule or regulation made thereunder shall be void. Any domestic insurer or any person who is legally entitled to vote, consent, or authorize by virtue of being the holder of record of such a security, or the Commissioner, if the other parties fail to act within 15 days after the date on which the vote was cast or counted, may enforce compliance with any rule or regulation made under this section, by appropriate civil action, except that no suit shall be brought more than 30 days after the date on which the vote, consent, or authorization was to have been effected.
8 V.S.A. § 3762 — VT Code / Title 8 / Chapter 103 / Section 3762
§ 3762. Nonforfeiture benefits
Status: in_force

(a) In the case of policies issued on or after the effective date of this subchapter, as defined in section 3773 of this subchapter, a policy of life insurance, except as stated in section 3772 of this subchapter, shall not be delivered or issued for delivery in this State unless it contains in substance the following provisions, or corresponding provisions that, in the opinion of the Commissioner, are at least as favorable to the defaulting or surrendering policyholder as are the minimum requirements specified in this section and are essentially in compliance with section 3771 of this subchapter.

(1) In the event of default in any premium payment, the company shall grant, upon proper request not later than 60 days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of the due date, of such amount as may be specified in this section. In lieu of the stipulated paid-up nonforfeiture benefit, the company may substitute, upon proper request not later than 60 days after the due date of the premium in default, an actuarially equivalent alternative paid-up nonforfeiture benefit that provides a greater amount or earlier payment of endowment benefits.

(2) Upon surrender of the policy within 60 days after the due date of any premium payment in default after premiums have been paid for at least three full years in the case of ordinary insurance or five full years in the case of industrial insurance, the company shall pay, in lieu of any paid-up nonforfeiture benefit, a cash surrender value of an amount as may be specified in this section.

(3) A specified paid-up nonforfeiture benefit shall become effective as specified in the policy unless the person entitled to make the election elects another available option not later than 60 days after the due date of the premium in default.

(4) If the policy becomes paid-up by completion of all premium payments or if it is continued under any paid-up nonforfeiture benefit that became effective on or after the third policy anniversary in the case of ordinary insurance or the fifth policy anniversary in the case of industrial insurance, the company shall pay upon surrender of the policy within 30 days after any policy anniversary, a cash surrender value of an amount as may be specified in this section.

(5) If a policy causes, on a basis guaranteed in the policy, unscheduled changes in benefits or premiums, or provides an option for changes in benefits or premiums, other than a change to a new policy, the company shall provide the policyholder a statement of the mortality table, interest rate, and method used in calculating cash surrender values and the paid-up nonforfeiture benefits available under the policy. In the case of all other policies, a company shall provide to its policyholders a statement of the mortality table and interest rate used in calculating the cash surrender values and the paid-up nonforfeiture benefits available under the policy, together with a table showing the cash surrender value, if any, and paid-up nonforfeiture benefit, if any, available under the policy on each policy anniversary either during the first 20 policy years or during the term of the policy, whichever is shorter, such values and benefits to be calculated upon the assumption that there are no dividends or paid-up additions credited to the policy and that there is no indebtedness to the company on the policy.

(6) A company shall provide statement that the cash surrender values and the paid-up nonforfeiture benefits available under the policy are not less than the minimum values and benefits required by or pursuant to the insurance law of the state in which the policy is delivered; an explanation of the manner in which the cash surrender values and the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the policy or any indebtedness to the company on the policy; if a detailed statement of the method of computation of the values and benefits shown in the policy is not stated therein, a statement that such method of computation has been filed with the insurance supervisory official of the state in which the policy is delivered; and a statement of the method to be used in calculating the cash surrender value and a paid-up nonforfeiture benefit available under the policy on any policy anniversary beyond the last anniversary for which values and benefits are consecutively shown in the policy.

(b) Any of the provisions in subsection (a) of this section, or portions thereof, not applicable by reason of the plan of insurance may be omitted from the policy, to the extent inapplicable.

(c) The company shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy.

(d) No individual policy of life insurance covering an individual 64 years of age or older that has been in force for at least one year shall be canceled for nonpayment of premium unless, after expiration of the grace period and not less than 21 days before the effective date of any such cancellation, the insurer has mailed a notice of impending cancellation in coverage to the policyholder and to a specified secondary addressee if such addressee has been designated by name and address in writing by the policyholder. An insurer shall notify the applicant of the right to designate a secondary addressee at the time of application for the policy on a form provided by the insurer, and annually thereafter, and the policyholder shall have the right to designate a secondary addressee, in writing, by name and address, at any time the policy is in force, by submitting such written notice to the insurer. If a life insurance policy provides a grace period longer than 51 days for nonpayment of premium, the notice of cancellation in coverage required by this subsection shall be mailed to the policyholder and to the secondary addressee not less than 21 days prior to the expiration of the grace period provided in such policies.
8 V.S.A. § 31314 — VT Code / Title 8 / Chapter 221 / Section 31314
§ 31314. Compensation; insurance; expenses
Status: in_force

(a) No officer of the governing body, no director, nor any committee member, other than the treasurer, may be compensated for services as such. However, providing reasonable health, accident, and similar insurance protection shall not be considered compensation.

(b) A credit union may, with the approval of a majority of the governing body, provide personal liability or indemnity insurance coverage for its directors and other committee members.

(c) Directors, officers of the governing body, and committee members may be reimbursed for necessary expenses incidental to the performance of official business of the credit union.

(d) Notwithstanding the foregoing, directors, officers of the governing body, and committee members may be compensated for services, other than duties performed as such director, officer of the governing body, or committee member, in accordance with the conflict-of-interest provision set forth in section 31313 of this title.
8 V.S.A. § 3585 — VT Code / Title 8 / Chapter 101 / Section 3585
§ 3585. Summary report
Status: in_force

(a) Upon the Commissioner's request and no more than once each year, an insurer shall submit to the Commissioner a summary report or any combination of reports that together contain the information described in the Guidance Manual applicable to the insurer or the insurance group of which it is a member. Notwithstanding any request from the Commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report required by this subsection if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.

(b) Each report shall include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.

(c) An insurer may comply with subsection (a) of this section by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction if that report provides information that is comparable to the information described in the Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
8 V.S.A. § 7032 — VT Code / Title 8 / Chapter 145 / Section 7032
§ 7032. Jurisdiction and venue
Status: in_force

(a) A delinquency proceeding shall not be commenced under this chapter by anyone other than the Commissioner and a court shall have no jurisdiction to entertain, hear, or determine any proceeding commenced by any other person.

(b) A court of this State shall have no jurisdiction to entertain, hear, or determine any complaint praying for the dissolution, liquidation, rehabilitation, sequestration, conservation, or receivership of any insurer; or praying for an injunction or restraining order or other relief preliminary to, incidental to, or relating to such proceedings other than in accordance with this chapter.

(c) In addition to other grounds for jurisdiction provided by the law of this State, a court of this State having jurisdiction of the subject matter has jurisdiction over a person served pursuant to the Vermont Rules of Civil Procedure or other applicable provisions of law in an action brought by the receiver of a domestic insurer or an alien insurer domiciled in this State:

(1) if the person served is an agent, broker, or other person who has at any time written policies of insurance for or has acted in any manner whatsoever on behalf of an insurer against which a delinquency proceeding has been instituted, in any action resulting from or incident to such a relationship with the insurer; or

(2) if the person served is a reinsurer who has at any time entered into a contract of reinsurance with an insurer against which a delinquency proceeding has been instituted, or is an agent or broker of or for the reinsurer, in any action on or incident to the reinsurance contract; or

(3) if the person served is or has been an officer, director, manager, trustee, organizer, promoter, or person in a position of comparable authority or influence over an insurer against which a delinquency proceeding has been commenced, in any action resulting from such a relationship with the insurer; or

(4) if the person served is or was at the time of the institution of the delinquency proceeding against the insurer holding assets in which the receiver claims an interest on behalf of the insurer, in any action concerning the assets; or

(5) if the person served is obligated to the insurer in any way whatsoever, in any action on or incident to the obligation.

(d) If the court on motion of any party finds that any action should as a matter of substantial justice be tried in a forum outside this State, the court may enter an appropriate order to stay further proceedings on the action in this State.

(e) All actions authorized by this section shall be brought in the Superior Court of Washington County.
8 V.S.A. § 3915 — VT Code / Title 8 / Chapter 105 / Section 3915
§ 3915. Issuance of certificate of authority
Status: in_force

If all the requirements of law have been complied with and the Commissioner is satisfied, after investigation, that such statement is true, he or she shall thereupon file such declaration and cause it to be recorded in his or her office in a book to be kept for that purpose and shall thereupon issue to such corporation a certified copy of the papers so recorded, together with a certificate authorizing such corporation to carry on the business of insurance as indicated in such declaration. A duplicate copy of the certificate so issued shall be filed by the Commissioner with the Secretary of State.
8 V.S.A. § 4465 — VT Code / Title 8 / Chapter 121 / Section 4465
§ 4465. Corporate powers retained
Status: in_force

Any incorporated society authorized to transact business in this State on November 22, 1959 may thereafter exercise all the rights, powers, and privileges prescribed in this chapter and in its charter or articles of incorporation as far as consistent with this chapter. A domestic society shall not be required to reincorporate.
8 V.S.A. § 3760 — VT Code / Title 8 / Chapter 103 / Section 3760
§ 3760. Title
Status: in_force

This subchapter shall be known as the Standard Nonforfeiture Law for Life Insurance.
8 V.S.A. § 3461c — VT Code / Title 8 / Chapter 101 / Section 3461c
§ 3461c. Rated credit investments
Status: in_force

Subject to the limitations of subdivision (6) of this section, an insurer may acquire rated credit instruments.

(1) Subject to applicable limitations of subsection 3461a(b) or 3461b(b) of this subchapter, but not the limitations of subsection 3461a(a) or 3461b(a), an insurer may acquire rated credit instruments issued, assumed, guaranteed or insured by:

(A) the United States; or

(B) a government-sponsored enterprise of the United States, if the instruments of the government-sponsored enterprise are assumed, guaranteed, or insured by the United States or are otherwise backed or supported by the full faith and credit of the United States.

(2) Subject to applicable limitations of subsection 3461a(b) or 3461b(b) of this subchapter, but not the limitations of subsection 3461a(a) or 3461b(a) of this subchapter, an insurer may acquire rated credit instruments issued, assumed, guaranteed or insured by:

(A) Canada; or

(B) a government-sponsored enterprise of Canada, if the instruments of the government-sponsored enterprise are assumed, guaranteed, or insured by Canada or are otherwise backed or supported by the full faith and credit of Canada;

(C) an insurer shall not acquire an instrument under this subdivision if, as a result of and after giving effect to the investment, the aggregate amount of investments then held by the insurer under this subdivision would exceed 40 percent of its admitted assets.

(3)(A) Subject to applicable limitations of subsection 3461a(b) or 3461b(b) of this subchapter, but not the limitations of subsection 3461a(a) or 3461b(a) of this subchapter, an insurer may acquire rated credit instruments, excluding asset-backed securities:

(i) issued by a government money market mutual fund or a listed bond mutual fund;

(ii) issued, assumed, guaranteed, or insured by a government-sponsored enterprise of the United States other than those eligible under subdivision (i) of this subdivision (3)(A);

(iii) issued, assumed, guaranteed, or insured by a state, if the instruments are general obligations of the state; or

(iv) issued by a multilateral development bank.

(B) However, an insurer shall not acquire an instrument of any one fund, any one enterprise or entity or any one state under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments then held in any one fund, enterprise, or entity or state under this subdivision would exceed 10 percent of its admitted assets.

(4) Subject to the applicable limitations of section 3461a or 3461b of this subchapter, an insurer may acquire preferred stocks that are not foreign investments and that meet the requirements of rated credit instruments if, as a result of and after giving effect to the investment:

(A) the aggregate amount of preferred stocks then held by the insurer under this subdivision does not exceed 20 percent of its admitted assets; and

(B) the aggregate amount of preferred stocks then held by the insurer under this subdivision that are not sinking fund stocks or rated P1 or P2 by the SVO does not exceed 10 percent of its admitted assets or does not meet or continue not to meet the conditions for exemption as provided in section 3461d of this title.

(5) Subject to the applicable limitations of section 3461a or 3461b of this subchapter, in addition to those investments eligible under subdivisions (1), (2), (3), and (4) of this section, an insurer may acquire rated credit instruments that are not foreign investments.

(6) An insurer shall not acquire special rated credit instruments under this section if, as a result of and after giving effect to the investment, the aggregate amount of special rated credit instruments then held by the insurer would exceed five percent of its admitted assets.
8 V.S.A. § 4694 — VT Code / Title 8 / Chapter 128 / Section 4694
§ 4694. Residual market mechanism status
Status: in_force

All insurers authorized to write insurance that is subject to this chapter may establish and participate in a plan providing for the equitable apportionment among them of insurance that may be afforded applicants who are in good faith entitled to, but who are unable to, procure such insurance through ordinary methods. A plan shall be submitted for the Commissioner's prior approval, unless already existing on July 1, 1984. The rates, supplementary rate information, and policy forms to be used in such a plan and any future modification thereof must be submitted to the Commissioner for approval in accordance with sections 4686, 4687, and 4688 of this title.
8 V.S.A. § 3931 — VT Code / Title 8 / Chapter 105 / Section 3931
§ 3931. Application of provisions
Status: in_force

(a) All the provisions of this part, insofar as consistent with the provisions of this subchapter, shall apply to cooperative insurance corporations.

(b) Cooperative fire insurance corporations formed and operated under the provisions set forth in this subchapter shall be considered to be mutual insurance companies for the purpose of engaging in any or all of the transactions authorized by chapter 101 of this title, including those provisions set forth in subchapters 3 and 3A of that chapter.
8 V.S.A. § 4247 — VT Code / Title 8 / Chapter 113 / Section 4247
§ 4247. Definitions
Status: in_force

As used in this subchapter:

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

(2) “Consumer” means a natural person who buys other than for purposes of resale any tangible personal property that is distributed in commerce and that is normally used for personal, family, or household purposes, and not for commercial purposes.

(3) “Service contract holder” means a person who is the purchaser or holder of a service contract.

(4) “Manufacturer” means a person that manufactures, produces, or markets goods and sells the goods under its own name or label; or manufactures or produces goods and the goods are sold under the trade name or label of another person.

(5) “Maintenance agreement” means a contract of limited duration that provides for scheduled maintenance only.

(6) “Mechanical breakdown insurance” means any policy, contract, or agreement issued by an authorized insurer that provides for the repair, replacement, or maintenance of property or indemnification for repair, replacement, or maintenance, for the operational or structural failure of the property due to a defect in materials or workmanship or due to normal wear and tear.

(7) “Provider” means a person who issues, makes, or provides a service contract, and who is contractually obligated to provide service under a service contract and is not the manufacturer.

(8) “Service contract” means any contract or agreement to perform or indemnify for a specific duration the repair, replacement, or maintenance of property for operational or structural failure due to a defect in materials, workmanship, or normal wear and tear, with or without additional provisions for incidental payment of indemnity under limited circumstances, including towing, rental, and emergency road service.

(9) “Service contract reimbursement policy” means a policy of insurance providing full reimbursement coverage for all obligations and liabilities under the terms of a service contract issued by the provider.

(10) “Warranty” means a warranty made solely by the manufacturer, importer, or seller of property or services, without charge, that is not negotiated or separated from the sale of the product and is incidental to the sale of the product, and that guarantees indemnity for defective parts, mechanical or electrical breakdown, labor, or other remedial measures, such as repair or replacement of the property or repetition of services.
8 V.S.A. § 3791m — VT Code / Title 8 / Chapter 103 / Section 3791m
§ 3791m. Minimum standard for accident and health insurance contracts
Status: in_force

For accident and health insurance contracts issued on or after the operative date of the Valuation Manual, the standard prescribed in the Valuation Manual is the minimum standard of valuation required under subsection 3791b(b) of this subchapter. For disability, accident and sickness, accident and health insurance contracts issued on or after July 1, 1968 and prior to the operative date of the Valuation Manual, the minimum standard of valuation is the standard adopted by the Commissioner by rule.
8 V.S.A. § 6041 — VT Code / Title 8 / Chapter 141 / Section 6041
§ 6041. Establishment of a branch captive insurance company
Status: in_force

(a) A branch captive insurance company may be established in this State in accordance with the provisions of this chapter, including subdivision 6002(c)(3) of this chapter. In addition to the general provisions of this chapter, the provisions of this subchapter shall apply to branch captive insurance companies.

(b) No branch captive insurance company shall do any insurance business in this State unless it:

(1) maintains the principal place of business for its branch operations in this State;

(2) appoints a principal representative in this State who is a resident of this State; and

(3) designates the Commissioner as its agent of such branch captive insurance company upon whom any process, notice, or demand may be served.

(c) As used in this section, “principal representative” shall mean a person designated as such by the branch captive insurance company as its principal representative on such forms and with such information as required by the Commissioner.

(d) The provisions of subsection 6006(f) of this title shall not apply to branch captive insurance companies formed in this State.
8 V.S.A. § 8103 — VT Code / Title 8 / Chapter 155 / Section 8103
§ 8103. Nonrenewals, cancellations, or revisions of ceded reinsurance agreements
Status: in_force

(a) Scope. Except as provided in subsection (c) of this section, a report as prescribed by section 8101 of this title is required to be filed without regard to which party has initiated the nonrenewal, cancellation, or revision of ceded reinsurance agreements whenever one or more of the following conditions exist:

(1) an entire cession has been canceled, nonrenewed, or revised and ceded indemnity and loss adjustment expense reserves after the nonrenewal, cancellation, or revision are less than 50 percent of the reserves that would have been ceded had the nonrenewal, cancellation, or revision not occurred;

(2) an authorized or accredited reinsurer has been replaced on an existing cession by an unauthorized reinsurer and the revision affects more than 10 percent of the cession; or

(3) collateral requirements previously established for an unauthorized reinsurer have been reduced and the revision affects more than 10 percent of the cession.

(b) The following information is required to be disclosed in any report of a material nonrenewal, cancellation, or revision of a ceded reinsurance agreement:

(1) the effective date of the nonrenewal, cancellation, or revision;

(2) a description of the transaction, including identification of the initiator thereof;

(3) the purpose of, or reason for, the transaction; and

(4) if applicable, the identity of any replacement reinsurers.

(c) Exemptions.

(1) Nonrenewals, cancellations, or revisions of ceded reinsurance agreements are not material and are exempt from the reporting requirements under this chapter if the nonrenewal, cancellation, or revision is one that affects:

(A) less than 50 percent of an insurer's ceded written premium, for property and casualty business including accident and health when written as property/casualty business, or

(B) less than 50 percent of the total reserve credit taken for life, annuity and accident and health business ceded, on an annualized basis as indicated in the insurer's most recently filed annual statement.

(2) Provided, however, that no filing is required if:

(A) the insurer's ceded written premium on an annualized basis, is less than 10 percent of the direct plus assumed written premium prior to any cession; or

(B) the total reserve credit taken for business ceded represents, on an annualized basis, less than 10 percent of the statutory reserve requirement prior to any cession.

(d) Insurers are required to report all material nonrenewals, cancellations, or revisions of ceded reinsurance agreements on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers that utilizes a pooling arrangement or 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000.00 total direct plus assumed written premiums during the calendar year that are not subject to a pooling arrangement and the net income from business not subject to a pooling arrangement represents less than five percent of the insurer's capital and surplus.
8 V.S.A. § 7056 — VT Code / Title 8 / Chapter 145 / Section 7056
§ 7056. Grounds for liquidation
Status: in_force

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

(1) one or more grounds for an order of rehabilitation under section 7051 of this title exist, whether or not there has been a prior order directing the rehabilitation of the insurer; or

(2) the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.
8 V.S.A. § 4903 — VT Code / Title 8 / Chapter 135 / Section 4903
§ 4903. Administrative procedure; withdrawal of approval; judicial review
Status: in_force

Rules issued under this chapter shall be adopted under 3 V.S.A. chapter 25 and shall be subject to review as provided in that chapter. When a rule is adopted under this chapter and an insurance policy is not in compliance with the rule, the Commissioner may withdraw his or her approval of the policy form in the manner provided in sections 3541-3543 of this title. An insurer may appeal a decision of the Commissioner to withdraw a policy form under 3 V.S.A. § 815 and review shall be confined to the record below.
8 V.S.A. § 20101 — VT Code / Title 8 / Chapter 210 / Section 20101
§ 20101. Reorganization of a mutual or cooperative financial institution as a mutual holding company
Status: in_force

A Vermont mutual or cooperative financial institution may reorganize, under a plan of reorganization adopted by the financial institution and submitted to and approved by the Commissioner as provided in this chapter, as a mutual holding company owning an investor-owned mutual holding company subsidiary financial institution in the following manner:

(1) By taking or causing to be taken the following actions:

(A) organizing a mutual holding company subsidiary financial institution in accordance with the procedures in section 20102 and chapter 202 of this title, the voting common stock or other ownership interest of which will be owned by the mutual holding company emerging from the reorganization, except otherwise permitted in section 20106 of this title;

(B) transferring to the mutual holding company subsidiary financial institution the substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for voting common stock or other ownership interest of the mutual holding company subsidiary financial institution; and

(C) adopting amended and restated organizational documents changing its name and conforming its organization, governance, and powers to those prescribed for a mutual holding company by section 20104 of this title; or

(2) Pursuant to any other form of restructuring approved by the Commissioner.
8 V.S.A. § 6043 — VT Code / Title 8 / Chapter 141 / Section 6043
§ 6043. Security required
Status: in_force

[Section 6043 shall apply to branch captive companies formed before January 1, 2009.]

In the case of a branch captive insurance company, as security for the payment of liabilities attributable to the branch operations, the Commissioner shall require that either a trust fund funded by assets acceptable to the Commissioner or an irrevocable letter of credit be established and maintained in the United States for the benefit of U.S. policyholders and U.S. ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations. The amount of such security may be no less than the amount set forth in subdivision 6004(a)(1) of this title and the reserves on such insurance policies or such reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations; provided, however, the Commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account or the amount payable under the irrevocable letter of credit required by this section by the same amount so long as the security remains posted with the reinsurer. If the form of security selected is a letter of credit, the letter of credit must be established by, or issued or confirmed by, a bank chartered in this State or a member bank of the Federal Reserve System.

[Section 6043 shall apply only to branch captive companies formed on and after January 1, 2009.]

(a) No branch captive insurance company shall be issued a license unless it shall possess and thereafter maintain, as security for the payment of liabilities attributable to the branch operations:

(1) an amount equal to the amount set forth in subdivision 6004(a)(1) of this title as the minimum capital requirement for a pure captive; and in addition

(2) reserves on such insurance policies or such reinsurance contracts as may be issued or assumed by the branch captive insurance company through its branch operations, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations; provided, however, the Commissioner may permit a branch captive insurance company to credit against any such reserve requirement any security for loss reserves that the branch captive insurance company may post with a ceding insurer or that may be posted by a reinsurer with the branch captive insurance company, in either case so long as such security remains posted.

(b) Subject to the prior approval of the Commissioner, the amounts required in subsection (a) of this section may be held in the form of:

(1) a trust formed under a trust agreement and funded by assets acceptable to the Commissioner;

(2) an irrevocable letter of credit issued or confirmed by a bank approved by the Commissioner;

(3) with respect to the amounts required in subdivision (a)(1) of this section only, cash on deposit with the Commissioner; or

(4) any combination thereof.
8 V.S.A. § 6049l — VT Code / Title 8 / Chapter 141 / Section 6049l
§ 6049l. Requirements for actuarial opinions
Status: in_force

Except as otherwise provided in this section, the provisions of chapter 101, section 3577 (requirements for actuarial opinions) of this title shall apply in full to an affiliated reinsurance company.
8 V.S.A. § 4671 — VT Code / Title 8 / Chapter 127 / Section 4671
§ 4671. Definitions
Status: in_force

As used in this subchapter:

(1) “Accident” means any occurrence with a motor vehicle involving the applicant, insured, or any operator of a private passenger type motor vehicle currently a resident in the same household that results in physical contact between the motor vehicle owned or operated by the insured or applicant, and a person or another object.

(2) “Conviction” means a judicial determination of guilt by a court of competent jurisdiction regardless of whether a trial was held and regardless of whether a sentence was imposed. It shall include a plea of nolo contendere, a finding of guilt as the result of a defendant's voluntary nonappearance in court, or a conviction after appellate remand. It shall not include a conviction reversed with finality.

(3) “Experience period” means the three years immediately preceding the date of application or the 39 months preceding the renewal date of the policy.

(4) “Insured” means a person owning a private passenger type automobile and includes a relative of an owner or a minor in the custody of an owner or relative, if the relative or minor resides in the same household as does an owner.

(5) “Surcharge” means any amount of premium charged to or paid by an applicant or insured based on experience or record that makes the amount of the premium greater than that imposed on or charged to other applicants or insureds having more favorable experience or records.
8 V.S.A. § 2238 — VT Code / Title 8 / Chapter 73 / Section 2238
§ 2238. Out-of-state commercial loans
Status: in_force

A commercial loan made to a borrower located outside Vermont for use outside Vermont shall be deemed to be made outside the State of Vermont and shall not be subject to this chapter except upon written agreement of the licensee and borrower.
8 V.S.A. § 20102 — VT Code / Title 8 / Chapter 210 / Section 20102
§ 20102. Procedure for adopting a plan of reorganization
Status: in_force

(a) Plan of reorganization. The plan of reorganization pursuant to which the reorganization is to be carried out, and the proposed amended organizational documents, shall be approved by the governing body of the mutual or cooperative financial institution by resolution adopted by two-thirds of the whole number of the governing body. The plan of reorganization, along with the proposed amended organizational documents, shall then be submitted for adoption to a regular or special meeting of the mutual voters of the financial institution called in the manner provided by its internal governance documents. Copies or summaries of the plan and amended organizational documents shall be enclosed with the notice of the meeting. Adoption of the plan of reorganization shall be by the affirmative vote of two-thirds of the mutual voters casting votes. A mutual voter may vote at such regular or special meeting either in person or by proxy executed in writing by the mutual voter or by his or her duly authorized attorney-in-fact.

(b) Notice to Commissioner. A mutual or cooperative financial institution, having adopted a plan of reorganization in accordance with subsection (a) of this section, shall provide the Commissioner with 60 days' prior written notice of the proposed reorganization. The notice shall include the plan of reorganization, accompanied by certified copies of the votes of its governing body and mutual voters required by subsection (a) of this section, and such other relevant information as the Commissioner shall require. Unless the Commissioner, within such 60-day notice period, disapproves the proposed mutual holding company reorganization, or extends for another 30 days the period during which such disapproval may issue, the proposed reorganization shall be deemed approved and the mutual or cooperative financial institution providing such notice may proceed with the proposed reorganization. The Commissioner may disapprove any proposed mutual holding company formation only if:

(1) such disapproval is necessary to prevent unsafe or unsound banking practices;

(2) the financial or management resources of the financial institution warrant disapproval;

(3) the mutual or cooperative financial institution does not furnish the information required by this section;

(4) the mutual or cooperative financial institution does not comply with subsection (a) of this section; or

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

(c) Notice to depositors. After a mutual or cooperative financial institution has complied with the provisions of subsections (a) and (b) of this section, it shall give its depositors at least 60 days' prior written notice of the effective date of the reorganization. Such notice shall include a brief description of the plan of reorganization and a statement of the depositor's right to withdraw any amount deposited to his or her account without penalty. The form of such notice shall be approved by the Commissioner and shall be sent to each depositor by first-class mail. Any depositor objecting to the reorganization within 60 days after such notice may withdraw any amounts on deposit and shall be paid the full amount of the deposit, with interest to the date of payment computed at the rate established by the deposit agreement or, in the absence of an agreement, at the rate paid by the financial institution on other similar interest-bearing accounts. Any depositor who does not withdraw the amount deposited to his or her credit prior to the effective date of the reorganization shall be deemed to have assented to the reorganization.
8 V.S.A. § 8307 — VT Code / Title 8 / Chapter 159 / Section 8307
§ 8307. Hearings
Status: in_force

Upon receipt of any notice required under subsection 8302(e), 8303(c) or (d), subdivision 8304(a)(4) or (5), or subsection 8304(c) of this title, any insurer aggrieved by any action taken under those sections may appeal to the Commissioner within five days of receipt of notice of the action. The hearing shall be subject to 3 V.S.A. chapter 25. Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which date shall be not less than 10 nor more than 30 days after the date of the insurer's request.
8 V.S.A. § 14304 — VT Code / Title 8 / Chapter 204 / Section 14304
§ 14304. Card holder represented by legal counsel
Status: in_force

(a) A credit card company or its creditor or collection agency shall not contact a card holder regarding a debt, late fee, or other charge once informed that the card holder is disputing the debt, late fee, or other charge; is represented by legal counsel in the dispute; and the card holder has provided the credit card company or its creditor or collection agency with the name, address, and telephone number of the legal counsel.

(b) A credit card company or its creditor or collection agency that violates subsection (a) of this section shall be fined not more than $10,000.00.

(c) Each violation of subsection (a) of this section shall be considered a separate offense.
8 V.S.A. § 3841 — VT Code / Title 8 / Chapter 103 / Section 3841
§§ 3841-3854. Repealed. 1971, No. 106, § 6, eff. April 22, 1971.
Status: in_force

(a) With each application for a life settlement, a life settlement provider or a life settlement broker shall provide the policy owner with at least the following disclosures not less than 10 days prior to the time the application for the life settlement contract is signed by all parties. The disclosures shall be provided in a separate document that is signed by the policy owner and the life settlement provider or life settlement broker and shall include the following information:

(1) There are possible alternatives to life settlement contracts, including any accelerated death benefits or policy loans offered under the policy owner's life insurance policy.

(2) That a life settlement broker represents exclusively the policy owner and not the insurer or the life settlement provider and owes a fiduciary duty to the policy owner, including a duty to act according to the policy owner's instructions and in the best interest of the policy owner.

(3) Some or all of the proceeds of the life settlement may be taxable under federal income tax and state franchise and income tax laws, and assistance should be sought from a professional tax advisor.

(4) Proceeds of the life settlement could be subject to the claims of creditors.

(5) Receipt of the proceeds of a life settlement may adversely affect the policy owner's eligibility for Medicaid or other government benefits or entitlements, and advice should be obtained from the appropriate government agencies.

(6) The policy owner has the right to rescind a life settlement contract before 30 calendar days after the date upon which the life settlement contract is executed by all parties. Rescission, if exercised by the policy owner, is effective only if both notice of the rescission is given and the policy owner repays all proceeds and any premiums, loans, and loan interest paid on account of the life settlement within the rescission period. If the insured dies during the rescission period, the life settlement contract shall be deemed to have been rescinded, subject to repayment by the policy owner or the policy owner's estate of all life settlement proceeds and any premiums, loans, and loan interest on the life settlement within 60 days of the insured's death.

(7) Funds will be sent to the policy owner within three business days after the life settlement provider has received the insurer or group administrator's written acknowledgment that ownership of the policy or interest in the certificate has been transferred and that the beneficiary has been designated.

(8) Entering into a life settlement contract may cause other rights or benefits, including conversion rights and waiver of premium benefits that may exist under the policy or certificate, to be forfeited by the policy owner. Assistance should be sought from an independent, qualified professional with experience in these matters.

(9) Disclosure to a policy owner shall include distribution of a brochure approved by the Commissioner describing the process of life settlements.

(10) The disclosure document shall contain the following language: “All medical, financial, or personal information solicited or obtained by a life settlement provider or life settlement broker about an insured, including the insured's identity or the identity of family members, a spouse or party to a civil union or a significant other may be disclosed as necessary to effect the life settlement between the policy owner and the life settlement provider. If you are asked to provide this information, you will be asked to consent to the disclosure. The information may be provided to someone who buys the policy or provides funds for the purchase who may not be obligated to protect and keep the information confidential. You may be asked to renew your permission to share information every two years.”

(11) Following execution of a life settlement contract, the insured may be contacted for the purpose of determining the insured's health status and to confirm the insured's residential or business street address and telephone number, or as otherwise provided in this subchapter. This contact shall be limited to once every three months if the insured has a life expectancy of six months or more, and no more than once every two months if the insured has a life expectancy of six months or less. All such contracts shall be made only by a life settlement provider licensed in the state in which the policy owner resided at the time of the life settlement or by the authorized representative of such duly licensed life settlement provider.

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

(b)(1) A life settlement provider shall provide the policy owner with at least the following disclosures no later than 10 days before the date the life settlement contract is signed by all parties. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the policy owner and provide the following information:

(A) unless previously disclosed under subsection (a) of this section, the affiliation, if any, between the life settlement provider and the issuer of the insurance policy to be subject to the life settlement contract;

(B) the name, business address, and telephone number of the life settlement provider;

(C) any affiliations or contractual arrangements between the life settlement provider and the life settlement purchaser.

(2) If an insurance policy subject to a life settlement contract has been issued as a joint policy or involves family riders or any coverage of a life other than the insured under the policy to be subject to a life settlement contract, the policy owner or owners shall be informed of the possible loss of coverage on the other lives under the policy and shall be advised to consult with his or her or their insurance producer or the insurer issuing the policy for advice on the proposed life settlement.

(3) The document shall state the dollar amount of the current death benefit payable to the life settlement provider under the policy or certificate. The life settlement provider shall also disclose the availability, if known, of any additional guaranteed insurance benefits, the dollar amount of any accidental death and dismemberment benefits under the policy or certificate, and the extent to which the policy owner's interest in those benefits will be transferred as a result of the life settlement contract.

(4) The document shall state whether the funds will be escrowed with an independent third party or placed in trust during the transfer process. If an escrow account is used, the document shall provide the name, business address, and telephone number of the independent third party escrow agent. If a trust account is used, the document shall identify the state or federally chartered institution. The document shall state that the policy owner may inspect or receive copies of the relevant escrow or trust agreements or documents.

(c) A life settlement broker shall provide the policy owner with at least the following disclosures no later than 10 days before the date the life settlement contract is signed by all parties. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the policy owner and provide the following information:

(1) the name, business address, and telephone number of the life settlement broker;

(2) a full, complete, and accurate description of all offers, counteroffers, acceptances, and rejections relating to the proposed life settlement contract;

(3) a written disclosure of any affiliations or contractual arrangements between the life settlement broker and any person making an offer in connection with the proposed life settlement contracts;

(4) the amount and method of calculating the broker's compensation, which term includes anything of value paid or given to a life settlement broker for the placement of a policy; and

(5) where any portion of the life settlement broker's compensation, as defined in subdivision (4) of this subsection, is taken from a proposed life settlement offer, a disclosure of the total amount of the life settlement offer and the percentage of the life settlement offer constituted by the life settlement broker's compensation.

(d) If the life settlement provider transfers ownership or changes the beneficiary of the insurance policy, the provider shall communicate in writing the change in ownership or beneficiary to the insured within 20 days after the change.
8 V.S.A. § 4374 — VT Code / Title 8 / Chapter 117 / Section 4374
§ 4374. Appeals to Supreme Court
Status: in_force

An association may appeal to the Supreme Court from a decision or order of the Commissioner affecting such association.
8 V.S.A. § 2760a — VT Code / Title 8 / Chapter 83 / Section 2760a
§ 2760a. Timely payments to creditors
Status: in_force

Licensees shall make payments to creditors in a timely manner at least once every 30 days in accordance with the contract between the licensee and the debtor.
8 V.S.A. § 8208 — VT Code / Title 8 / Chapter 157 / Section 8208
§ 8208. Form of notice of transfer
Status: in_force

NOTICE OF TRANSFER IMPORTANT: THIS NOTICE AFFECTS YOUR CONTRACT RIGHTS. PLEASE READ IT CAREFULLY. Transfer of Policy

The AB Insurance company has agreed to replace us as your insurer under (insert policy/certificate name and number) effective (insert date). The AB Insurance Company's principal place of business is (insert address). Financial information concerning both companies is attached, including (1) ratings for the last five years, if available, or for such lesser period as is available from two nationally recognized insurance rating services; (2) balance sheets for the previous three years, if available, or for such lesser period as is available and as of the date of the most recent quarterly statement; (3) a copy of the Management's Discussion and Analysis that was filed as a supplement to the previous year's annual statement; and (4) an explanation of the reason for the transfer. You may obtain additional information concerning AB Insurance Company from reference materials in your local library or by contacting your Insurance Commissioner at (insert address and phone number).

The AB Insurance Company is licensed to write this coverage in your state. The Commissioner of Insurance in your state has reviewed the potential effect of the proposed transaction, and has approved the transaction (if the commissioner has approved the transaction).

You may choose to consent to or reject the transfer of your policy to AB Insurance Company. If you want your policy transferred, you may notify us in writing by signing and returning the enclosed pre-addressed, postage-paid card.

Payment of your premium to the AB Insurance Company will also constitute consent to the transfer of your policy unless you reject or reserve the right to reject the transfer when you make your payment. Your next premium notice will tell you how to pay the premium and keep your policy in force while reserving your right to reject the transfer.

If you do not want your policy transferred, you must notify us in writing that you reject the transfer. You may use the enclosed pre-addressed, postage-paid card to notify us that you reject the transfer.

If you reject the transfer, you may keep your policy with us or exercise any option under your policy. If we do not receive notice of rejection, you will, as a matter of law, be deemed to have consented to the transfer effective (insert date). However, before this consent is final you will be provided a second notice of the transfer 12 months from now. After the second notice is provided, you will have two months to reply. If you pay your premium to the AB Insurance Company without reserving your right to reject the transfer, you will not receive a second notice.

You may also notify us of your consent to or rejection of the transfer of your policy by writing to us at:

Insert name, address and facsimile number of contact person.

If you accept this transfer, AB Insurance Company will be your insurer. It will have direct responsibility to you for the payment of all claims, benefits and for all other policy obligations. We will no longer have any obligations to you.

If you accept this transfer, you should make all premium payments and claims submissions to AB Insurance Company and direct all questions to AB Insurance Company.

If you have any further questions about this agreement, you may contact XY Insurance (the transferring insurer) or AB Insurance Company.

For your convenience, we have enclosed a pre-addressed postage-paid response card. Please take time now to read the enclosed notice and complete and return the response card to us.
8 V.S.A. § 32202 — VT Code / Title 8 / Chapter 222 / Section 32202
§ 32202. Payment of deposits to administrators from another state or country
Status: in_force

The provisions of section 14202 of this title governing the payment of deposits to administrators from another state or country shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.
8 V.S.A. § 4674 — VT Code / Title 8 / Chapter 127 / Section 4674
§ 4674. Convictions
Status: in_force

(a) The Commissioner may by rule specify motor vehicle and criminal violations conviction of any of which may be used as a basis for a surcharge.

(b) Notwithstanding subsection (a) of this section, only those motor vehicle violations that occurred during the experience period may be used as a basis for a surcharge.

(c) An adjudication under 7 V.S.A. § 656 may not be used as a basis for a surcharge.
8 V.S.A. § 3589 — VT Code / Title 8 / Chapter 101 / Section 3589
§ 3589. Sanctions
Status: in_force

Any insurer failing without just cause to timely file the summary report as required by this subchapter shall be required, after notice and hearing, to pay a penalty of $10,000.00 for each day's delay, to be recovered by the Commissioner, and the penalty so recovered shall be paid into the General Fund of this State. The maximum penalty under this section is $1,000,000.00. The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
8 V.S.A. § 8084a — VT Code / Title 8 / Chapter 154 / Section 8084a
§ 8084a. Required disclosure of rating practices to consumers
Status: in_force

(a) Other than policies for which no applicable premium rate or rate schedule increases can be made, insurers shall provide all of the information listed in this subsection to the applicant at the time of application or enrollment, unless the method of application does not allow for delivery at that time. In such a case, an insurer shall provide all of the information listed in this subsection to the applicant not later than at the time of delivery of the policy or certificate:

(1) A statement that the policy may be subject to rate increases in the future.

(2) An explanation of potential future premium rate or rate schedule revisions and the policyholder's or certificate holder's option in the event of a revision.

(3) The premium rate or rate schedules applicable to the applicant that will be in effect until a request is made for an increase.

(4) A general explanation for applying premium rate or rate schedule adjustments that shall include:

(A) a description of when premium rate or rate schedule adjustments will be effective; and

(B) the right to a revised premium rate or rate schedule as provided in subdivision (2) of this subsection (a) if the premium rate or rate schedule is changed.

(5) Information regarding each premium rate or rate schedule increase on this policy form or similar policy forms over the past 10 years for this State or any other state that, at a minimum, identifies:

(A) The policy forms for which premium rates or rate schedules have been increased.

(B) The calendar years during which the form was available for purchase.

(C) The amount or percent of each increase. The percentage may be expressed as a percentage of the premium rate prior to the increase and may also be expressed as minimum and maximum percentages if the rate increase is variable by rating characteristics.

(b) In certain circumstances, the Commissioner may waive the disclosures required to be made by an insurer under subdivision (a)(5) of this section where such disclosures relate to blocks of business acquired by such an insurer from nonaffiliated insurers or the long-term care policies acquired from nonaffiliated insurers and when the increases that would otherwise be required to be disclosed occurred prior to the acquisition of such block or policies. Similarly, the Commissioner may waive the premium disclosures required by subdivision (a)(5) of this section, as relates to a rate increase on a long-term care policy form acquired from nonaffiliated insurers or a block of policy forms acquired from nonaffiliated insurers on or before the end of a 24-month period following the acquisition of the block of policies, and where disclosure of the rate increase had been made by the selling insurer prior to the acquisition. When making a decision to waive the disclosures required under subdivision (a)(5) of this section, the Commissioner shall consider such factors as whether making the disclosures would be unfair or punitive to the acquiring insurer and whether nondisclosure would harm Vermont consumers.

(c) The insurer shall, in a form and in a fair manner approved by the Commissioner, provide explanatory information related to premium rate and rate schedule increases covered by this section.

(d) An applicant shall, at the time of application, unless the method of application does not allow for acknowledgment at that time, in such a case, not later than at the time of delivery of the policy or certificate, sign an acknowledgment that the insurer made the disclosures required under subdivisions (a)(1) and (5) of this section.

(e) An insurer shall provide notice of an upcoming premium rate or rate schedule increase to all policyholders or certificate holders, if applicable, at least 90 days prior to the implementation of the premium rate or rate schedule increase by the insurer. The notice shall include the information required by subsection (a) of this section when the rate increase is implemented, as well as the explanatory information required by subsection (c) of this section that is specific to the upcoming premium rate or rate schedule increase.
8 V.S.A. § 4034 — VT Code / Title 8 / Chapter 107 / Section 4034
§ 4034. Requirements of other jurisdictions
Status: in_force

(a) Any policy of a foreign or alien insurer, when delivered or issued for delivery to any person in this State, may contain any provision that is not less favorable to the covered individual than the provisions of this chapter and that is prescribed or required by the law of the state under which the insurer is organized.

(b) Any policy of a domestic health insurer, when issued for delivery in any other state or country, may contain any provision permitted or required by the laws of such other state or country. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3370 — VT Code / Title 8 / Chapter 101 / Section 3370
§ 3370. Service of process upon unauthorized insurer by director
Status: in_force

(a) Any act of entering into a contract of insurance as an insurer or transacting insurance business in this State as set forth in subsection (b) of section 3368 of this title, by an unauthorized foreign or alien insurer is equivalent to and shall constitute an appointment by such insurer, of the Secretary of State and his or her successor or successors in office, to be its true and lawful attorney upon whom may be served all lawful process in any action or proceeding against it, arising out of a violation of section 3368 of this title, and the commission of any of these acts constitutes an agreement that any such process so served shall be of the same legal force and validity as if served upon the insurer.

(b) Service of such process shall be made by delivering and leaving with the Secretary of State two copies thereof and the payment to the Secretary of State of the fee prescribed by law. The Secretary of State shall forthwith mail by registered mail one of the copies of such process to such insurer at its last known principal place of business, and shall keep a record of all process so served upon him or her. Such process shall be sufficient service upon such insurer provided notice of such service and a copy of the process are, within 14 days thereafter, sent by registered mail or on behalf of the director to such insurer at its last known principal place of business, and such insurer's receipt and the affidavit of compliance herewith by or on behalf of the director are filed with the clerk of the court in which such action or proceeding is pending on or before the return date of such process or within such further time as the court may allow.

(c)(1) The court in any action or proceeding in which service is made in the manner provided in subsection (b) of this section may, in its discretion, order such postponement as may be necessary to afford such insurer reasonable opportunity to defend such action or proceeding.

(2) Nothing in this section is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in subsection (b) of this section on the ground that such unauthorized insurer has not done any of the acts referred to in subsection (a) of this section.

(d) No judgment by default shall be entered in any such action or proceeding until the expiration of 30 days from the date of the filing of the affidavit of compliance.

(e) Nothing in this section contained shall limit or affect the right to serve any process, notice, or demand required or permitted by law to be served upon any insurer in any other manner now or hereafter permitted by law.
8 V.S.A. § 3808 — VT Code / Title 8 / Chapter 103 / Section 3808
§ 3808. Trustee groups
Status: in_force

The lives of a group of individuals may be insured under a policy issued to the trustees of a fund established by, adopted by, or participated in by two or more employers, or by one or more labor unions, or by one or more employers and one or more labor unions, which trustees shall be deemed the policyholder, to insure employees of the employers or members of the unions for the benefit of persons other than the employers or the unions, subject to the following requirements:

(1) No policy may be issued to insure employees of any employer whose eligibility to participate in the fund as an employer arises out of considerations directly related to the employer being a commercial correspondent or business client or patron of another employer, except where such other employer exercises substantial control over the business operations of the participating employers.

(2) The persons eligible for insurance shall be all of the employees of the employers or all of the members of the unions, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the unions, or to both. The policy may provide that the term “employees” shall include retired employees, former employees, and the individual proprietor or partners if an employer is an individual proprietor or a partnership. 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. The policy may provide that the term “employees” shall include the trustees or their employees, or both, if their duties are principally connected with such trusteeship.

(3) The premium for the policy shall be paid by the trustees wholly from funds contributed by the employer or employers of the insured persons, or by the union or unions, or by both, or partly from such funds and partly from funds contributed by the insured persons. A policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.

(4) The policy must cover at date of issue at least 100 persons; and it must cover an average of not less than three persons per employer unit unless the policy is issued to the trustees of a fund established by employers that have assumed obligations through a collective bargaining agreement and are participating in the fund either pursuant to those obligations with regard to one or more classes of their employees that are encompassed in the collective bargaining agreement or as a method of providing insurance benefits for other classes of their employees, or unless the policy is issued to the trustees of a fund established by one or more labor unions.

(5) The amount of insurance under the policy must be based upon some plan precluding individual selection either by the insured persons or by the policyholder, employers, or unions.
8 V.S.A. § 4174 — VT Code / Title 8 / Chapter 112 / Section 4174
§ 4174. Construction
Status: in_force

This chapter shall be liberally construed to effect the purpose under section 4172 of this chapter, which shall constitute an aid and guide to interpretation.
8 V.S.A. § 2115 — VT Code / Title 8 / Chapter 72 / Section 2115
§ 2115. Penalties
Status: in_force

(a) The Commissioner may:

(1) impose an administrative penalty of not more than $10,000.00, plus the State's cost and expenses of investigating and prosecution of the matter, including attorney's fees, for each violation upon any person who violates or participates in the violation of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any lawful rule adopted, or directive or order issued, pursuant to those sections; and

(2) order any person to make restitution to another person for a violation of this part, chapter 200 of this title, or 9 V.S.A. chapter 4, 59, or 61.

(b) Each violation, or failure to comply with any directive or order of the Commissioner, is a separate and distinct violation.

(c) It shall be a criminal offense, punishable by a fine of not more than $100,000.00, or not more than a year in prison, or both, for any person, after receiving an order that directs the person to cease exercising the duties and powers of a licensee and imposes an administrative penalty under this part, to perform the duties or exercise the powers of a licensee until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the order is vacated by the Commissioner or by a court of competent jurisdiction.

(d) It shall be a criminal offense, punishable by a fine of not more than $10,000.00 or imprisonment of not more than three years in prison, or both, for any person to intentionally make a false statement, misrepresentation, or false certification in a record filed or required to be maintained by this part, or to intentionally make a false entry or omit a material entry in such a record, or to knowingly engage in any activity for which a license is required under this chapter without being licensed under this chapter.

(e)(1) A loan contract made in knowing and willful violation of subdivision 2201(a)(1) of this title is void, and the lender shall not collect or receive any principal, interest, or charges; provided, however, in the case of a loan made in violation of subdivision 2201(a)(1) of this title, where the Commissioner does not find a knowing and willful violation, the lender shall not collect or receive any interest or charges, but may collect and receive principal.

(2) If a person who receives an order that directs the person to cease exercising the duties and powers of a licensee and imposes an administrative penalty under this part continues to perform the duties or exercise the powers of a licensee without satisfying the penalty, or otherwise reaching a satisfactory resolution between the parties, or securing a decision vacating the order by the Commissioner or by a court of competent jurisdiction, a loan contract made by the person after receipt of such order is void and the lender shall not collect or receive any principal, interest, or charges.

(f) The powers vested in the Commissioner in this part are in addition to any other powers to enforce penalties, fines, or forfeitures authorized by law.

(g) This section does not limit the power of the State to punish a person for conduct that otherwise constitutes a crime under Vermont law.
8 V.S.A. § 4048c — VT Code / Title 8 / Chapter 107 / Section 4048c
§ 4048c. Notice of termination
Status: in_force

(a) A notice of termination of a health insurer's group health insurance policy or subscriber contract shall:

(1) request the group policyholder or other entity involved to notify employees or members covered under the policy or subscriber contract of the date of termination of the policy or contract and to advise the employees or members that, unless otherwise provided in the policy or contract, the health insurer shall not be liable for claims for losses incurred after such date; and

(2) advise, in any instance in which the plan involves employee contributions, that if the policyholder or other entity continues to collect contributions for the coverage beyond the date of termination, the policyholder or other entity may be held solely liable for the benefits with respect to which the contributions have been collected.

(b) The health insurer giving notice of termination shall prepare and furnish to the policyholder or other entity at the time of notice a supply of a notice form to be distributed to covered employees or members. The form shall state the fact of termination and the effective date of termination. The form shall contain a statement directing employees or members to refer to their certificates or contracts in order to determine their rights. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3666 — VT Code / Title 8 / Chapter 101 / Section 3666
§ 3666. Rules; methods of notice
Status: in_force

Notwithstanding the requirements under sections 3883, 4226, and 4714 of this title, the Commissioner of Financial Regulation shall adopt rules specifying the methods by which a notice to a party required under section 3880, 3881, 4224, 4225, 4712, or 4713 of this title shall be given.
8 V.S.A. § 5107a — VT Code / Title 8 / Chapter 139 / Section 5107a
§ 5107a. Application for continuing authority upon merger, consolidation, transfer of control, or sale of contracts
Status: in_force

(a) If a health maintenance organization that annually writes more than $10 million of premium in this State intends to merge into or with or consolidate with, transfer more than 10 percent of its stock or other ownership interest, to sell or dispose of all or substantially all of its assets to, or transfer more than 25 percent of its Vermont contracts to any other person, that person may succeed on a continuing basis to the authority possessed by the health maintenance organization if:

(1) A plan of merger, consolidation, or operation and an application for continuing authority is approved by the Commissioner. The application for continuing authority must comply with subsections 5102(b) and (c) of this title. The applicant shall provide such additional information as the Commissioner may require.

(2) The proposed surviving or acquiring person, if a health maintenance organization within the meaning of subdivision 5101(2) of this title, is qualified to obtain a certificate of authority under the provisions of this chapter.

(3) The proposed surviving or acquiring person is in compliance with all of the requirements of this chapter and, if licensed or authorized under any other provision of this title, is in compliance with all applicable laws of this State.

(4) The Commissioner finds that the transaction will promote the general good of the members of the health maintenance organization and the public, taking into account the effect the transaction will have on competition in this State and that the applicant is in compliance with this section.

(5) The health maintenance organization has obtained all required regulatory approvals from any other state with jurisdiction over the transaction or the Commissioner's approval is effective upon the issuance of such approvals.

(b) As used in this section, a “health maintenance organization” includes a “health maintenance organization,” as defined in subdivision 5101(2) of this title, that is authorized to transact business in this State, and any person who, directly or indirectly, has the power to direct or control the policies or management of a health maintenance organization that is authorized to transact business in this State, whether through an ownership interest or otherwise and the health maintenance organization is affected by a transaction described in subsection (a) of this section. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10 percent or more of the voting interests of a health maintenance organization or has the power, directly and indirectly, to appoint one or more directors of the health maintenance organization.

(c) In approving the plan or application or in making findings under this section, the Commissioner may consider and rely on the record of any previous proceeding or order of the commissioner of the state of domicile of a health maintenance organization with respect to the transaction.

(d) The Commissioner may exempt from the provisions of this section any transaction that does not have a material impact on Vermont members.
8 V.S.A. § 3569 — VT Code / Title 8 / Chapter 101 / Section 3569
§ 3569. National Association of Insurance Commissioners filing requirements
Status: in_force

(a) Each domestic, foreign, and alien insurer who is authorized to transact insurance in this State shall annually on or before March 1 of each year, or within any extension of time not to exceed 30 days that the Commissioner, for good cause may have granted, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank as prescribed and adopted by the National Association of Insurance Commissioners, along with such additional filings as prescribed by the Commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners shall be in the same format and scope as that required by the Commissioner and shall include the signed jurat page and the actuarial certification. Any amendments and addendums to the annual statement filing subsequently filed with the Commissioner shall also be filed with the National Association of Insurance Commissioners. The Commissioner in his or her sole discretion may waive one or more of the requirements established by this subsection.

(b) Foreign insurers that are domiciled in a state that has a law substantially similar to subsection (a) of this section shall be deemed in compliance with this section.
8 V.S.A. § 8095 — VT Code / Title 8 / Chapter 154 / Section 8095
§ 8095. Nonforfeiture benefits
Status: in_force

(a) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this State unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate that includes a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. In the event the policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse of the policy that shall be available for a specified period of time following a substantial increase in premium rates.

(b) When a group long-term care insurance policy is issued, the offer required in subsection (a) of this section shall be made to the group policyholder. However, if the policy is issued as group long-term care insurance as defined in subdivision 8082(4)(D) of this title, other than to a continuing care retirement community or other similar entity, the offering shall be made to each proposed certificate holder.

(c) The Commissioner shall adopt rules specifying the type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates, the standards for nonforfeiture benefits, and the rules regarding contingent benefit upon lapse of the policy, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse as described in subsection (a) of this section.
8 V.S.A. § 2204b — VT Code / Title 8 / Chapter 73 / Section 2204b
§ 2204b. Testing of mortgage loan originators
Status: in_force

(a) An individual applying for a mortgage loan originator license shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry and administered by a test provider approved by the Nationwide Multistate Licensing System and Registry based upon reasonable standards.

(b) A written test shall not be treated as a qualified written test for purposes of subsection (a) of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:

(1) ethics;

(2) federal law and regulation pertaining to mortgage origination;

(3) State law and regulation pertaining to mortgage origination; and

(4) federal and State law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

(c) Nothing in this section shall prohibit a test provider approved by the Nationwide Multistate Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant.

(d) An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent correct answers to questions.

(e) An individual may take a test three consecutive times, with each consecutive test occurring at least 30 days after the preceding test. After failing three consecutive tests, an individual shall wait at least six months before taking the test again.

(f) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.
8 V.S.A. § 4363 — VT Code / Title 8 / Chapter 117 / Section 4363
§ 4363. Membership
Status: in_force

Membership in such association shall be limited to such employers as are liable for compensation to their employees under the workers' compensation law, and such association shall have power by appropriate bylaws to provide for the admission, suspension, withdrawal, or expulsion of members.
8 V.S.A. § 7042 — VT Code / Title 8 / Chapter 145 / Section 7042
§ 7042. Court's seizure order
Status: in_force

(a) The Commissioner may file in the Superior Court of Washington County a petition alleging, with respect to a domestic insurer:

(1) that there exist grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter;

(2) that the interests of policyholders, creditors, or the public will be endangered by delay; and

(3) the contents of an order deemed necessary by the Commissioner.

(b) Upon filing a petition under subsection (a) of this section, the court may issue immediately, ex parte and without a hearing, an order directing the Commissioner to take possession and control of all or a part of the property, books, accounts, documents, and other records of an insurer, and of the premises occupied by it for transaction of its business; and enjoining the insurer and its officers, managers, agents, and employees from disposing of its property and from transacting its business except with the written consent of the Commissioner.

(c) The court shall specify in the order issued under subsection (b) of this section its duration, which shall be such time as the court deems necessary for the Commissioner to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may from time to time hold such hearings as it deems desirable after such notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The court shall vacate the seizure order if the Commissioner fails to commence a formal proceeding under this chapter after having had a reasonable opportunity to do so. An order of the court pursuant to a formal proceeding under this chapter shall vacate the seizure order.

(d) Entry of a seizure order under this section shall not constitute an anticipatory breach of any contract of the insurer.

(e) An insurer subject to an ex parte order under this section may petition the court at any time after the issuance of the order for a hearing and review of the order. The court shall hold a hearing and review the order not more than 30 days after the request. A hearing under this subsection may be held privately in chambers and it shall be so held if the insurer proceeded against so requests.

(f) If, at any time after the issuance of such an order, it appears to the court that a person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given shall not stay the effect of any order previously issued by the court.
8 V.S.A. § 13101 — VT Code / Title 8 / Chapter 203 / Section 13101
§ 13101. Application to organize
Status: in_force

(a) Application. Two or more persons, all of whom shall reside in or reside proximate to the geographic area to be served by the institution, may agree in writing to associate themselves for the purpose of forming a mutual or cooperative financial institution pursuant to this chapter, and those persons shall be considered as the organizers of the applicant. The organizers shall file with the Commissioner an application for permission to organize a mutual or cooperative financial institution. The application shall contain the following:

(1) The name by which the financial institution will be known.

(2) The purpose for which it is to be formed, including whether a certificate of general good is sought to conduct business as a mutual financial institution or a cooperative financial institution.

(3) The city or town within this State where the financial institution's principal office is to be located.

(4) The proposed minimum amount of initial capital contributions to be deposited and a statement by each organizer setting forth his or her name, address, and occupation, together with the amount of initial capital that such organizer shall deposit, which statement shall be subscribed by the organizer.

(5) The names, addresses, and occupations of the organizers of the institution, together with a statement as to the character, reputation, and financial responsibility and competence of such persons.

(6) Documents that set forth the proposed institution's organizational structure and business plan, including:

(A) A copy of the organizational documents.

(B) The names of the organizers of the institution who are to serve until the initial meeting of the members or corporators or until their successors are elected and qualified, and the names, addresses, and occupations of the directors who will be voted on by the members or corporators at the initial meeting, together with a statement as to the character, reputation, and financial responsibility of each. A list of the names, addresses, and official positions of the persons who are to be responsible for the conduct of the affairs of the applicant, including all members of the governing body, any committees and the executive officers; a statement as to the character, reputation, financial responsibility, and competence and experience in banking and business of such persons, and such disclosure and conflict of interest statements as required.

(C) A financial plan that includes a three-year projection of the initial operating results anticipated and a description of the proposed method of marketing the plan, and a statement as to the sources of initial capital as well as any other sources of funding.

(7) The reasons that an institution of the type specified in subdivision (2) of this subsection is needed in the proposed location.

(8) Copies of any application filed with any other supervisory agency.

(9) Any additional information as the Commissioner may require.

(b) Publication of notice. After determining that the application required by this section is complete, the Commissioner shall advise the organization or the organizers of the entity to publish any notice that will be required by the Commissioner under subsection 11702(c) of this title.
8 V.S.A. § 14405 — VT Code / Title 8 / Chapter 204 / Section 14405
§ 14405. Powers and duties of officers
Status: in_force

In proceedings in the Probate Division of the Superior Court or elsewhere, connected with authority exercised as executor, administrator, receiver, assignee, trustee, or guardian, all accounts, returns, and other papers may be signed and sworn to in behalf of such a financial institution exercising trust powers by any officer thereof duly authorized by it. The answers and examinations of that officer, under oath, shall be received as the answers and examinations of the financial institution. The court may order and compel any and all officers of the financial institution to answer and attend the examinations, in the same manner as if they, personally, were parties to the proceeding or inquiry. Such a financial institution shall not be required to receive or hold any property or money or to execute any trust contrary to its own desire.
8 V.S.A. § 4585a — VT Code / Title 8 / Chapter 125 / Section 4585a
§ 4585a. Optometrists; visual services
Status: in_force

Whenever any policy of insurance or any medical service plan or hospital service contract or hospital and medical service contract provides for reimbursement for any visual service that is within the lawful scope of practice of a duly licensed optometrist with qualifications as defined by 26 V.S.A. § 1691, the insured or other person entitled to the benefits under the policy shall be entitled to reimbursement for the services, whether the services are performed by a duly licensed physician or by a duly licensed optometrist, whichever the insured selects. Notwithstanding any provision to the contrary in any statute or in any policy, plan, or contract, duly licensed optometrists shall be entitled to participate in such policies, plans, or contracts providing for visual services to the same extent as fully licensed physicians and no insurer shall make or permit any unfair discrimination against particular individuals or persons so licensed. (1971, No. 186 (Adj. Sess.), eff. March 30, 1972.)
8 V.S.A. § 4036 — VT Code / Title 8 / Chapter 107 / Section 4036
§ 4036. Nonconforming policies
Status: in_force

(a) A health insurance policy shall not contain any provision that makes the policy or any portion of the policy less favorable in any respect to the covered individual than the provisions of the policy that are regulated by sections 4029 and 4030 of this title.

(b) A policy delivered or issued for delivery to any person in this State in violation of sections 4029 and 4030 of this title shall be held valid but shall be construed as provided in this chapter. When any provision in a policy regulated by sections 4029 and 4030 is in conflict with any provision of those sections, the rights, duties, and obligations of the health insurer and the covered individual shall be governed by the provisions of those sections. (Recodified and amended 2025, No. 11, § 2, eff. September 1, 2025.)
8 V.S.A. § 3856 — VT Code / Title 8 / Chapter 103 / Section 3856
§ 3856. Required contents of policy
Status: in_force

Any contract providing benefits payable in variable amounts delivered or issued for delivery in this State shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
8 V.S.A. § 3307 — VT Code / Title 8 / Chapter 101 / Section 3307
§ 3307. Consideration for stock
Status: in_force

(a) The capital stock of a corporation doing any and all insurance and reinsurance comprised in any one or more of the subdivisions of section 3301 of this title shall be issued at not less than par and under any of the following conditions, subject to the approval of the Commissioner:

(1) For cash.

(2) For the stock of another insurance company on a reorganization or merger.

(3) For the stock of the same insurance company at the same or a different par value or preference than that of the stock called for exchange.

(4) As a stock dividend. Any increase in par value under subdivisions (2) and (3) of this subsection and of the stock dividend provided in this subdivision are chargeable against the issuing corporation's surplus, undivided profits or a reserve established for that purpose. However, the limitations of this subdivision shall not exclude the payment of cash for a part of any increase in par value provided in subdivisions (2) and (3) of this subsection.

(b) Whenever the charter or articles of association of an insurance company are so amended as to authorize an increase in its capital stock, it shall not be required to issue the whole amount of authorized increase, nor required to make any statement of capital except to the amount actually paid in or issued in accordance with the provisions of this chapter.
8 V.S.A. § 3791r — VT Code / Title 8 / Chapter 103 / Section 3791r
§ 3791r. Single state exemption
Status: in_force

(a) The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Vermont from the requirements of section 3791n of this subchapter provided:

(1) the Commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and

(2) the company computes reserves using assumptions and methods used prior to the operative date of the Valuation Manual in addition to any requirements established by rule adopted by the Commissioner.

(b) For any company granted an exemption under this section, sections 3791c-3791m of this subchapter shall be applicable. With respect to any company applying this exemption, any reference to section 3791n found in sections 3791c-3791m of this subchapter shall not be applicable.
8 V.S.A. § 3914 — VT Code / Title 8 / Chapter 105 / Section 3914
§ 3914. Statement as to applications
Status: in_force

At the time of such filing, or within one year thereafter, such persons, or those who have been designated as the president and the secretary of such corporation, may file with the Commissioner a sworn statement to the effect that applications for insurance in the amounts respectively indicated in section 3920 of this title have been made in good faith to such corporation. Such statement shall give the names and addresses of such applicants and the amount of insurance applied for by each. In case such corporation charges advance premiums such statement shall show that the premium, specifying the amount, has been paid in full by each such applicant.
8 V.S.A. § 2113 — VT Code / Title 8 / Chapter 72 / Section 2113
§ 2113. Appeal of final order
Status: in_force

(a) The Commissioner shall serve his or her findings and order of suspension, termination, revocation, or to cease and desist in specified conduct on the licensee by mail at the licensee's current address as stated on the license, which shall be presumptive evidence of its receipt by the licensee.

(b) The licensee may appeal the Commissioner's decision by filing an action in the civil division of the Washington County Superior Court not later than 15 days after the date of service.
8 V.S.A. § 19407 — VT Code / Title 8 / Chapter 209 / Section 19407
§ 19407. Expenses; deposits received after petition filed
Status: in_force

The expense of operation between filing of the petition and final decree shall be apportioned between the original assets and the new assets in such manner as the Superior judge may deem just. The deposits received between the filing of the petition and the final decree shall not be reduced by the decree except only to meet those expenses of operation, if any, or losses incurred with respect to those segregated assets.
8 V.S.A. § 2114 — VT Code / Title 8 / Chapter 72 / Section 2114
§ 2114. Rules
Status: in_force

The Commissioner may adopt rules and issue orders, rulings, demands, and findings as is necessary to perform his or her duties under this part.
8 V.S.A. § 2542 — VT Code / Title 8 / Chapter 79 / Section 2542
§ 2542. Maintenance of permissible investments
Status: in_force

(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with U.S. generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations.

(b) Except for permissible investments enumerated in subsection 2543(a) of this subchapter, the Commissioner, with respect to any licensee, may by rule or order limit the extent to which a specific investment maintained by a licensee within a class of permissible investments may be considered a permissible investment, if the specific investment represents undue risk to customers, not reflected in the market value of investments.

(c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations upon the occurrence of one or more of the following events:

(1) the insolvency of the licensee;

(2) the filing of a petition by or against the licensee under the U.S. Bankruptcy Code, 11 U.S.C. §§ 101–110, as may be amended, for bankruptcy or reorganization;

(3) the filing of a petition by or against the licensee for receivership;

(4) the commencement of any other judicial or administrative proceeding for its dissolution or reorganization; or

(5) the commencement of an action by a creditor against the licensee who is not a beneficiary of this statutory trust.

(d) No permissible investments impressed with a trust pursuant to subsection (c) of this section shall be subject to attachment, levy of execution, or sequestration by order of any court, except for a beneficiary of this statutory trust.

(e) Upon the establishment of a statutory trust in accordance with subsection (c) of this section or when any funds are drawn on a letter of credit pursuant to subdivision 2543(a)(4) of this subchapter, the Commissioner shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice shall be deemed satisfied if performed pursuant to a multistate agreement or through NMLS. Funds drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations, are deemed held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in this State, and other states, as applicable. Any statutory trust established hereunder shall be terminated upon extinguishment of all of the licensee's outstanding money transmission obligations.

(f) The Commissioner by rule or order may allow other types of investments that the Commissioner determines are of sufficient liquidity and quality to be a permissible investment. The Commissioner is authorized to participate in efforts with other state regulators to determine that other types of investments are of sufficient liquidity and quality to be a permissible investment.
8 V.S.A. § 8501 — VT Code / Title 8 / Chapter 165 / Section 8501
§ 8501. Establishment of the Commission and venue
Status: in_force

(a) The compacting states hereby create and establish a joint public agency known as the “Interstate Insurance Product Regulation Commission.” Pursuant to section 8502 of this chapter, the Commission will have the power to develop uniform standards for product lines, receive and provide prompt review of products filed with the Commission, and give approval to those product filings satisfying applicable uniform standards, provided it is not intended for the Commission to be the exclusive entity for receipt and review of insurance product filings. Nothing in this chapter shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance, and any such filing shall be subject to the laws of the state where filed.

(b) The Commission is a body corporate and politic and an instrumentality of the compacting states.

(c) The Commission is a nonprofit entity, separate and distinct from the individual compacting states.

(d) The Commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.

(e) Venue is proper and judicial proceedings by or against the Commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the Commission is located.
8 V.S.A. § 2455 — VT Code / Title 8 / Chapter 78 / Section 2455
§ 2455. Conduct of business
Status: in_force

(a) A personal information protection company may:

(1) operate through remote interaction with the individuals entrusting personal information to the company, and there shall be no requirement of Vermont residency or other contact for any such individual to establish such a relationship with the company; and

(2) subject to applicable fiduciary duties, the terms of any agreement with the individual involved, and any applicable statutory or regulatory provision:

(A) provide elements of personal information to third parties with which the individual seeks to have a transaction, a service relationship, or other particular purpose interaction;

(B) provide certification or validation concerning personal information; and

(C) receive compensation for acting in these capacities.

(b) An authorization to provide personal information may be either particular or general, provided it meets the terms of any agreement with the individual involved and any rules adopted by the Department of Financial Regulation.
8 V.S.A. § 4372 — VT Code / Title 8 / Chapter 117 / Section 4372
§ 4372. Approval of premiums, liabilities, assessments, and dividends
Status: in_force

Such association, subject to the approval of the Commissioner, may determine the premiums, contingent liabilities, assessments, penalties, and dividends of its members and enforce or administer the same.
8 V.S.A. § 2220a — VT Code / Title 8 / Chapter 73 / Section 2220a
§ 2220a. Disclosure required by loan solicitation licensee
Status: in_force

Each loan solicitation licensee shall include clearly and conspicuously in all advertisements of loans and solicitations of leads, the following statement: THIS IS A LOAN SOLICITATION ONLY. [INSERT LICENSEE NAME] IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR LOAN INQUIRY. THE LENDER MAY NOT BE SUBJECT TO ALL VERMONT LENDING LAWS. THE LENDER MAY BE SUBJECT TO FEDERAL LENDING LAWS.
8 V.S.A. § 7078 — VT Code / Title 8 / Chapter 145 / Section 7078
§ 7078. Disputed claims
Status: in_force

(a) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or the claimant's attorney by first-class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may file objections with the liquidator. If no such filing is made, the claimant may not further object to the determination.

(b) Whenever objections are filed with the liquidator and the liquidator does not alter his or her denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first-class mail to the claimant or the claimant's attorney and to any other persons directly affected, not less than ten nor more than 30 days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with a recommendation.
8 V.S.A. § 6034d — VT Code / Title 8 / Chapter 141 / Section 6034d
§ 6034d. Sale, transfer, or assignment of protected cells
Status: in_force

(a) Subject to the prior written approval of the Commissioner, on application of the sponsor and with the prior consent of each participant of the affected protected cell or as otherwise permitted pursuant to a participation agreement, or the consent of the affected incorporated protected cell, a sponsored captive insurance company or a sponsored captive insurance company licensed as a special purpose financial insurance company may sell, transfer, assign, and otherwise convey a protected cell or incorporated protected cell together with all of the protected cell's assets, rights, benefits, obligations, and liabilities to a new or existing sponsored captive insurance company or sponsored captive insurance company licensed as a special purpose financial insurance company, pursuant to a plan or plans of operation approved by the Commissioner.

(b) Any such sale, transfer, assignment, or conveyance shall be deemed for all purposes to be a continuation of the protected cell's existence together with all of its assets, rights, benefits, obligations, and liabilities, as a protected cell of the transferee.

(c) Any such sale, transfer, assignment, or conveyance shall not be construed to limit any rights or protections applicable to the transferred protected cell or incorporated protected cell and the transferor sponsored captive insurance company or sponsored captive insurance company licensed as a special purpose financial insurance company under this subchapter or under section 6048n of this title, as applicable, that existed immediately prior to any such sale, transfer, assignment, or conveyance.
8 V.S.A. § 7096 — VT Code / Title 8 / Chapter 145 / Section 7096
§ 7096. Claims of nonresidents against insurers domiciled in this State
Status: in_force

(a) In a liquidation proceeding begun in this State against an insurer domiciled in this State, claimants residing in foreign countries or in states not reciprocal states must file claims in this State, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.

(b) Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this State as provided in this chapter, or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this State as provided in subsection 7097(b) of this title with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against general assets under section 7081 of this title.