reglab/housing_qa huggingface dataset:
8 V.S.A. § 3585
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3585. Summary report

§ 3585. Summary report|(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. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3587
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3587. Contents of ORSA summary report

§ 3587. Contents of ORSA summary report|(a) The summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commissioner.(b) The review of the summary report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3589
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3589. Sanctions

§ 3589. Sanctions|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. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)
8 V.S.A. § 3604
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3604. Offset

§ 3604. Offset|(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. (Added 1985, No. 145 (Adj. Sess.), § 6.)
8 V.S.A. § 3611
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3611. Scope of subchapter; short title

§ 3611. Scope of subchapter; short title|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. (Added 1969, No. 279 (Adj. Sess.), § 2; amended 1979, No. 18, § 6.)
8 V.S.A. § 3612
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3612. Definitions

§ 3612. Definitions|As used in this subchapter:  (1) "Account" means any one of the three accounts created under section 3613 of this title. (2) "Association" means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. (3) "Commissioner" means the Commissioner of Financial Regulation. (4) "Covered claim" means an unpaid claim, including a claim for unearned premiums:  (A) which is asserted against an insurer which becomes an insolvent insurer after the effective date of this chapter or against the insured of such an insurer; and (B) which arises out of and is in an amount not in excess of the applicable limits of an insurance policy to which this subchapter applies; and (C)(i) where the claimant or insured is a resident of this State at the time of the insured event; or  (ii) where the claim arises from property permanently located in this State; and  (D) which does not include a claim for services rendered to or for the insolvent insurer; and (E) which does not include any amount due any reinsurer, insurer, insurance pool or underwriting association; provided, that claims which would be covered claims but for this subdivision may be filed directly with the receiver of the insolvent insurer and shall not be asserted against an insured of the insolvent insurer.  (5) "Insolvent insurer" means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:  (A) licensed to transact insurance in this State either at the time the policy was issued or when the insured event occurred; and (B) against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile.  (6) "Member insurer" means any person who:  (A) writes any kind of insurance to which this subchapter applies, including the exchange of reciprocal or interinsurance contracts; and (B) is licensed to transact business in this State.  (7) "Net direct written premiums" means direct gross premiums written in this State on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. "Net direct written premiums" does not include premiums on contracts between insurers or reinsurers. (8) "Person" means any individual, corporation, partnership, association, or voluntary organization. (Added 1969, No. 279 (Adj. Sess.), § 4; amended 1979, No. 18, § 7; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2001, No. 95 (Adj. Sess.), § 1, eff. May 1, 2002.)
8 V.S.A. § 3613
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3613. Creation of Association

§ 3613. Creation of Association|There is created a nonprofit unincorporated legal entity to be known as the Vermont Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in subdivision 3612(6) of this title shall be and remain members of the Association as a condition of their authority to transact business in this State. The Association shall perform its functions under a plan of operation established and approved under section 3616 of this title and shall exercise its powers through a Board of Directors established under section 3614 of this title. For purposes of administration and assessment, the Association shall be divided into three separate accounts:  (1) the workers' compensation insurance account; (2) the automobile insurance account; and (3) the account for all other insurance to which this subchapter applies. (Added 1969, No. 279 (Adj. Sess.), § 5; amended 1979, No. 18, § 8; 1981, No. 165 (Adj. Sess.), § 1.)
8 V.S.A. § 3614
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3614. Board of Directors

§ 3614. Board of Directors|(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons, at least three of whom shall be persons who are officers, directors, or employees of insurance companies incorporated under the laws of this State, unless there are fewer than three such companies, in which case there shall be one Director for each such company. The Directors shall serve terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies on the Board shall be filled for the remaining period of the term by a majority vote of the remaining Board members, subject to the approval of the Commissioner.(b) In approving selections to the Board, the Commissioner shall consider among other things whether all member insurers are fairly represented.(c) Members of the Board may be reimbursed from the assets of the association for expenses incurred by them as members of the Board of Directors. (Added 1969, No. 279 (Adj. Sess.), § 6; amended 1979, No. 18, § 9; 2007, No. 178 (Adj. Sess.), § 12.)
8 V.S.A. § 3617
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3617. Powers and duties of Commissioner

§ 3617. Powers and duties of Commissioner|(a) The Commissioner shall:  (1) notify the Association of the existence of an insolvent insurer not later than three days after he or she receives notice of the determination of the insolvency and furnish to the Association a copy of any complaint or order which was served on his or her office; (2) upon request of the Board of Directors, provide the Association with a statement of the net written premiums of each member insurer.   (b) The Commissioner may:  (1) Require that the Association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this subchapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient. (2) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $500.00 per month. (3) Revoke the designation of any servicing facility if he or she finds claims are being handled unsatisfactorily.   (c) Any final action or order of the Commissioner under this subchapter shall be subject to judicial review by the Superior Court for the county in which the aggrieved party resides, or if a corporation, in which the principal office of the corporation is located, or if a nonresident, by the Superior Court for the County of Washington. (Added 1969, No. 279 (Adj. Sess.), § 9; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1979, No. 18, §§ 13, 14; 1995, No. 167 (Adj. Sess.), § 3.)
8 V.S.A. § 3618
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3618. Effect of paid claims

§ 3618. Effect of paid claims|(a) Any person recovering under this subchapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of his or her recovery from the Association. Every insured or claimant seeking the protection of this subchapter shall cooperate with the Association to the same extent as such person would have been required to cooperate with the insolvent insurer. The Association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except such causes of action as the insolvent insurer would have had if such sums had been paid by the insolvent insurer. In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims of the Association shall not operate to reduce the liability of insured's to the receiver, liquidator, or statutory successor for unpaid assessments.(b) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the Association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this subchapter against the assets of the insolvent insurer. The expenses of the Association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.(c) The Association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the Association, the expenses paid in the handling of paid or contested covered claims, estimates of anticipated claims on the Association, and estimates of the expenses of handling those anticipated claims, which shall preserve the rights of the Association against the assets of the insolvent insurer. (Added 1969, No. 279 (Adj. Sess.), § 10; amended 1979, No. 18, § 15.)
8 V.S.A. § 3619
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3619. Nonduplication of recovery

§ 3619. Nonduplication of recovery|(a) Any person having a claim against an insurer under any provision in an insurance policy other than policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his or her right under such policy. Any amount payable on a covered claim under this subchapter shall be reduced by the amount of any recovery under such insurance policy.(b) Any person having a claim which may be recovered from more than one insurance guaranty association or its equivalent shall seek recovery first from the Association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, he or she shall seek recovery first from the association of the location of the property, and if it is a workers' compensation claim, he or she shall seek recovery first from the association of the residence of the claimant. Any recovery under this subchapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent. (Added 1969, No. 279 (Adj. Sess.), § 11; amended 1979, No. 18, § 16; 1981, No. 165 (Adj. Sess.), § 1.)
8 V.S.A. § 3620
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3620. Prevention of insolvencies

§ 3620. Prevention of insolvencies|To aid in the detection and prevention of insurer insolvencies:  (1) It shall be the duty of the Board of Directors, upon majority vote, to notify the Commissioner of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the public. (2) The Board of Directors may, upon majority vote, request that the Commissioner order an examination of any member insurer which the Board in good faith believes may be in a financial condition hazardous to the policyholders or the public. Within 30 days of the receipt of such request, the Commissioner shall begin such examination. The examination may be conducted as a National Association of Insurance Commissioners examination or may be conducted by such persons as the Commissioner designates. The cost of such examination shall be paid by the Association and the examination report shall be treated as are other examination reports. In no event shall such examination report be released to the Board of Directors prior to its release to the public, but this shall not preclude the Commissioner from complying with subdivision (3) of this section. The Commissioner shall notify the Board of Directors when the examination is completed. The request for an examination shall be kept on file by the Commissioner but it shall not be open to public inspection prior to the release of the examination report to the public. (3) It shall be the duty of the Commissioner to report to the Board of Directors when he or she has reasonable cause to believe that any member insurer examined or being examined at the request of the Board of Directors may be insolvent or in a financial condition hazardous to the policyholders or the public. (4) The Board of Directors may, upon majority vote, make reports and recommendations to the Commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer. Such reports and recommendations shall not be considered public documents. (5) The Board of Directors may, upon majority vote, make recommendations to the Commissioner for the detection and prevention of insurer insolvencies. (6) The Board of Directors shall, at the conclusion of any insurer insolvency in which the Association was obligated to pay covered claims, prepare a report on the history and causes of such insolvency, based on the information available to the Association, and submit such report to the Commissioner. (Added 1969, No. 279 (Adj. Sess.), § 12.)
8 V.S.A. § 3621
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3621. Examination of Association

§ 3621. Examination of Association|The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner. (Added 1969, No. 279 (Adj. Sess.), § 13.)
8 V.S.A. § 3622
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3622. Tax exemption

§ 3622. Tax exemption|The Association shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions except taxes levied on real or personal property. (Added 1969, No. 279 (Adj. Sess.), § 14.)
8 V.S.A. § 3623
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3623. Recognition of assessments in rates

§ 3623. Recognition of assessments in rates|The rates and premiums charged for insurance policies to which this subchapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the Association by the member insurer less any amounts returned to the member insurer by the Association and such rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer. (Added 1969, No. 279 (Adj. Sess.), § 15.)
8 V.S.A. § 3624
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3624. Immunity

§ 3624. Immunity|There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the Association or its agents or employees, the Board of Directors, or the Commissioner or his or her representatives for any action taken by them in the performance of their powers and duties under this subchapter. (Added 1969, No. 279 (Adj. Sess.), § 16.)
8 V.S.A. § 3625
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3625. Stay of proceedings; reopening of default judgment

§ 3625. Stay of proceedings; reopening of default judgment|All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this State shall be stayed for up to six months and such additional time thereafter as may be determined by the court from the date on which the insolvency is declared or an ancillary proceeding is instituted in the State, whichever is later, to permit proper defense by the Association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the Association either on its own behalf or on behalf of such insured may apply to have such judgment, order, decision, verdict, or finding set aside by the same court or administrator that made such judgment, order, decision, verdict, or finding and shall be permitted to defend against such claim on the merits. (Added 1969, No. 279 (Adj. Sess.), § 17; amended 1979, No. 18, § 17.)
8 V.S.A. § 3626
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3626. Prohibition against advertising of membership in Association

§ 3626. Prohibition against advertising of membership in Association|A person who makes, publishes, or circulates, or causes to be made, published or circulated, any statement which uses the existence of the Association for the purpose of sales, solicitation or inducement to purchase any form of insurance within the scope of this subchapter shall be subject to an administrative penalty of not more than $500.00 for each violation. (Added 1979, No. 18, § 18; amended 1995, No. 167 (Adj. Sess.), § 4.)