reglab/housing_qa huggingface dataset:
8 V.S.A. § 3635
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3635. Insolvency of ceding company

§ 3635. Insolvency of ceding company|(a) No credit shall be allowed, as an admitted asset or deduction from liability, to any ceding insurer for reinsurance, unless the reinsurance contract provides, in substance, that in the event of the insolvency of the ceding insurer, the reinsurance shall be payable under contract or contracts reinsured by the assuming insurer on the basis of the claims allowed against the ceding insurer in the insolvency proceedings, without diminution because of the insolvency of the ceding insurer, directly to the ceding insurer or to its domiciliary liquidator or receiver except: (1) where the contract specifically provides for payment to the insured or his or her assignee or other persons or entity named in the insured's policy as a payee of such reinsurance in the event of the insolvency of the ceding insurer or (2) where the assuming insurer with the consent of the direct insured or insureds has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees.(b) The domiciliary liquidator or receiver of an insolvent ceding insurer shall give written notice of the pendency of a claim against such ceding insurer on the contract reinsured within a reasonable time after such claim is filed in the insolvency proceeding. During the pendency of such claim any assuming insurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defenses which it deems available to the ceding insurer, its liquidator or receiver. Such expense shall be chargeable, subject to court approval, against the insolvent ceding insurer as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer. Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the ceding company. (Added 1985, No. 145 (Adj. Sess.), § 5.)
8 V.S.A. § 3636
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3636. Reinsurance contract

§ 3636. Reinsurance contract|In the event of the rehabilitation, receivership, or liquidation of a ceding insurer, no person shall have any rights against the reinsurer of such ceding insurer which are not specifically set forth in the contract of reinsurance or in a specific agreement between the reinsurer and the person. (Added 1985, No. 145 (Adj. Sess.), § 5.)
8 V.S.A. § 3641
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3641. Claims, rights, title, and interests of nonresidents

§ 3641. Claims, rights, title, and interests of nonresidents|When by the terms of any policy of insurance, annuity contract, or contract supplemental to any policy of insurance or annuity contract, issued by an insurance company organized under the laws of this State, any claim, right, title, or interest therein is vested in a person residing in another state or country, or in the estate of such nonresident person, such claim may be paid to, and such right, title, or interest may be transferred or released by, the administrator, executor, or guardian of such nonresident person or estate appointed in the State or country where the person resides or resided at the time of death, provided no administrator, executor, or guardian of such nonresident person or estate has been appointed in this State at the time of such payment, transfer, or claim. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 12, § 1).)
8 V.S.A. § 3642
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3642. Liability for payments to nonresidents

§ 3642. Liability for payments to nonresidents|An action shall not be maintained against any such insurance company upon any right of action arising out of an insurance policy, annuity contract, or contract supplemental to any insurance policy or annuity contract, issued by such company, vested in a person residing in another state or country, or in the estate of such nonresident person, if prior to actual notice of the appointment in this State of an administrator, executor, or guardian of the estate or person of such nonresident, such right of action has been discharged or released by the executor, administrator, or guardian of such nonresident person or estate appointed in the state of his or her residence, or by a transferee of such policy, annuity contract, contract supplemental to any policy of insurance, or annuity contract or right of action thereon. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 12, § 2).)
8 V.S.A. § 3662
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3662. Nonpayment of judgment; penalty

§ 3662. Nonpayment of judgment; penalty|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. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 13, § 2); amended 1987, No. 106, § 1; 1995, No. 167 (Adj. Sess.), § 6.)
8 V.S.A. § 3663
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3663. Minimum limitation on actions; void policy provisions

§ 3663. Minimum limitation on actions; void policy provisions|A policy of fire, life, accident, liability, or burglary insurance, or an indemnity, surety, or fidelity contract or bond issued or delivered in this State by an insurance company doing business herein shall not contain a condition or clause limiting the time of commencement of an action on such policy or contract to a period less than 12 months from the occurrence of the loss, death, accident, or default, nor a condition or clause making an award by appraisers, fixing the amount of loss by the insured or beneficiary in such policy or contract, a condition precedent to bringing or maintaining an action on such policy or contract. Any such conditions or clauses shall be null and void. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 13, § 3).)
8 V.S.A. § 3664
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3664. Forms; filing proof of loss and other documents, waiver of filing

§ 3664. Forms; filing proof of loss and other documents, waiver of filing|Insurance companies, societies, or associations, or insurance adjusters appointed by said companies, societies, or associations shall furnish in form for completion by the claimant, as defined in section 3665a of this title, or beneficiary, as defined in section 3665b of this title, all documents as to proof of loss or other matter required by contract to be submitted to the companies. Failure to furnish said forms within a reasonable time after notice of loss or damage is received by said companies, societies, or associations shall be deemed a waiver of any requirement that proof of loss shall be filed with the insurer on said forms as a condition precedent to the recovery of losses or claims. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 13, § 4); amended 2019, No. 103 (Adj. Sess.), § 13.)
8 V.S.A. § 3665a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3665a. Timely payment of property and casualty insurance claims; interest

§ 3665a. Timely payment of property and casualty insurance claims; interest|(a) This section applies to policies of property, casualty, surety, and title insurance, as defined in section 3301 of this title. It does not apply to workers' compensation insurance. As used in this section, "claimant" means any person asserting a right to payment under an insurance policy or contract arising out of the occurrence of the contingency or loss covered by such policy or contract or any person asserting a claim against any other person or the interests insured under an insurance policy or contract, and includes a claimant's designated legal representative and any member of the claimant's immediate family designated in writing by the claimant.(b) Unless a different time period is specified in another section of this title, all payments of claims under policies of insurance shall be made within time periods provided by this section:  (1) For claims under policies of insurance other than surety insurance and title insurance, within 10 business days after the date that settlement of the claim is agreed upon between the insurer, the claimant, and the loss payee, as applicable, and in accordance with rules adopted by the Commissioner. (2) For claims under policies of surety and title insurance, within 30 days after the date that settlement of the claim is agreed upon between the insurer, the claimant, and the loss payee, as applicable, and in accordance with rules adopted by the Commissioner. (3) If a claim is contested, within 30 days after the entry of a final nonappealable judgment against the insurer; the entry of a binding arbitration decision between the insurer, the claimant, the loss payee, and the Department, as applicable; or the execution of a settlement agreement between the insurer, the claimant, the loss payee, and the Department, as applicable.   (c) If an insurer fails to pay a claim within the applicable time period set forth in subsection (b) of this section or any other time period provided by statute, it shall thereafter pay interest on the amount of the claim at the judgment rate allowed by law. Interest shall accrue from 30 days after the date the insurer receives a properly executed proof of loss. (Added 2019, No. 103 (Adj. Sess.), § 15.)
8 V.S.A. § 3665b
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3665b. Timely payment of life insurance claims and annuity death benefits; interest

§ 3665b. Timely payment of life insurance claims and annuity death benefits; interest|(a) This section applies to policies of life insurance and contracts of annuity. As used in this section, a "beneficiary" means any person making a claim against a policy of life insurance or for death benefits provided under a contract of annuity.(b) A claim for payment of benefits under a policy of life insurance shall be paid within 30 days after the date that a properly executed proof of loss is received by the insurer. All payments of claims under policies of life insurance shall include interest accrued from the date of death of the insured to the date of payment. The interest rate shall be the rate paid on proceeds left on deposit or six percent, whichever is greater.(c) A claim for payment of benefits under a contract of annuity shall be paid within 30 days after the date that a properly executed proof of loss is received by the insurer. Payments of claims for death benefit proceeds under contracts of annuity shall include interest at the rate paid for proceeds left on deposit or six percent, whichever is greater. Interest shall accrue and be payable as follows:  (1) For variable annuity contracts subject to the Securities and Exchange Commission's rules governing the liquidation of account values at the death of the beneficiary, from the eighth day following the date that a properly executed proof of loss is received by the insurer. (2) For all other contracts of annuity, from the date of death of the measuring life, unless the contract specifies that the contract remains in force until the date that a properly executed proof of loss is received by the insurer. For purposes of this section, the individual whose death triggers the death benefit proceeds is the measuring life.   (d) If a claim is contested, it shall be paid within 30 days after the entry of a final nonappealable judgment against the insurer; the entry of a binding arbitration decision between the insurer, the beneficiary, and the Department, as applicable; or the execution of a settlement agreement between the insurer, the beneficiary, and the Department, as applicable.(e) If an insurer fails to pay a claim within the applicable time period set forth in subsection (b), (c), or (d) of this section, it shall thereafter pay interest on the amount of the claim at the judgment rate allowed by law. Interest shall accrue from 30 days after the date the insurer receives a properly executed proof of loss. (Added 2019, No. 103 (Adj. Sess.), § 16.)
8 V.S.A. § 3665c
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3665c. Damages

§ 3665c. Damages|An insurance company, including a society and an association, is responsible for payment of any consequential damages, including all penalties or costs, caused by improper delay in payment or settlement of claims to claimants, loss payees, or beneficiaries under policies of insurance subject to section 3665a or 3665b of this title. Consequential damages for improper delay are not applicable when a policy expressly provides for periodic payments or when a claimant, loss payee, or beneficiary agrees to accept periodic payments, unless an insurer improperly delays making such periodic payments. (Added 2019, No. 103 (Adj. Sess.), § 17.)
8 V.S.A. § 3666
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3666. Rules; methods of notice

§ 3666. Rules; methods of notice|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. (Added 2013, No. 199 (Adj. Sess.), § 68.)
8 V.S.A. § 3671
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3671. Disclosure of information

§ 3671. Disclosure of information|(a) Upon written request, an insurance company, its agents, adjusters, or brokers, shall furnish to a law enforcement officer, State's Attorney, or the Attorney General any and all information pertaining to a fire loss under investigation, including:  (1) pertinent insurance policy information relevant to a fire loss under investigation and any application for such a policy; (2) policy premium payment records which are available; (3) history of previous claims made by the insured; (4) material relating to the investigation of the loss, including statements of any person, proof of loss, and any other evidence relevant to the investigation.   (b) When an insurance company, its agents, adjusters, or brokers have reason to believe that a fire loss in which it has an interest may be of other than accidental cause, then for the purpose of notification and for having that fire loss investigated, the company, its agents, adjusters, or brokers shall notify the State Fire Marshal in writing, and provide him or her with any material developed during the inquiry into the fire loss. (Added 1981, No. 73, eff. May 4, 1981.)
8 V.S.A. § 3672
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3672. Immunity

§ 3672. Immunity|An insurance company, its agents, adjusters, or brokers shall be immune from civil liability as a result of the furnishing in good faith of information to any law enforcement officer, State's Attorney or the Attorney General in accordance with the provisions of section 3671 of this title. (Added 1981, No. 73, eff. May 4, 1981.)
8 V.S.A. § 3673
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3673. Penalty for noncompliance

§ 3673. Penalty for noncompliance|In the event that an insurance company, its agents, adjusters, or brokers fail to comply with the provisions of section 3671 of this title, the Commissioner may suspend the right of the company to do business in this State until it does so comply and shall suspend the license of any agent, adjuster, or broker until such time as they comply with the provisions of section 3671. (Added 1981, No. 73, eff. May 4, 1981.)
8 V.S.A. § 3688
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3688. Rules and regulations

§ 3688. Rules and regulations|The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this subchapter. (Added 1971, No. 72, § 2.)
8 V.S.A. § 3691
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3691. Receivership

§ 3691. Receivership|Whenever it appears to the Commissioner that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the Commissioner may proceed as provided in chapter 145 of this title. (Added 1971, No. 72, § 2; amended 1993, No. 12, § 7, eff. April 26, 1993.)
8 V.S.A. § 3692
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3692. Revocation, suspension, or nonrenewal of insurer's license

§ 3692. Revocation, suspension, or nonrenewal of insurer's license|Whenever it appears to the Commissioner that any person has committed a violation of this subchapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew such insurer's license or authority to do business in this State for such period as he or she finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law. (Added 1971, No. 72, § 2.)
8 V.S.A. § 3693
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3693. Judicial review

§ 3693. Judicial review|(a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this subchapter may appeal therefrom to the Superior Court. The Court shall conduct its review without a jury and by trial de novo, except that if all parties, including the Commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.(b) The filing of an appeal pursuant to this section shall stay the application of any such rule, regulation, order or other action of the Commissioner to the appealing party unless the Court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.(c) Any person aggrieved by any failure of the Commissioner to act or make a determination required by this subchapter may file a complaint in the Superior Court for an order directing the Commissioner to act or make such determination forthwith. (Added 1971, No. 72, § 2; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)
8 V.S.A. § 3694
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3694. Recovery

§ 3694. Recovery|(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer where the distribution or payment pursuant to subdivision (1) or (2) of this subsection is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c) and (d) of this section:  (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock; or (2) any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiaries to a director, officer, or employee.   (b) No such distribution shall be recoverable if the parent or affiliate shows that when paid such distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.(c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments under subsection (a) of this section received by such person. Any person who otherwise controlled the insurer at the time such distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.(d) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.(e) To the extent that any person liable under subsection (c) of this section is insolvent or otherwise fails to pay claims due from it pursuant to such subsection, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from the person liable under subsection (c) of this section. (Added 1991, No. 101, § 17.)