reglab/housing_qa huggingface dataset:
8 V.S.A. § 3882
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3882. Renewal policies

§ 3882. Renewal policies|(a) If the insurer has the necessary information to issue the renewal policy, the insurer shall confirm in writing at least 45 days prior to expiration its intention to renew the policy and the premium at which the policy is to be renewed. The insured shall have the right to renew the policy at this premium.(b) An insurer not complying with subsection (a) of this section shall grant its insured renewal coverage at the rate or premium in effect under the expiring or expired policy or at rates lawfully in effect on the expiration date, which have been approved by the Commissioner. This shall be done on a pro rata basis and shall continue for 45 days after the insurer confirms renewal coverage and premium. This subsection shall not apply if the insured accepts the renewal policy.(c) An insurer may transfer a policy to an affiliate, as defined by subdivision 3681(1) of this title, upon expiration of the policy without providing notice of nonrenewal, provided that:  (1) the rating by A. M. Best or a similarly qualified rating service of the affiliate is equal to or better than the transferring insurer; (2) there is no diminution in the terms and conditions of coverage; and (3) notice of the transfer is provided to the insured at least 45 days prior to the transfer by first class mail, and in connection with such notice the insurer:  (A) complies with any requirements of federal law relating to notice of adverse credit determination; (B) includes in the notice of transfer a telephone number of the insurer, or the producer, if any, and a toll free telephone number of the insurer in the case of personal lines policies, where the insured can learn additional information concerning the transfer and the reasons for the transfer; and (C) complies with the other provisions of this section relating to renewal policies. (Added 1977, No. 223 (Adj. Sess.), § 7; amended 1989, No. 171 (Adj. Sess.), § 3, eff. Sept. 1, 1990; 2007, No. 135 (Adj. Sess.), § 1.)
8 V.S.A. § 3883
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3883. Notice requirements

§ 3883. Notice requirements|When notice required under section 3880 or 3881 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail or certificate of mailing. (Added 1989, No. 171 (Adj. Sess.), § 5, eff. Sept. 1, 1990.)
8 V.S.A. § 3884
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3884. Required renewals; continuation of agents' contracts and brokers' accounts

§ 3884. Required renewals; continuation of agents' contracts and brokers' accounts|(a) In the event of an insurer's cancellation of an agent's contract or a broker's account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.(b) The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer's prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively one insurer or a group of insurers under common management or an agent or broker whose license has been revoked by the commissioner or whose contract or account has been terminated for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the insurer monies due to the insurer after receipt of a written demand therefor.(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents' contracts and brokers' accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section. (Added 1985, No. 230 (Adj. Sess.), § 1.)
8 V.S.A. § 3885
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3885. Penalties

§ 3885. Penalties|A person who violates a provision of section 3879, 3880, 3881, 3882, 3883, or 3884 of this title may be subject to an administrative penalty of $2,000.00 for each violation. (Added 1995, No. 167 (Adj. Sess.), § 8a.)
8 V.S.A. § 3911
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3911. Incorporators

§ 3911. Incorporators|Sixty or more persons residing in the State of Vermont who shall each own in good faith real estate of not less than $20,000.00 in value, and collectively own in good faith insurable real estate in the State of Vermont to the value of $1,200,000.00 or more, may apply to become a cooperative insurance corporation on filing with the Commissioner a declaration as hereinafter provided. (Amended 1981, No. 6, § 1.)
8 V.S.A. § 3912
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3912. Contents of declaration

§ 3912. Contents of declaration|Such declaration shall be executed and acknowledged by each of such persons and shall state their intention to form a cooperative insurance corporation for the purpose of engaging in the business of insurance, pursuant to the following provisions, shall show that such persons own in good faith real estate to the amount required and shall also state the town and county in which its principal office is to be located and its corporate name which shall include the word "cooperative."  (Amended 1981, No. 6, § 2.)
8 V.S.A. § 3913
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3913. Bylaws to be filed

§ 3913. Bylaws to be filed|There shall be filed with such declaration a copy of the bylaws of such corporation, together with the names and post office addresses of the officers and directors thereof for the first year, and such other information as the Commissioner shall require.
8 V.S.A. § 3914
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3914. Statement as to applications

§ 3914. Statement as to applications|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. (Amended 1981, No. 6, § 3.)
8 V.S.A. § 3915
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3915. Issuance of certificate of authority

§ 3915. Issuance of certificate of authority|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. § 3916
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3916. Name, status and powers

§ 3916. Name, status and powers|Corporations to which certificates of authority are so issued shall be known as cooperative insurance corporations and may write the kinds of insurance enumerated in subdivisions 3301(a)(2)-(a)(8), and (a)(10) of this title, provided the corporation's surplus shall not be less than $500,000.00 and provided that such company shall first secure approval from the Commissioner to do so, which approval may be upon such terms and conditions as the Commissioner may prescribe. (Amended 1981, No. 6, § 4.)
8 V.S.A. § 3920
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation

§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation|(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.(b) A nonassessment cooperative insurance corporation is one that has received approval of the Commissioner and has met the requirements of subsections 3930(a) and (b) of this title. (Amended 1981, No. 6, § 5.)
8 V.S.A. § 3926
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3926. Policy provisions

§ 3926. Policy provisions|The policies issued by a cooperative insurance corporation shall conform to the regulations prescribed therefor by the Commissioner. Each such policy shall indicate clearly, in words prominently displayed at the top of the first page or across the page thereof, that such policy is issued on the cooperative plan; and if issued on an assessment plan, shall include a provision in the body of the policy to the effect that its acceptance by the person insured shall bind him or her to pay all assessments which may be levied thereon. The face of each such policy shall display in not less than 10 point bold type the following statement: "THIS POLICY MAY BE SUBJECT TO FUTURE SPECIAL ASSESSMENT OF ADDITIONAL PREMIUM UP TO A MAXIMUM OF ONE-HALF THE REGULAR ANNUAL ASSESSMENT." Each such policy shall include a copy of the bylaws of such corporation or such other matter as the Commissioner shall prescribe. (Amended 1981, No. 6, § 8.)
8 V.S.A. § 3927
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3927. Assessment cooperative insurance corporations

§ 3927. Assessment cooperative insurance corporations|The following provisions shall affect such corporations doing business on the assessment plan:  (1) Such corporation may issue policies of insurance as enumerated in section 3916 of this title. (2) Such corporation may classify risks covered under these types of insurance at the time of the issuance of the policy, or at subsequent times and issue policies under different rates, and it may collect regular assessments on such risks either on an annual basis or for whatever length of time the policy may be issued. The amounts of such regular assessments shall be sufficient to pay for the period assessed, each member's pro rata share, based on the risk classification and amount of insurance, of the estimated amount necessary to cover losses, expenses, repayment of debt, and contribution to surplus as may be permitted by the bylaws. (3) Such corporation may borrow, on the credit of the corporation, such funds as are required to pay for extraordinary losses or expenses subject to the approval of the board of directors or as may be provided in the bylaws of such corporation, subject to the maximum limit stated in subdivision (4) of this section. If deemed for the best interest of the corporation, it may estimate the amount necessary to pay all losses and expenses and contributions to surplus for the current year and to supply any deficiency in the preceding year, subject to the maximum limit stated in subdivision (4) of this section, and assess and collect the same from the members. Each assessment shall be made upon all policyholders in proportion to each policyholder's regular annual assessment. The expense of collecting assessments may be regulated by the bylaws. (4) Such corporation may levy a special assessment to pay for such member's pro rata share of unexpected losses, expenses and contributions to surplus, based upon the risk classification and amount of insurance at the time of the assessment, as may be permitted by the bylaws, however, in no case shall the sum total of all special assessments during any one year exceed 50 percent of the equivalent of one annual regular assessment. The expense of collecting assessments may be regulated by the bylaws. (Amended 1981, No. 6, § 9.)
8 V.S.A. § 3929
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3929. Loss payment

§ 3929. Loss payment|A nonassessment cooperative insurance corporation may borrow on the credit of the corporation sufficient funds to pay any loss. (Amended 1981, No. 6, § 10.)
8 V.S.A. § 3930
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3930. Nonassessment cooperative insurance corporations to commence business

§ 3930. Nonassessment cooperative insurance corporations to commence business|(a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired free surplus position of no less than $1,000,000, it may apply to the Commissioner for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval to become nonassessable. The Commissioner may apply the same standards for admission as are found in chapter 101 of this title applicable to the formation of a domestic mutual insurer. Upon the Commissioner's acceptance of revised articles of incorporation, revised bylaws, and a special financial statement for the calendar year period ending with the last calendar quarter before the request, the Commissioner may allow the corporation to operate as a nonassessment cooperative insurance corporation. The Commissioner may require a statutory financial examination to be conducted at the company's expense prior to final approval.(b) The Commissioner may prescribe additional surplus, if he or she determines that the kind of insurance to be transacted so requires. (Added 1981, No. 6, § 11.)
8 V.S.A. § 3931
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3931. Application of provisions

§ 3931. Application of provisions|(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 chapter 105, subchapter 2 of this title 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. (Added 1981, No. 6, § 12; amended 1999, No. 86 (Adj. Sess.), § 7, eff. April 27, 2000.)
8 V.S.A. § 3932
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3932. Definitions

§ 3932. Definitions|For the purposes of this subchapter:  (1) "Regular assessment" shall mean that amount charged to members, in advance or arrears, to pay ordinary losses and expenses for one year or the term of the policy and to make a contribution to surplus. (2) "Assessment cooperative insurance corporation" means a corporation meeting the financial requirements of section 3916 of this title, which charges its insureds regular assessments necessary to pay losses, meet expenses, and contribute to surplus. (3) "Nonassessment cooperative insurance corporation" means a corporation meeting the financial requirements of sections 3916, 3930, and 3931 of this title, which charges its insureds premiums in advance necessary to pay losses, meet expenses, and contribute to surplus. (4) "Special assessment" means an additional charge to the policyholder, beyond the regular assessment or premium charge, to satisfy unexpected losses or expenses, or contributions to surplus. (Added 1981, No. 6, § 13.)
8 V.S.A. § 3961
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3961. Valuation of property

§ 3961. Valuation of property|Whenever a fire insurance company shall write a policy covering a building in this State and shall attach thereto the so-called co-insurance clause, or any similar clause requiring the insured to carry insurance in amount equal to any percentage of the value of such building, the insured may ask for a valuation of such building insured, which valuation may be agreed upon in writing by the insuring company and the insured, and shall be the valuation of the property insured for the purpose of fixing the liability of the company during the life of the policy.
8 V.S.A. § 3962
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3962. Application to Commissioner

§ 3962. Application to Commissioner|In case the insuring company and the insured do not agree on the valuation, as provided in section 3961 of this title, the insured may file with the Commissioner a request for a valuation, which shall contain a complete description of the building showing location, the name of the company, and the agent, if any, through whom the insurance is placed and the date of the policy.
8 V.S.A. § 3963
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3963. Time and place for making valuation

§ 3963. Time and place for making valuation|Upon the receipt of such a request, the Commissioner shall appoint a time and place for making such valuation which shall be not later than 15 days thereafter, unless an earlier date is agreed upon by the parties interested, and he or she shall give proper notice thereof to all concerned.
8 V.S.A. § 3964
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3964. Appointment of appraisers to determine valuation

§ 3964. Appointment of appraisers to determine valuation|The owner of a building and the insurance company or agent shall each file with the Commissioner a list of not less than three disinterested persons competent to act as appraisers of the building described in the notice. The Commissioner shall select one person from each of the lists so submitted who shall together act as appraisers of the property, and, in case these two cannot agree, he or she shall select a third competent and disinterested person who shall act as third appraiser only as to matters regarding which the two appraisers first appointed cannot agree.
8 V.S.A. § 3965
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3965. Appraisers' award and expenses

§ 3965. Appraisers' award and expenses|An award in writing of any two appraisers, when filed with the Commissioner, shall determine the sound value of the building. Each of the two appraisers first appointed shall be paid by the party nominating him or her and the third appraiser shall be paid by the parties equally.
8 V.S.A. § 3966
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3966. Duration of valuation fixed

§ 3966. Duration of valuation fixed|The value of any building fixed as provided in sections 3964 and 3965 of this title shall be considered the true value of the building during the term for which any fire insurance policy is issued to cover thereon, if issued within three years from the date of such award, and such value shall continue as the basis of valuation for the purpose of ascertaining the amount of insurance required under a co-insurance clause until a new valuation has been made on an application by the insured or by the company, or agent placing the insurance thereon, provided that a new valuation shall not be required oftener than once in three years.
8 V.S.A. § 3967
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3967. Effect on rate

§ 3967. Effect on rate|The rate charged for a fire insurance policy covering a building valued in accordance with the provisions of section 3964 of this title shall not be increased above the rate fixed for the same form of policy, containing or having attached thereto a co-insurance clause, where no request has been made to have the value of the property fixed.
8 V.S.A. § 3968
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3968. Penalty for violations

§ 3968. Penalty for violations|If an insurance company violates a provision of sections 3961-3967 of this title or if the Commissioner is satisfied, after a hearing, that a company declines or refuses to write insurance on any building because of the requirement that the value of such building shall be agreed upon as provided in section 3964 of this title, the Commissioner shall suspend its authority to do business in this State for such period, not exceeding one year, as he or she may deem advisable.
8 V.S.A. § 4001
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 4001. Assessments; accumulations; limitation

§ 4001. Assessments; accumulations; limitation|Domestic mutual fire insurance companies, in any year in which the assessments required to pay losses and expenses would not equal five percent of the face of its premium notes, may lay assessments not to exceed five percent and carry the amount not necessary to pay losses and expenses of such year to a surplus account for the payment of future fire losses and expenses. Such surplus shall at no time exceed 10 percent of the face of the premium notes then in force.
8 V.S.A. § 4002
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 4002. Use of fund

§ 4002. Use of fund|In a year in which the fire losses and expenses of a company accumulating a surplus under the provisions of section 4001 of this title shall exceed the amount of a three percent assessment on the face of the premium notes assessable for such losses and expenses, such excess, to an amount not exceeding three percent by such premium notes, in the discretion of the directors of such company, may be taken from such surplus and applied towards the payment of such excess of losses and expenses.
8 V.S.A. § 4061
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 107 - Health Insurance|§ 4061. Definition

§ 4061. Definition|The term "health insurance" as used herein includes any policy or contract covering the kind or kinds of insurance described in subdivision 3301(a)(2) of this title.
8 V.S.A. § 4062a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 107 - Health Insurance|§ 4062a. Filing fees

§ 4062a. Filing fees|Each filing of a policy, contract, or document form or premium rates or rules, submitted pursuant to section 4062 of this title, shall be accompanied by payment to the Commissioner or the Green Mountain Care Board, as appropriate, of a nonrefundable fee of $150.00. (Added 1985, No. 236 (Adj. Sess.), § 6; amended 1991, No. 166 (Adj. Sess.), § 2; 2013, No. 79, § 5d, eff. Jan. 1, 2014.)