reglab/housing_qa huggingface dataset:
8 V.S.A. § 4703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4703. Information and monitoring costs

§ 4703. Information and monitoring costs|To the extent deemed necessary and appropriate by the Commissioner, the costs of complying with sections 4689, 4691, 4701, and 4702 of this title shall be assessed against insurers subject to this chapter. These assessments shall be made on an equitable and practicable basis established after a hearing by regulation of the Commissioner. (Added 1983, No. 238 (Adj. Sess.), § 1; 1987, No. 185 (Adj. Sess.), § 5, eff. May 5, 1988.)
8 V.S.A. § 4704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4704. Information to be furnished insureds; aggrieved persons

§ 4704. Information to be furnished insureds; aggrieved persons|(a) Every insurer shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, if any, furnish to any insured affected by a premium or rate utilized by it, all pertinent information as to the development and application of such premium or rate.(b) Every insurer and advisory or service organization shall provide within this State a reasonable means whereby a person aggrieved by the application of any of its filings shall be allowed to be heard, on written request, for the purpose of reviewing the manner in which the filing has been applied in connection with the insurance involved. If 25 persons are aggrieved, they may appeal in writing to the Commissioner who may call a hearing, to be held not less than ten days after written notice to the parties, and review the filing in accordance with the provisions of this chapter and all other applicable provisions of this title. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4704a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4704a. Rerating after use of erroneous credit information

§ 4704a. Rerating after use of erroneous credit information|If it is determined through the reinvestigation process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that credit information relied upon by an insurer was incorrect, and if an insurer receives notice of that determination from either the consumer-reporting agency or from the insured who has provided written documentation from the consumer-reporting agency, within one year of the date after the insured is no longer a customer of the insurer, such insurer shall reunderwrite and rerate the consumer within 30 days after receiving the notice. After reunderwriting or rerating the insured, the insurer shall make any adjustments necessary consistent with its underwriting and rating guidelines. If an insurer determines that the insured has overpaid the premium, the insurer shall refund to the insured the amount of overpayment. (Added 2005, No. 211 (Adj. Sess.), § 5.)
8 V.S.A. § 4705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4705. Dividend plans

§ 4705. Dividend plans|Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers; provided, however, this provision shall not contravene the provisions of chapter 145 of this title. A plan for the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers shall not be deemed a rating plan or system, nor be conditioned upon renewal of a policy. The Commissioner is authorized to obtain information concerning dividends in such form or detail as he or she deems appropriate. (Added 1983, No. 238 (Adj. Sess.), § 1; 1987, No. 185 (Adj. Sess.), § 6, eff. May 5, 1988.)
8 V.S.A. § 4706
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4706. Penalties

§ 4706. Penalties|(a) If the Commissioner finds that any person, insurer, or advisory or service organization has violated any provision of this chapter, the Commissioner may impose an administrative penalty of not more than $2,000.00 for each violation; but if the Commissioner finds such violation to be willful, a penalty of not more than $15,000.00 for each such violation may be imposed.(b) Unintentional technical violations arising from systems or computer generated errors or failures of the same type shall be treated as a single violation for the purposes of this section. In the event of resulting overcharges which are de minimis, the insurer shall make financial restitution including payment of interest as determined by the Commissioner and no penalty shall be imposed under this chapter; provided that the insurer demonstrates to the satisfaction of the Commissioner that the violation was unintentional.(c) For purposes of this section, any insurer using a premium or rate for which the insurer has failed to submit a filing pursuant to section 4687 or 4688 of this title shall have committed a separate violation for each day such failure existed.(d) The Commissioner may suspend or revoke the license of any advisory or service organization or insurer, failing or refusing to comply with an order of the Commissioner within the time limit prescribed by such order, or any extension thereof which the Commissioner may grant.(e) The Commissioner may determine when a suspension of license shall become effective and it shall remain in effect for the period fixed by the Commissioner, including an indefinite period, unless such suspension is modified or rescinded or until the order upon which such suspension is based is modified, rescinded, or reversed.(f) No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the Commissioner, stating the findings made after a hearing.(g) The penalties applicable under this section are in addition to any other penalties applicable under this title. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1995, No. 167 (Adj. Sess.), § 18.)
8 V.S.A. § 4707
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4707. Judicial review

§ 4707. Judicial review|Any party in interest aggrieved by the decision or final order of the Commissioner may appeal to a court of competent jurisdiction. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4708
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4708. Severability

§ 4708. Severability|If any provision of this chapter or the application of such provision to any person or circumstance shall be held invalid by a court of competent jurisdiction, the remainder of the chapter and the application of its provisions to a person or circumstance other than that or those as to which it is held invalid, shall not be affected thereby. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4711
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4711. Cancellation of commercial risk insurance

§ 4711. Cancellation of commercial risk insurance|(a) A notice of cancellation of a policy of commercial risk insurance as defined in this chapter but excluding farm risks, issued under this chapter shall be effective only if it is based on:  (1) nonpayment of premium; (2) fraud or material misrepresentation affecting the policy or in the presentation of a claim thereunder, or violation of any of the terms or conditions of the policy; or (3) substantial increase in hazard provided that cancellation for this reason shall be effective only after prior approval of the Commissioner.   (b) This section shall not apply to any policy or coverage which has been in effect less than 60 days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.(c) This section shall not apply to nonrenewal. (Added 1985, No. 265 (Adj. Sess.), § 3.)
8 V.S.A. § 4712
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4712. Notice of cancellation

§ 4712. Notice of cancellation|(a) No notice of cancellation of a policy to which section 4711 of this title applies shall be effective unless mailed or delivered by the insurer to the named insured at least 45 days prior to the effective date of cancellation, provided, that where cancellation is for nonpayment of premium, at least 15 days' notice of cancellation shall be given.(b) In all instances, the reason or reasons for cancellation shall accompany or be included in the notice of cancellation. An insurer shall not be held liable in any claim or suit for damages arising solely from the insurer's compliance with the requirement that the reason for cancellation be specified.(c) The Commissioner shall have the authority to waive any provision of subsection (a) or (b) of this section upon the written request of an insurer specifying the reasons therefor.(d) This section shall not apply to nonrenewal. (Added 1985, No. 265 (Adj. Sess.), § 3.)
8 V.S.A. § 4713
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4713. Notice of nonrenewal

§ 4713. Notice of nonrenewal|No insurer shall refuse to renew a policy of insurance to which section 4711 of this title applies at its expiration or anniversary if written for a term of more than one year, unless such insurer or its agent shall mail or deliver to the named insured, at the address shown in the policy, at least 45 days' advance notice of its intention not to renew. This section shall not apply if the insurer has manifested its willingness to renew, or in case of nonpayment of premium, or if the insured fails to pay any advance premium required by the insurer for renewal. However, notwithstanding the failure of an insurer to comply with this section, the policy shall terminate on the effective date of any other policy with respect to property designated in both policies. Renewal of a policy shall not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of such renewal. (Added 1985, No. 265 (Adj. Sess.), § 3.)
8 V.S.A. § 4714
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4714. Notice requirements

§ 4714. Notice requirements|When notice required under section 4712 or section 4713 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 1985, No. 265 (Adj. Sess.), § 3; amended 1989, No. 171 (Adj. Sess.), § 8, eff. Sept. 1, 1990.)
8 V.S.A. § 4715
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4715. Renewal policies

§ 4715. Renewal policies|(a) If the insurer has the necessary information to issue the renewal policy of insurance to which section 4711 of this title applies, 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. 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; (C) complies with the other provisions of this section relating to renewal policies. (Added 1985, No. 265 (Adj. Sess.), § 3; amended 2007, No. 135 (Adj. Sess.), § 3.)
8 V.S.A. § 4716
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4716. Penalties

§ 4716. Penalties|A person who violates a provision of this subchapter may be subject to an administrative penalty of $2,000.00 for each violation. (Added 1995, No. 167 (Adj. Sess.), § 18a.)
8 V.S.A. § 4721
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 129 - Insurance Trade Practices|§ 4721. Purpose

§ 4721. Purpose|The purpose of sections 4721-4733 of this title is to regulate trade practices in the business of insurance in accordance with the intent of Congress as expressed in the Act of Congress of March 9, 1945 (Public Law 15, 79th Congress), by defining, or providing for the determination of practices in this State which constitute unfair methods of competition or unfair or deceptive acts or practices and by prohibiting the trade practices so defined or determined. (Amended 1973, No. 216 (Adj. Sess.), § 1, eff. May 1, 1974.)
8 V.S.A. § 4722
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 129 - Insurance Trade Practices|§ 4722. Definitions

§ 4722. Definitions|As used in this chapter:  (1) "Person" means any individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, appraisers, and adjusters. Person also means medical, dental, optometric, and hospital service plans as defined in this title. For the purposes of this title, medical, dental, optometric, and hospital service plans shall be deemed to be engaged in the business of insurance. (2) "Commissioner" means the Commissioner of Financial Regulation. (3) "Insurance policy" or "insurance contract" means any contract of insurance, indemnity, medical, dental, optometric, or hospital service, suretyship, or annuity issued, proposed for issuance, or intended for issuance by any person. (Amended 1973, No. 216 (Adj. Sess.), § 2, eff. May 1, 1974; 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
8 V.S.A. § 4723
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 129 - Insurance Trade Practices|§ 4723. Unfair methods of competition or unfair or deceptive acts or practices prohibited

§ 4723. Unfair methods of competition or unfair or deceptive acts or practices prohibited|No person shall engage in any trade practice which is determined under this chapter to be an unfair method of competition or an unfair or deceptive act or practice in the business of insurance. (Amended 1973, No. 216 (Adj. Sess.), § 3, eff. May 1, 1974.)
8 V.S.A. § 4725
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 129 - Insurance Trade Practices|§ 4725. Favored agent or insurer; coercion of debtors

§ 4725. Favored agent or insurer; coercion of debtors|(a) No person may:  (1) require, as a condition precedent to the lending of money or extension of credit, or any renewal thereof, that the person to whom such money or credit is extended or whose obligation the creditor is to acquire or finance, negotiate any policy or contract of insurance through a particular insurer or group of insurers or agent or broker or group of agents or brokers; (2) unreasonably disapprove the insurance policy provided by a borrower for the protection of property securing the credit or lien; for the purpose of this subdivision this disapproval shall be deemed unreasonable if it is not based solely on reasonable standards uniformly applied, relating to the extent of coverage required and the financial soundness and service of an insurer; these standards shall not discriminate against a particular type of insurer, nor shall these standards call for the disapproval of an insurance policy because the policy contains coverage in addition to that required; (3) require directly or indirectly that any borrower, mortgagor, purchaser, insurer, broker, or agent pay a separate charge to substitute the insurance policy of one insurer for that of another. This subdivision does not include the interest which may be charged on premium loans or premium advancements in accordance with the security instrument; (4) use or disclose information resulting from a requirement that a borrower, mortgagor or purchaser furnish insurance of any kind on real property being conveyed or used as collateral security to a loan, when this information is to the advantage of the mortgagee, vendor, or lender, or is to the detriment of the borrower, mortgagor, purchaser, insurer, or the agent of broker complying with this request.   (b) The Commissioner may investigate any person to whom this section applies to determine whether such person has violated this section. (Amended 1973, No. 216 (Adj. Sess.), § 5, eff. May 1, 1974.)
8 V.S.A. § 4726
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 129 - Insurance Trade Practices|§ 4726. Power of Commissioner; enforcement

§ 4726. Power of Commissioner; enforcement|(a) The Commissioner shall have the power to examine and investigate any person engaged in the business of insurance in this State in order to determine whether that person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice.(b) Any person violating any of the provisions of this chapter may be subject to an administrative penalty of not more than $1,000.00 for each violation. The Commissioner may impose an administrative penalty of not more than $10,000.00 each for those violations the Commissioner finds were wilful. The Commissioner may suspend or revoke the license of any insurer or organization for any violation of this chapter or the failure to comply with an order of the Commissioner issued under this chapter.(c) The powers vested in the Commissioner by this chapter shall be in addition to any other powers to enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices hereby declared to be unfair or deceptive. (Amended 1973, No. 216 (Adj. Sess.), § 6, eff. May 1, 1974; 1979, No. 28 § 6; 1995, No. 167 (Adj. Sess.), § 19, eff. May 15, 1996.)
8 V.S.A. § 4793
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4793. General license requirements

§ 4793. General license requirements|(a) No person, partnership, association, or corporation shall act as or hold himself or herself out to be an insurance producer, surplus lines insurance broker, managing general agent, reinsurance intermediary, limited lines producer, consultant, insurance adjuster, or insurance appraiser unless duly licensed.(b) No insurance producer, surplus lines insurance broker or limited lines producer shall make application for, procure, negotiate for or place for others, any lines of insurance as to which he or she is not then qualified and duly licensed.(c) No person shall investigate or negotiate settlement of any claim arising under 21 V.S.A. chapters 9 and 11 unless the person is licensed as a workers' compensation adjuster under this subchapter. (Amended 1969, No. 175 (Adj. Sess.), § 5, eff. March 5, 1970; 1973, No. 217 (Adj. Sess.), § 3; 1991, No. 249 (Adj. Sess.), § 19; 1993, No. 225 (Adj. Sess.), § 24; 2001, No. 97 (Adj. Sess.), § 4.)
8 V.S.A. § 4795
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4795. Controlled business

§ 4795. Controlled business|(a) The Commissioner shall not grant, renew, continue, or permit to continue any license except for life insurance if he or she finds that the license is being or will be used by the applicant or licensee for the purpose of writing controlled business. Controlled business means:  (1) Insurance written on the interests of the licensee or those of his or her immediate family or of his or her employer; or (2) Insurance covering himself or herself or members of his or her immediate family or a corporation, association, or partnership, or the officers, directors, substantial stockholders, partners, employees of the corporation, association, or partnership, of which he or she or a member of his or her immediate family is an officer, director, substantial stockholder, partner, associate, or employee. Provided, however, that nothing in this subdivision shall apply to insurance written in connection with credit transactions.   (b) The license shall be deemed to have been, or intended to be, used for the purpose of writing controlled business, if the Commissioner finds that during any 12-month period the aggregate commissions earned from the controlled business has exceeded 25 percent of the aggregate commission earned on all business written by the applicant or licensee during the same period. (Amended 1969, No. 175 (Adj. Sess.), § 6, eff. March 5, 1970; 1973, No. 217 (Adj. Sess.), § 5.)
8 V.S.A. § 4796
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4796. Commissions; payment; acceptance

§ 4796. Commissions; payment; acceptance|(a) An insurance company, insurance producer, limited lines, or surplus lines broker shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.(b) A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this State if that person was required to be licensed under this chapter at the time of the sale, solicitation, or negotiation and was so licensed at the time.(d) An insurer, insurance producer, or limited lines producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this State, unless the payment would violate subdivision 4724(8) of this title.(e) A person licensed under this chapter shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, negotiating, or otherwise orchestrating the sale, enrollment, membership, or other connection between a Vermont resident and any arrangement involving the sharing of health-related expenses that is not insurance as defined in section 3301a of this title. (Amended 1973, No. 217 (Adj. Sess.), § 6; 2001, No. 97 (Adj. Sess.), § 5; 2019, No. 63, § 8, eff. June 17, 2019.)