reglab/housing_qa huggingface dataset:
8 V.S.A. § 8095
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 154 - Long-Term Care Insurance|§ 8095. Nonforfeiture benefits

§ 8095. Nonforfeiture benefits|(a) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this State unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate that includes a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. In the event the policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse of the policy that shall be available for a specified period of time following a substantial increase in premium rates.(b) When a group long-term care insurance policy is issued, the offer required in subsection (a) of this section shall be made to the group policyholder. However, if the policy is issued as group long-term care insurance as defined in subdivision 8082(4)(D) of this title, other than to a continuing care retirement community or other similar entity, the offering shall be made to each proposed certificate holder.(c) The Commissioner shall adopt rules specifying the type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates, the standards for nonforfeiture benefits, and the rules regarding contingent benefit upon lapse of the policy, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse as described in subsection (a) of this section. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
8 V.S.A. § 8096
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 154 - Long-Term Care Insurance|§ 8096. Secondary notice of cancellation

§ 8096. Secondary notice of cancellation|The Commissioner shall adopt the National Association of Insurance Commissioners' model rule regarding secondary notice of cancellation of long-term care policies. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
8 V.S.A. § 8097
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 154 - Long-Term Care Insurance|§ 8097. Authority to adopt rules

§ 8097. Authority to adopt rules|The Commissioner shall adopt reasonable rules to promote premium adequacy and to protect the policyholder in the event of substantial rate increases, and to establish minimum standards for marketing practices, agent compensation, field issuance, agent testing, penalties, and reporting practices for long-term care insurance. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
8 V.S.A. § 8098
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 154 - Long-Term Care Insurance|§ 8098. Buyer's guide

§ 8098. Buyer's guide|The Commissioner shall require that a person offering long-term care insurance distribute to applicants a buyer's guide in a form prescribed by the Commissioner. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
8 V.S.A. § 8099
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 154 - Long-Term Care Insurance|§ 8099. Enforcement

§ 8099. Enforcement|(a) No policy may be advertised, marketed, or offered as long-term care insurance unless it complies with the provisions of this chapter and rules adopted under this chapter.(b) In addition to any other remedy or sanction provided by law, after notice and opportunity for hearing, the Commissioner may assess an administrative penalty in an amount not to exceed $10,000.00 or up to three times the amount of any commissions paid, whichever is greater, for each violation against any person who violates any provision of this chapter.(c) A person who violates a provision of this chapter shall be fined not more than $10,000.00 or imprisoned for not more than six months, or both.(d) The Department or the Attorney General at the request of the Department may bring an action to enforce the provisions of this chapter in Washington Superior Court. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
8 V.S.A. § 8101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 155 - Disclosure of Material Transactions|§ 8101. Report of material transactions required

§ 8101. Report of material transactions required|(a) Every insurer domiciled in this State shall file a report with the Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the Commissioner for review, approval, or information purposes by the insurer pursuant to other provisions of the insurance laws, regulations, or other requirements.(b) The report required in subsection (a) of this section shall be filed within 15 days of the end of the calendar month in which the transaction occurs.(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with the department and with the National Association of Insurance Commissioners.(d) All reports obtained by or disclosed to the Commissioner under this chapter shall be confidential and shall not be subject to subpoena nor made public by the Commissioner, the National Association of Insurance Commissioners, or any other person, except to the insurance departments of other states, without the prior written consent of the insurer to which it pertains, unless the Commissioner, after the insurer has had notice and an opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event the Commissioner may publish all or any part thereof in such manner as he or she may deem appropriate. (Added 1993, No. 235 (Adj. Sess.), § 6, eff. June 21, 1994.)
8 V.S.A. § 8102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 155 - Disclosure of Material Transactions|§ 8102. Acquisitions and dispositions of assets

§ 8102. Acquisitions and dispositions of assets|(a)(1) For the purposes of this chapter, asset acquisition shall include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.  (2) For the purposes of this chapter, asset disposition shall include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition.   (b) The following information is required to be disclosed in any report of a material asset acquisition or disposition:  (1) Date of the transaction. (2) Manner of acquisition or disposition. (3) Description of the assets involved. (4) Nature and amount of the consideration given or received. (5) Purpose of, or reason for, the transaction. (6) Manner by which the amount of consideration was determined. (7) Gain or loss recognized or realized as a result of the transaction. (8) Identity of each person from whom the assets were acquired or to whom they were disposed.   (c) Materiality. No acquisition or disposition of assets need be reported pursuant to section 8101 of this title if the acquisition or disposition is not material. For purposes of this chapter, a material asset acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or asset disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring, not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent annual statement filed with the department under section 3561 of this title.(d) Insurers are required to report material asset acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or a 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000.00 total direct plus assumed written premiums during the calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement is less than five percent of the insurer's capital and surplus. (Added 1993, No. 235 (Adj. Sess.), § 6, eff. June 21, 1994.)
8 V.S.A. § 8201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 157 - Transfer and Assumption of Insurance Contracts|§ 8201. Purpose

§ 8201. Purpose|The purpose of this chapter is to regulate the transfer and novation of contracts of insurance, including annuities, through the assumption of the contract. (Added 1993, No. 235 (Adj. Sess.), § 7.)
8 V.S.A. § 8202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 157 - Transfer and Assumption of Insurance Contracts|§ 8202. Scope

§ 8202. Scope|(a) The requirements of this chapter apply to any insurer authorized to transact business in this State who contracts to assume or transfer the obligations or risks on contracts of insurance, including annuities, pursuant to an assumption reinsurance agreement.(b) This chapter does not apply to:  (1) any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for insurance obligations or risks under the contracts of insurance that are subject to the reinsurance agreement; (2) the substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer; (3) the transfer of contracts of insurance pursuant to a merger or consolidation of two or more insurers to the extent that those transactions are regulated by statute; (4) any insurer subject to a judicial order of liquidation or rehabilitation; (5) any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to subchapter 9 of chapter 101 or chapter 112 of this title; or (6) the transfer of liabilities from one insurer to another under a single group policy upon the written request of the group policyholder. (Added 1993, No. 235 (Adj. Sess.), § 7.)
8 V.S.A. § 8203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 157 - Transfer and Assumption of Insurance Contracts|§ 8203. Definitions

§ 8203. Definitions|As used in this chapter:  (1) "Assuming insurer" means the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. (2) "Assumption reinsurance agreement" means any contract, whether or not coupled with a reinsurance or indemnity agreement, which:  (A) transfers insurance obligations or risks of existing or in-force contracts of insurance from a transferring insurer to an assuming insurer; and (B) is intended to effect a novation of the transferred contract of insurance with the result that the assuming insurer becomes directly and solely liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks under the contracts are extinguished.  (3) "Contract of insurance" means any written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or any beneficiary. "Contract of insurance" includes all property, casualty, life, health, accident, surety, title, and annuity business authorized to be written pursuant to the insurance laws of this State. (4) "Home service business" means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer. (5) "Notice of transfer" means the written notice to policyholders required by subsection 8204(a) of this title. (6) "Policyholder" means any individual or entity who owns or has the right to terminate or otherwise alter the terms of a contract of insurance. It includes any certificateholder whose certificate is in force on the proposed effective date of the assumption, if the certificateholder has the right to keep the certificate in force without change in benefit following termination of the group policy. The right to keep the certificate in force referred to in this subdivision shall not include the right to elect individual coverage arising out of a group contract continued pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), Section 601, et seq., of the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1161 et seq. or subchapter 2 of chapter 107 of this title. (7) "Transferring insurer" means the insurer which transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement. (Added 1993, No. 235 (Adj. Sess.), § 7.)
8 V.S.A. § 8205
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 157 - Transfer and Assumption of Insurance Contracts|§ 8205. Policyholder rights

§ 8205. Policyholder rights|(a) Policyholders shall have the right to accept or reject the transfer and novation of their contracts of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the pre-addressed, postage-paid response card or other written notice and indicate thereon that the assumption is rejected (collectively referred to as the "Response Card").(b) Payment of any premium to the assuming company during the 12-month period after notice is received shall be deemed to indicate the policyholder's consent to the transfer to the assuming insurer and a novation shall be deemed to have been effected provided that the premium notice states in a manner calculated to give the policyholder notice that payment of the premium to the assuming insurer shall constitute acceptance of the transfer, unless the policyholder reserves the right to reject the transfer. The premium notice shall also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer. With respect to any home service business or any other business not using premium notices, the Commissioner must approve the disclosures and procedures used to inform policyholders of the proposed assumption or transfer, which notice, at a minimum, must meet the requirements set forth in section 8204 of this title.(c) After no fewer than 12 months from the mailing of the initial notice of transfer required under subsection 8204(a) of this title, if positive consent to, or rejection of, the transfer and assumption has not been received as provided in subsection (a) of this section or consent has not been deemed to have occurred under subsection (b) of this section, the transferring company shall send to the policyholder a second and final notice of transfer as provided in section 8204 of this title. If the policyholder does not accept or reject the transfer during the two-month period immediately following the date on which the transferring insurer mails the second and final notice of transfer, the policyholder's consent will be deemed to have occurred and novation of the contract will be effected. With respect to the home service business or any other business not using premium notices, the 12- and two-month periods shall be measured from the date of delivery of the notice of transfer pursuant to section 8204 of this title.(d) The transferring insurer will be deemed to have received the response card on the date it is postmarked. A policyholder may also send his or her response card by facsimile or other electronic transmission or by registered mail, express delivery or courier service, in which case the response card shall be deemed to have been received by the assuming insurer on the date of actual receipt by the transferring insurer. (Added 1993, No. 235 (Adj. Sess.), § 7.)
8 V.S.A. § 8206
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 157 - Transfer and Assumption of Insurance Contracts|§ 8206. Effect of consent

§ 8206. Effect of consent|If a policyholder consents or is deemed to have consented to the transfer pursuant to section 8205 of this title or if the transfer is effected under subsection 8207(b) of this title, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks. (Added 1993, No. 235 (Adj. Sess.), § 7.)
8 V.S.A. § 8302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8302. Risk based capital report

§ 8302. Risk based capital report|(a) Each domestic insurer shall annually prepare and submit to the Commissioner a report of its risk based capital level for the calendar year just ended. The report shall be filed prior to March 1 each year and shall be in the form and contain such information as is required by the risk based capital instructions.(b) Each domestic insurer shall file its risk based capital report:  (1) with the NAIC in accordance with the risk based capital instructions; and (2) with the insurance commissioner of any state in which the insurer is authorized to do business, if the insurance commissioner of that state has notified the insurer of its request in writing. Any report required under this subdivision shall be filed not later than the later of 15 days from the receipt of notice to file the report with that state or the filing date provided in subsection (a) of this section.   (c) A life or health insurer's or fraternal benefit society's risk based capital shall be determined in accordance with the formula set forth in the risk based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk based capital instructions:  (1) the risk with respect to the insurer's assets; (2) the risk of adverse insurance experience with respect to the insurer's liabilities and obligations; (3) the interest rate risk with respect to the insurer's business; and (4) all other business risks and such other relevant risks as are set forth in the risk based capital instructions.   (d) A property and casualty insurer's or health maintenance organization's risk based capital shall be determined in accordance with the formula set forth in the risk based capital instructions. The formula shall take into account and may adjust for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the risk based capital instructions:  (1) asset risk; (2) credit risk; (3) underwriting risk; and (4) all other business risks and such other relevant risks as are set forth in the risk based capital instructions.   (e) If a domestic insurer files a risk based capital report that in the judgment of the Commissioner is inaccurate, then the Commissioner shall adjust the risk based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk based capital report adjusted by the Commissioner under this subsection shall be referred to as an "adjusted risk based capital report."  (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 37, eff. May 13, 2013; 2021, No. 25, § 12, eff. May 12, 2021.)
8 V.S.A. § 8304
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 159 - Risk Based Capital for Insurers|§ 8304. Regulatory action level event

§ 8304. Regulatory action level event|(a) The following are deemed to be regulatory action level events and subject to the requirements of this section:  (1) A risk based capital report or final adjusted risk based capital report which indicates that the insurer's total adjusted capital is greater than or equal to its authorized control level risk based capital, but less than its regulatory action level risk based capital. (2) Late filing of a risk based capital report that is not excused by the Commissioner and cured within 10 days of the filing date. (3) Failure to file a risk based capital plan within the time provided in section 8303 of this title. (4) Notice by the Commissioner that a plan submitted by the insurer under section 8303 of this title is disapproved and that the disapproval has been deemed by the Commissioner as constituting a regulatory action level event. (5) Notice by the Commissioner of a failure to adhere to its risk based capital plan or revised risk based capital plan where the failure has a substantial adverse effect on the ability of the insurer to eliminate the regulatory action level event in accordance with its plan.   (b) An insurer shall prepare and submit to the Commissioner a risk based capital plan within 45 days of filing a risk based capital report or within 45 days of notice of a final adjusted risk based capital report showing a regulatory action level event.(c) The Commissioner shall order such examination and analysis as the Commissioner deems necessary of the assets, liabilities, and operations of the insurer including a review of its risk based capital plan or revised risk based capital plan. Subsequent to the examination or analysis, the Commissioner shall issue an order specifying such corrective actions as the Commissioner shall determine are required. In determining corrective actions, the Commissioner may take into account the results of any examination and analysis of the insurer's assets, liabilities, and operations, including any sensitivity test undertaken pursuant to the risk based capital instructions.(d) The Commissioner may retain actuaries, investment experts, and other consultants as the Commissioner deems necessary to review the insurer's risk based capital plan or revised risk based capital plan, examine or analyze the assets, liabilities, and operations of the insurer, and formulate the corrective order with respect to the insurer. The fees, costs, and expenses relating to consultants shall be borne by the affected insurer or such other party as directed by the Commissioner. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)