reglab/housing_qa huggingface dataset:
8 V.S.A. § 4842
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4842. Action on bond

§ 4842. Action on bond|Action on the attorney's bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of such bond. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4843
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4843. Services of process; judgment

§ 4843. Services of process; judgment|(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his or her principal office.(b) Any judgment based upon legal process so served shall be binding upon each of the insurer's subscribers as their respective interests may appear, but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4844
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4844. Contributions to insurer

§ 4844. Contributions to insurer|The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. No such withdrawal or repayment shall be made without the prior written approval of the Commissioner. This section does not apply to bank loans, or to other loans made upon security. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4845
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4845. Financial condition; method of determining

§ 4845. Financial condition; method of determining|In determining the financial condition of a reciprocal insurer the Commissioner shall apply the following rules:  (1) The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis. (2) The surplus deposits of subscribers shall be allowed as assets, except that any premium deposit delinquent for 90 days shall first be charged against such surplus deposit. (3) The surplus deposits of subscribers shall not be charged as a liability. (4) All premium deposits delinquent less than 90 days shall be allowed as assets. (5) An assessment levied upon subscribers, and not collected, shall not be allowed as an asset. (6) The contingent liability of subscribers shall not be allowed as an asset. (7) The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No. 55, § 4.)
8 V.S.A. § 4846
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4846. Subscribers

§ 4846. Subscribers|Any individual or entity which is duly organized under the laws of this State or the laws of another jurisdiction may make application, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign, or alien reciprocal insurer. Any corporation organized under the laws of this State, including nonprofit corporations organized under the provisions of Title 11B of the Vermont Statutes Annotated, shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts through such reciprocal insurer. The right to exchange such contracts is declared to be incidental to the purposes for which such corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations. Government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees, or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals and lawful entities to the same extent that individuals and lawful entities are herein authorized to exchange reciprocal interinsurance contracts. Any officer, representative, trustee, receiver, or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of such contract but shall not be personally liable upon such contract by reason of acting in such representative capacity. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 6, eff. June 26, 1997; 2009, No. 137 (Adj. Sess.), § 17, eff. May 29, 2010.)
8 V.S.A. § 4847
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4847. Subscribers' advisory committee

§ 4847. Subscribers' advisory committee|(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscriber adopts.(b) Not less than two-thirds of the committee shall be subscribers.(c) The committee shall:  (1) supervise the finances of the insurer; (2) supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney; (3) procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and (4) have such additional powers and functions as may be conferred by the subscribers' agreement. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No. 55, § 5.)
8 V.S.A. § 4848
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4848. Subscribers' liability

§ 4848. Subscribers' liability|(a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint.(b) Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his or her policy was in force.(c) Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2013, No. 29, § 46, eff. May 13, 2013.)
8 V.S.A. § 4849
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4849. Subscribers' liability on judgment

§ 4849. Subscribers' liability on judgment|(a) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.(b) Any such judgment shall be binding upon each subscriber only in such proportion as his or her interests may appear and in amount not exceeding his or her contingent liability, if any. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4850
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4850. Assessments

§ 4850. Assessments|(a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the attorney upon approval in advance by the subscribers' advisory committee and the Commissioner; or by the Commissioner in liquidation of the insurer.(b) Each subscriber's share of a deficiency for which an assessment is made, but not exceeding in any event his or her aggregate contingent liability as computed in accordance with section 4852 of this title, shall be computed by applying to the premium earned on the subscriber's policy or policies during the period to be covered by the assessment, the ratio of the total deficiency to the total premiums earned during such period upon all policies subject to the assessment.(c) In computing the earned premiums for the purposes of this section, the gross premium received by the insurer for the policy shall be used as a base, deducting therefrom solely charges not recurring upon the renewal or extension of the policy.(d) No subscriber shall have an offset against any assessment for which he or she is liable, on account of any claim for unearned premium or losses payable. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4851
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4851. Time limit for assessments

§ 4851. Time limit for assessments|Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of any assessment, as computed and limited in accordance with this chapter, if:  (1) while his or her policy is in force or within one year after its termination, he is notified by either the attorney or the Commissioner of his or her intentions to levy such assessment; or (2) if an order to show cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while his or her policy is in force or within one year after its termination. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4852
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4852. Aggregate liability

§ 4852. Aggregate liability|No one policy or subscriber as to a policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the amount provided for in the power of attorney or in the subscribers' agreement, computed solely upon premium earned on such policy during that year. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4853
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4853. Nonassessable policies

§ 4853. Nonassessable policies|(a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee, the Commissioner shall issue his or her certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this State, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this State for so long as all of the surplus remains unimpaired.(b) Upon impairment of such surplus, the Commissioner shall forthwith revoke the certificate. The revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after the revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.(c) The Commissioner shall not authorize a domestic reciprocal insurer so to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it is qualified to and does extinguish the liability of all its subscribers and in all policies for all kinds of insurance transacted by it. Nevertheless, if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its subscribers as may acquire such policies in that state, and need not extinguish the contingent liability applicable to policies theretofore in force in that state. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4854
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4854. Subscribers' share in assets

§ 4854. Subscribers' share in assets|Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premium, savings, or credits then standing on subscribers' account, shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to a reasonable formula which the Commissioner approves. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4855
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4855. Merger or conversion

§ 4855. Merger or conversion|(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice and the approval of the Commissioner of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer.(b) Such a stock or mutual insurer shall be subject to the same capital or surplus requirements and shall have the same rights as a like domestic insurer transacting like kinds of insurance.(c) The Commissioner shall not approve any plan for merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his or her interest in the reciprocal insurer as determined in accordance with section 4854 of this chapter and a reasonable length of time within which to exercise such right. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4856
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4856. Impaired reciprocals

§ 4856. Impaired reciprocals|(a) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency, but subject to the limitation set forth in the power of attorney or policy.(b) If the attorney fails to make up such deficiency or to make the assessment within 30 days after the Commissioner orders him or her to do so, or if the deficiency is not fully made up within 60 days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title.(c) If liquidation of such an insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the Commissioner determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney or other persons, but including the reasonable cost of the liquidation. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4901
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 135 - Insurance Policies|§ 4901. Definitions

§ 4901. Definitions|As used in this chapter:  (1) "Insurance policy" means a policy or contract covering any kind of insurance described in this title, including a contract or certificate issued by a fraternal benefit society under chapter 121 of this title or a subscriber contract issued by a medical or hospital service corporation under chapter 123 or 125 of this title. (2) "Insurer" means any insurance company regulated by this title, including a fraternal benefit society or a medical or hospital service corporation. (Added 1975, No. 36.)
8 V.S.A. § 4902
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 135 - Insurance Policies|§ 4902. Disclosure and public information

§ 4902. Disclosure and public information|(a) The Commissioner shall make such rules as he or she considers necessary or desirable for the full, fair, and uniform disclosure and conveyance of useful information to consumers of insurance.(b) The rules may include requirements that for each or any insurance policy sold or offered for sale in this State an insurer shall prepare and provide or cause to be provided to the policyholder, buyer, or prospective buyer a disclosure statement containing:  (1) a clear and concise outline summarizing and clarifying important features of the policy; (2) information on cost and on return to or on behalf of policyholders; (3) such other information which the Commissioner considers appropriate to further the purposes of or reduce violations of chapter 129 of this title; and (4) a statement that the outline is a summary of the policy or contract issued or applied for and that the policy or contract should be consulted to determine governing contractual provisions.   (c) The Commissioner shall by rule establish standards for the format, content, and distribution of disclosure statements and any other informational materials he or she considers necessary or desirable to promote the purposes of this section. (Added 1975, No. 36.)
8 V.S.A. § 4903
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 135 - Insurance Policies|§ 4903. Administrative procedure; withdrawal of approval; judicial review

§ 4903. Administrative procedure; withdrawal of approval; judicial review|Rules issued under this chapter shall be adopted under 3 V.S.A. chapter 25, and shall be subject to review as provided in that chapter. When a rule is adopted under this chapter and an insurance policy is not in compliance with the rule, the Commissioner may withdraw his approval of the policy form in the manner provided in sections 3541-3543 of this title. An insurer may appeal a decision of the Commissioner to withdraw a policy form under 3 V.S.A. § 815 and review shall be confined to the record below. (Added 1975, No. 36.)
8 V.S.A. § 4981
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4981. Definitions

§ 4981. Definitions|As used in this chapter, unless the context otherwise requires:  (1) "Association" means a joint underwriting association established pursuant to this chapter. (2) "Commissioner" means the Commissioner of Financial Regulation or a designee. (3) "Property and casualty insurance" means all insurance covered under chapter 128 of this title relating to property and casualty rate regulation. (4) "Member" means an insurer which is a member of an association. (5) "Plan" means the plan of operation of the association approved or promulgated by the Commissioner pursuant to this chapter. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
8 V.S.A. § 4982
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4982. Creation of Vermont joint underwriting associations

§ 4982. Creation of Vermont joint underwriting associations|(a) The Commissioner is hereby authorized, under the terms of this chapter, to establish one or more Vermont joint underwriting associations. The purpose of any such association shall be to provide insurance on a self-supporting basis without subsidy from its members. No such association formed pursuant to this chapter shall be formed for the purpose of providing coverage for pollution exposures.(b) Each insurer authorized to write, and engaged in writing within this State, property and casualty insurance shall be a member of an association established under this chapter by the Commissioner and shall remain a member as a condition of its authority to write such insurance within this State, except that the Commissioner may exclude classes of insurers for administrative convenience or because it is not practicable to require them to participate.(c) An association shall be a temporary, nonexclusive, nonprofit unincorporated association constituting a legal entity separate and distinct from its members. All funds and reserves of an association shall be separately held and invested.(d) An association shall not commence or resume after suspension, any of its underwriting operations, until the Commissioner, after due hearing and investigation determines, and the emergency board approves such determination, that a voluntary market of insurance does not exist and that a voluntary market assistance plan has failed to restore availability of the needed insurance coverages. Upon such determination, an association shall be authorized to engage in the underwriting of any specific line of insurance determined to be unavailable in the voluntary market. If, after an association commences its operation, the Commissioner determines that insurance can be made available in the voluntary market, he or she shall suspend the operation of the association. The Commissioner may re-establish the association's operations if he or she finds after due hearing and investigation that the insurance industry has failed to provide a voluntary market for the specific line of insurance underwritten through the association.(e) An association shall, subject to the terms and conditions of this chapter, have power on behalf of its members to:  (1) issue, or to cause to be issued, policies of insurance to qualified applicants, including incidental coverages and subject to limits as specified in the plan of operation. Coverages under such policies may be made available as primary or excess protection; (2) underwrite and otherwise service such policies of insurance and adjust and pay losses with respect thereto, or appoint service companies or associations to perform those functions; (3) assume or cede 100 percent reinsurance or a lesser percentage on any policy underwritten by the association. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4983
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4983. Board of directors

§ 4983. Board of directors|Each association established under this chapter shall operate subject to the supervision of a board of directors consisting of representatives of four of the members, who shall be elected by the members; an insurance agent licensed and writing insurance in this State, who shall be named by the Commissioner and two representatives of the group of buyers of the line of insurance provided, to be named by the association of such group if any exists, or by the Commissioner. A chair and such other officers as may be provided for in the plan shall be elected by the board. The directors shall serve without compensation but shall be reimbursed by the association for their actual and necessary expenses incurred in the performance of their duties. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)