reglab/housing_qa huggingface dataset:
8 V.S.A. § 4984
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4984. Plan of operation

§ 4984. Plan of operation|(a) Within 45 days following the creation of an association pursuant to section 4982 of this title, or such additional time as may be prescribed by the Commissioner, the board of directors of the association shall submit to the Commissioner for review and approval a proposed plan of operation consistent with the provisions of this chapter. If the Commissioner approves the proposed plan, he or she shall certify such approval to the board and the plan shall take effect 10 days after such certification. If the Commissioner disapproves of all or any part of the proposed plan, he or she shall return the plan to the board with a statement in writing of the reasons for his or her disapproval and any recommendations he or she may make. The board may accept the Commissioner's recommendations and submit the amended plan to the Commissioner or submit a new plan within 30 days after the return of the disapproved plan to the board. Within 10 days after receipt of the second plan, the Commissioner shall promulgate a plan and certify it to the board. A plan promulgated by the Commissioner shall take effect 10 days after certification to the board.(b) The plan of operation shall provide for economic, fair, and nondiscriminatory administration, and for the prompt and efficient provision of insurance on a self-supporting basis. The plan shall contain other provisions including preliminary assessment of all members for initial expenses necessary to commence operations, establishment of necessary facilities, management of the association, administrative expenses, reasonable commission arrangements, reasonable and objective underwriting standards, procedures for acceptance and cession of reinsurance, appointment of servicing carriers or other servicing arrangements or the direct issuance of syndicate policies, procedures for determining amounts of insurance to be provided by the association, provisions for assessment of deficits under section 4986 of this title, and an equitable apportionment among the members in the association's writings, expenses, servicing allowance, management fees, and losses.(c) Amendments to the plan may be made by the board of directors of the association, subject to the approval of the Commissioner. The Commissioner may also make amendments to the plan subject to the approval of the board. An amendment to the plan shall take effect not less than 10 days after adoption. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4985
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4985. Policy forms and rates

§ 4985. Policy forms and rates|(a) The Commissioner shall specify whether policy forms and the rate structure shall be on a "claims-made," "occurrence" or other basis and coverage shall be provided by an association only on the basis specified by the Commissioner. The Commissioner may specify a "claims-made" basis only if the contract makes provisions for residual "occurrence" coverage or extended reporting coverage upon the discontinuance of the insured activity in this State of the insured or the termination of the insurance policy by the insured for so long as there is a reasonable probability of a claim for injury for which the insured may be held liable. Provision may be made for a premium charge allocable to any such residual "occurrence" coverage and such premium charges for such residual coverage shall be segregated and separately maintained and calculated to be self-supporting for such purpose which may include the reinsurance of all or a part of that portion of the risk. All policy forms shall be approved by the Commissioner.(b) The rates, rating plans, rating rules, and rating classifications applicable to the insurance written by the association shall be approved by the Commissioner after hearing and shall be on an actuarially sound basis calculated to be self-supporting without insured assessments, giving due consideration to the past and prospective loss and expense experience within and without this State for that line of insurance written and to be written in this State, trends in the frequency and severity of losses, the investment income of the association and such other information as the Commissioner may require.(c) Policies issued by an association may provide for deductibles and for co-insurance, premium discounts, surcharges, separate classifications which reflect income, and other features not necessarily in current use. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4986
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4986. Deficits

§ 4986. Deficits|(a) In the event an association suffers an underwriting deficit for any year, the board of directors shall so certify to the Commissioner. Such certification shall be subject to the review and approval of the Commissioner. As provided in the plan of operation, but in a term not to exceed one year, each policyholder shall pay to the association a premium contingency assessment which bears the same ratio to the amount of such deficit as his or her premium for such year for insurance written or reinsured by the association bore to the total premiums paid to the association for such year. The association may cancel any policy of any policyholder who fails to pay the premium contingency assessment and need not pay any future claims against that policyholder. Any deficit premium contingency assessment uncollectible against any policyholder shall not be assessed against any other policyholder or policyholders.(b) In no event shall a deficit incurred by an association be charged directly or indirectly to any insured other than a policyholder insured through an association.(c) An association shall amend the amount of its certification of deficit to the Commissioner as the values of its incurred losses become finalized and the members of the association shall upon approval by the Commissioner amend their recoupment procedure accordingly. The board of directors of an association may require all members to contribute on a temporary basis to the financial requirements of the association prior to recoupment of any deficit in such proportion as shall be specified in the plan. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4987
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4987. Annual statements

§ 4987. Annual statements|Each association shall adopt a fiscal year beginning on October 1, and shall file in the office of the Commissioner on or before the 15th day of November each year, or such other month specified in the plan, a statement as prescribed by the Commissioner. The statement shall contain matters and information required by the Commissioner including information with respect to its transactions, condition, operations, and affairs during the preceding year, and shall be in a form approved by the Commissioner. The Commissioner may, at any time, require an association to furnish additional information with respect to matters considered to be material to the scope, operation, and experience of the association. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4988
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4988. Examination

§ 4988. Examination|The Commissioner shall make an examination into the affairs of each association annually or as often as he or she deems necessary. The Commissioner shall make an order indicating the scope of the examination and may appoint as examiners one or more competent persons not employed by any insurer or interested in any insurer except as a policyholder. The expenses of every such examination shall be borne and paid for by the association involved. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4989
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4989. Immunity

§ 4989. Immunity|Any association, the Commissioner, or any other person or organization shall be immune from civil liability for any actions taken or statements made in good faith by any of them in any report, communication, or actions concerning risks insured or to be insured by the association or during any proceedings in connection therewith. Any reports and communications in connection therewith are not subject to public inspection. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4990
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4990. Rules; enforcement

§ 4990. Rules; enforcement|The Commissioner may adopt reasonable rules to carry out the purposes of this chapter, and may suspend or revoke, after reasonable notice and a hearing, the certificate of authority or license to transact the business of insurance in this State of any member or other person that fails to comply with the provisions of this chapter, rules adopted hereunder, or any plan. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986; amended 2015, No. 23, § 84.)
8 V.S.A. § 4991
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4991. Appeal

§ 4991. Appeal|Any member or other person aggrieved by any action or decision of an association, or of any member as a result of its participation therein, may appeal to the board of directors. The decision of the board of directors may be appealed to the Commissioner within 30 days from the date of its decision. The Commissioner shall, after hearing held upon notice, issue an order approving or disapproving the board of directors' decision. All final orders and decisions of the Commissioner are subject to judicial review as provided in 3 V.S.A. § 815. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)
8 V.S.A. § 4992
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 137 - Vermont Joint Underwriting Associations|§ 4992. Termination

§ 4992. Termination|The authority granted to the Commissioner to establish a joint underwriting association under this chapter shall continue indefinitely unless the authority is terminated by act of the General Assembly. In the event authority is so terminated, any association established prior to the termination date may continue to exist for a period of one year from the date it commences underwriting activities. All obligations incurred by the association or by policyholders during this period shall be honored and binding until discharged, and any association shall remain in effect for the purpose of discharging any obligations incurred. The plan of operation shall provide for the orderly dissolution of the association at its termination. Upon termination of the association and the discharge of all its liabilities and at any such other time as may be specified in the plan, any excess funds of the association shall be distributed to the policyholders of the association in an equitable manner as set forth in the plan of operation. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986; amended 1987, No. 20; 1987, No. 185 (Adj. Sess.), § 7, eff. May 5, 1988; 1989, No. 113, § 3.)
8 V.S.A. § 5021
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5021. Non-Admitted Insurance Act; short title

§ 5021. Non-Admitted Insurance Act; short title|This chapter may be cited as the "Non-Admitted Insurance Act."  (Added 1979, No. 50, § 2.)
8 V.S.A. § 5022
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5022. Definitions

§ 5022. Definitions|(a) Notwithstanding subsection (b) of this section, as used in this chapter, unless the context requires otherwise, words and phrases shall have the meaning given under Title V, Subtitle B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub.L. 111-203, as amended.(b) As used in this chapter:  (1) "Admitted insurer" means an insurer licensed to transact business in this State. For purposes of this chapter, "admitted insurer" shall not include a domestic surplus lines insurer. (2) "Commissioner" means the Commissioner of Financial Regulation. (3) "Domestic insurer" means any insurer that has been chartered by, incorporated, organized, or constituted within or under the laws of this State. (4) "Domestic risk" means a subject of insurance that is resident, located, or to be performed in this State. (5) "Domestic surplus lines insurer" means a domestic insurer with which insurance coverage may be placed under this chapter. (6) "To export" means to place surplus lines insurance with a non-admitted insurer. (7) "Home state" means, with respect to an insured:  (A)(i) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or  (ii) if 100 percent of the insured risk is located outside the state referred to in subdivision (A)(i) of this subsection, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.  (B) If more than one insured from an affiliated group are named insureds on a single non-admitted insurance contract, the term "home state" means the home state, as determined pursuant to subdivision (A) of this subdivision (7), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.  (8) "NAIC" means the National Association of Insurance Commissioners. (9) "Surplus lines broker" means an individual licensed under this chapter and chapter 131 of this title. (10) "Surplus lines insurance" means coverage not procurable from admitted insurers. (11) "Surplus lines insurer" means a non-admitted insurer with which insurance coverage may be placed under this chapter. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 1; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 49, § 2, eff. May 26, 2011; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2019, No. 57, § 4.)
8 V.S.A. § 5023
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5023. Surplus lines insurance; authorized

§ 5023. Surplus lines insurance; authorized|Surplus lines insurance may be procured from non-admitted insurers, if:  (1) The insurance meets the conditions specified in section 5024 of this title; (2) The insurance is placed through a licensed surplus lines broker; (3) The insurer meets the conditions specified in section 5026 of this title; and (4) All other requirements of this chapter are met. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 2; amended 2001, No. 97 (Adj. Sess.), § 19.)
8 V.S.A. § 5023a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5023a. Domestic surplus lines insurer; authorized

§ 5023a. Domestic surplus lines insurer; authorized|(a) Surplus lines insurance may be procured from a domestic surplus lines insurer if all of the following criteria are met:  (1) The board of directors of the insurer has adopted a resolution seeking certification as a domestic surplus lines insurer and the Commissioner has approved such certification. (2) The insurer is already eligible to offer surplus lines insurance in at least one other state besides Vermont. (3) The insurer meets the requirements of section 5026 of this title. (4) All other requirements of this chapter are met.   (b) The requirements of 8 V.S.A. § 80 shall not apply to domestic surplus lines insurers. A domestic surplus lines insurer shall be deemed to be a non-admitted insurer for purposes of chapter 138 of this title. (Added 2019, No. 57, § 5.)
8 V.S.A. § 5024
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5024. Conditions for placement of insurance

§ 5024. Conditions for placement of insurance|(a) Insurance coverage, except as described in section 5025 of this chapter, shall not be placed with a surplus lines insurer unless the full amount of insurance required is not reasonably procurable from admitted insurers actually transacting that kind and class of insurance in this State; and the amount of insurance exported shall be only the excess over the amount procurable from admitted insurers actually transacting and insuring that kind and class of insurance.(b) Notwithstanding any other provision of this section, the Commissioner may order eligible for export any class or classes of insurance coverage or risk for which he or she finds there to be an inadequate competitive market among admitted insurers either as to acceptance of the risk, contract terms, or premium or premium rate.(c) The due diligence search for reasonably procurable insurance coverage required under subsection (a) of this section is not required for an exempt commercial purchaser, provided:  (1) the surplus lines broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may be available from an admitted insurer and may provide greater protection with more regulatory oversight; and (2) the exempt commercial purchaser has subsequently requested in writing the surplus lines broker to procure or place such insurance from a non-admitted insurer. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 3; 2001, No. 97 (Adj. Sess.), § 19; 2011, No. 49, § 3, eff. May 26, 2011; 2019, No. 57, § 6.)
8 V.S.A. § 5025
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5025. Exceptions concerning placement of insurance with non-admitted insurers; records

§ 5025. Exceptions concerning placement of insurance with non-admitted insurers; records|The provisions of this chapter controlling the placement of insurance with non-admitted insurers shall not apply to life insurance, health insurance, annuities, or reinsurance, nor to the following insurance when so placed by any licensed producer in this State:  (1) insurance on subjects whose home state is other than Vermont; (2) insurance on the property or operations of aircraft or railroads engaged in transportation in interstate and foreign commerce; or (3) insurance of vessels, crafts or hulls, cargoes, marine builder's risks, marine protection and indemnity, or other risks, including strikes and war risks commonly insured under ocean or wet marine forms of policy. (Added 1979, No. 50, § 2; amended 2001, No. 97 (Adj. Sess.), § 19; 2011, No. 49, § 4, eff. May 26, 2011.)
8 V.S.A. § 5026
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance|§ 5026. Solvent insurers required

§ 5026. Solvent insurers required|(a) Where Vermont is the home state of the insured, surplus lines brokers shall not knowingly place or continue surplus lines insurance with surplus lines insurers who are insolvent or unsound financially, and in no event shall any surplus lines broker place any insurance with a non-admitted insurer unless such insurer:  (1) has and maintains capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals the greater of:  (A) the minimum capital and surplus requirements under the law of this State; or (B) $15,000,000.00; and  (2) if an alien insurer, is listed on the quarterly listing of alien insurers maintained by the NAIC international insurers department.   (b) Notwithstanding the capital and surplus requirements of this section, a surplus lines insurer may receive approval upon an affirmative finding of acceptability by the Commissioner. The finding shall be based upon such factors as quality of management, capital, and surplus of any parent company, company underwriting profit and investment-income trends, market availability, and company record and reputation within the industry. In no event, however, shall the Commissioner make an affirmative finding of acceptability when the surplus lines insurer's capital and surplus is less than $4,500,000.00.(c) The Commissioner may from time to time publish a list of all non-admitted insurers deemed by him or her to be currently eligible surplus lines insurers under the provisions of this section, and shall mail a copy of such list to each surplus lines broker. This subsection shall not be deemed to cast upon the Commissioner the duty of determining the actual financial condition or claims practices of any non-admitted insurer; and the status of eligibility, if granted by the Commissioner, shall indicate only that the insurer appears to be sound financially and to have satisfactory claims practices, and that the Commissioner has no credible evidence to the contrary. While any such list is in effect, the surplus lines broker shall restrict to the insurers so listed all surplus lines insurance business placed by him or her. However, upon the request of a surplus lines broker or an insured, the Commissioner may deem a non-admitted insurer to be an eligible surplus lines insurer for purposes of this subsection prior to publication of the name of such surplus lines insurer on the list. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 4;1985, No. 236 (Adj. Sess.), § 4, eff. June 3, 1986; 1989, No. 249 (Adj. Sess.), § 1; 1993, No. 235 (Adj. Sess.), § 5, eff. June 21, 1994; 2001, No. 97 (Adj. Sess.), § 19; 2007, No. 49, § 7; 2011, No. 49, § 5, eff. May 26, 2011; 2019, No. 57, § 7.)