reglab/housing_qa huggingface dataset:
8 V.S.A. § 6050
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6050. Purpose

§ 6050. Purpose|The purpose of this chapter is to regulate the formation and operation of risk retention groups and purchasing groups in this State formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 ("RRA 1986"), to the extent permitted by such law. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6051
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6051. Definitions

§ 6051. Definitions|As used in this chapter:  (1) "Commissioner" means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state. (2) "Domicile," for purposes of determining the state in which a purchasing group is domiciled, means:  (A) for a corporation, the state in which the purchasing group is incorporated; and (B) for an unincorporated entity, the state of its principal place of business.  (3) "Hazardous financial condition" shall have the same meaning as in 15 U.S.C. § 3901(a)(7). (4) "Insurance" shall have the same meaning as in 15 U.S.C. § 3901(a)(1). (5) "Liability" shall have the same meaning as in 15 U.S.C. § 3901(a)(2). (6) "Personal risk liability" shall have the same meaning as in 15 U.S.C. § 3901(a)(3). (7) "Plan of operation and feasibility study" means an analysis which presents the expected activities and results of a risk retention group as required by chapter 141 of this title. (8) "Product liability" means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. (9) "Purchasing group" has the same meaning as in 15 U.S.C. § 3901(a)(5). (10) "Risk retention group" shall have the same meaning as in 15 U.S.C. § 3901(a)(4). (11) "State" means any state of the United States or the District of Columbia. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992; amended 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
8 V.S.A. § 6054
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6054. Compulsory associations

§ 6054. Compulsory associations|(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this State, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group.(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this State or from a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this State.(c) When a purchasing group obtains insurance covering its members' risks from a licensed insurer, only risks resident or located in this State shall be covered by the State Guaranty Fund subject to chapter 112 of this title. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6055
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6055. Purchasing groups; Exemption from certain laws

§ 6055. Purchasing groups; Exemption from certain laws|A purchasing group and its insurer or insurers shall be subject to all applicable laws of this State, except that a purchasing group and its insurer or insurers shall be exempt from State laws as provided in 15 U.S.C. § 3903(a)(1) -  (a)(8). (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6056
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6056. Notice and registration requirements of purchasing groups

§ 6056. Notice and registration requirements of purchasing groups|(a) A purchasing group intending to do business in this State shall, prior to doing business, furnish notice to the Commissioner that shall:  (1) be as provided in 15 U.S.C. § 3903(d); (2) identify all other states in which the group intends to do business; (3) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State; and (4) provide such other information as may be required by the Commissioner to verify that the purchasing group is qualified under subdivision 6051(9) of this title.   (b) The purchasing group shall register with and designate the Commissioner as its agent solely for the purpose of receiving service of legal documents or process, except for any groups exempted under 15 U.S.C. § 3903(e). Service shall be effected in the manner provided in section 3383 of this title.(c) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the Commissioner to:  (1) verify that the entity qualifies as a purchasing group; (2) determine where the purchasing group is located; and (3) determine appropriate tax treatment under section 6058 of this title.   (d) Any purchasing group which was doing business in this State prior to the enactment of this chapter shall, within 30 days after December 31, 1992, furnish notice to the Commissioner pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b) and (c) of this section. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992; amended 2021, No. 25, § 30, eff. May 12, 2021.)
8 V.S.A. § 6057
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6057. Restrictions on insurance purchased by purchasing groups

§ 6057. Restrictions on insurance purchased by purchasing groups|(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.(b) A purchasing group which obtains liability insurance from an insurer not admitted in this State or a risk retention group shall inform each of the members of such group which have a risk resident or located in this State that such risk is not protected by an insurance insolvency guaranty fund in this State in writing that such risk retention group or such insurer may not be subject to all insurance laws and regulations of this State.(c) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.(d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6058
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6058. Purchasing group taxation

§ 6058. Purchasing group taxation|Premium taxes and taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing groups shall be:  (1) imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and (2) paid first by such insurance source, and if not by such source, by the agent or broker for the purchasing group, and if not by such agent or broker, then by the purchasing group, and if not by such purchasing group, then by each of its members. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6059
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6059. Administrative and procedural authority regarding risk retention groups and purchasing groups

§ 6059. Administrative and procedural authority regarding risk retention groups and purchasing groups|The Commissioner is authorized to make use of any of the powers established under this title to enforce the laws of this State not specifically preempted by the Risk Retention Act of 1986, including the Commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties, and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the Commissioner can rely on the procedural laws of this State. The injunctive authority of the Commissioner, in regard to risk retention groups, is restricted by the requirement that any injunction be issued by a court of competent jurisdiction. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6060
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6060. Duties of agent or brokers to obtain license

§ 6060. Duties of agent or brokers to obtain license|(a) Purchasing groups.  (1) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this State for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association, or corporation is licensed as an insurance agent or broker in accordance with chapter 131 of this title. (2) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this State for any member of a purchasing group under a purchasing group's policy unless such person, firm, association, or corporation is licensed as an insurance agent or broker in accordance with chapter 131 of this title. (3) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance from an insurer not authorized to do business in this State on behalf of a purchasing group located in this State unless such person, firm, association, or corporation is licensed as a surplus lines broker or excess line broker in accordance with chapter 131 of this title.   (b) For purposes of acting as an agent or broker for a purchasing group pursuant to subsection (a) of this section, the requirement of residence in this State shall not apply.(c) Every person, firm, association, or corporation licensed pursuant to the provisions of chapter 131 of this title, on business written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by subsection 6057(c) of this title. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6061
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142 - Risk Retention Groups and Purchasing Groups|§ 6061. Binding effect of orders issued in United States District Court

§ 6061. Binding effect of orders issued in United States District Court|An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, shall be enforceable in the courts of this State, upon a finding that such a group is in hazardous financial or financially impaired condition. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)
8 V.S.A. § 6070
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers|§ 6070. Application of chapter

§ 6070. Application of chapter|(a) This chapter applies to risk retention groups domiciled in this State operating under the provisions of chapters 141 and 142 of this title and to persons serving as managing general agents for such risk retention groups.(b) The provisions of chapter 131, subchapter 2 of this title, pertaining to producer controlled insurers, shall apply to risk retention groups chartered in this State. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994; amended 2013, No. 103 (Adj. Sess.), § 4, eff. April 14, 2014.)
8 V.S.A. § 6071
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers|§ 6071. Definitions

§ 6071. Definitions|As used in this chapter:  (1)(A) "Managing general agent" means any person who:   (i) manages all or part of the insurance business of a risk retention group and acts as an agent for such risk retention group, and, who, either separately or together with affiliates, underwrites gross written premium in any one-quarter or year that exceeds the greater of:  (I) 25 percent of the risk retention group's policyholder surplus or capital; or (II) $250,000.00; and  (ii) adjusts or pays, on behalf of the risk retention group, with settlement authority, claims in excess of $25,000.00 per occurrence or $250,000.00 in the aggregate.  (B) "Managing general agent" shall also mean a person who otherwise would be deemed as such, but for the fact that it underwrites gross written premium of less than the amounts specified above, but during the risk retention group's preceding fiscal year underwrote in excess of 10 percent of the risk retention group's gross written premium. (C) Notwithstanding the provisions of subdivisions (1)(A) and (B) of this section, the following persons shall not be considered as managing general agents of a risk retention group:  (i) an officer, director, or employee of the risk retention group or of any person described in subdivisions (ii) and (iii) of this subdivision (C), provided the officer or director is not individually licensed as a managing general agent hereunder; (ii) a person affiliated with or under common control with the risk retention group; (iii) an association, society, or other entity, or any person under common ownership or control therewith, that has, directly or indirectly, as its owners or members, persons who are policyholders or are eligible to become policyholders of the risk retention group; and (iv) an attorney-in-fact of a risk retention group organized as a reciprocal, or any person affiliated with or under common control with the attorney-in-fact.   (2) "Reinsurance intermediary" has the same meaning as set forth in subdivision 4815(9) of this title. (3) "Risk retention group" means a company referred to in section 6070 of this title domiciled in this State. (4) "Underwrite" means the authority to accept or reject risk on behalf of the risk retention group. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994; amended 2003, No. 55, § 10.)
8 V.S.A. § 6073
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers|§ 6073. Contract required

§ 6073. Contract required|(a) No risk retention group shall enter into a managing general agent relationship unless there is in force a written contract between the parties which sets forth the respective responsibilities of each party.(b) The contract shall contain the following minimum provisions:  (1) The method for determining compensation and other amounts payable under the contract, and the terms for payment thereof shall be fair and reasonable. (2) The contract may be terminated by the risk retention group for cause upon written notice. (3) The authority to underwrite or settle claims may be suspended by the risk retention group during the pendency of any dispute regarding the cause for termination. (4) The contract shall not result in the transfer of substantial control of the risk retention group or any of the powers vested in the members or board of directors, by statute, articles of incorporation, or bylaws. (5) Separate records of all business written under the contract shall be maintained. The risk retention group shall have access to and the right to copy all accounts and records related to its business in a form usable by the risk retention group. (6) The required use of underwriting, rating, and claims settlement and, if applicable, reinsurance cession standards and procedures approved by the risk retention group.   (c) Within 30 days of entering into a contract with a managing general agent, the risk retention group shall provide written notification thereof to the Commissioner. Such notice of appointment shall include a statement of duties which the applicant is expected to perform on behalf of the risk retention group, the lines of insurance for which the applicant is to be authorized to act, a summary of the minimum contract provisions set forth in subsection (b) of this section and any other information reasonably requested by the Commissioner. Information contained in such notification shall be entitled to confidential treatment in accordance with section 6052 of this title. The risk retention group shall give the Commissioner notice of termination of a contract with a managing general agent within 10 days of termination. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994.)
8 V.S.A. § 6074
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers|§ 6074. Examination authority

§ 6074. Examination authority|(a) The Commissioner may examine the books and records of a managing general agent or any affiliate thereof pertaining to or arising out of transactions with a risk retention group if the Commissioner reasonably believes that such examination is necessary.(b) All examination reports, work papers, recorded information, documents and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under this section are confidential and are not subject to subpoena and may not be made public by the Commissioner or any other person, except as otherwise provided in this section. The Commissioner is authorized to use and make public any report, work paper, or other documents, or any other information discovered or developed during the course of any examination conducted pursuant to this section in the furtherance of any legal or regulatory action. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994.)
8 V.S.A. § 6075
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers|§ 6075. Hearing; penalties

§ 6075. Hearing; penalties|(a) If the Commissioner determines, after notice and hearing, that any person licensed hereunder (i) has violated any provision of this chapter or rules promulgated hereunder, or (ii) is not competent or trustworthy, or (iii) has engaged in any activity or has failed to do any act that if known at the time of licensing would have been grounds to refuse licensing, the Commissioner may impose one or more of the following penalties:  (1) order the revocation, suspension, or nonrenewal of the person's license; (2) order the termination, suspension or modification of the contract between such person and the risk retention group; or (3) impose an administrative penalty of not less than $100.00 nor more than $1,000.00 for each violation hereunder.   (b) In imposing any such penalty, the Commissioner shall take into account the seriousness of the violation, whether or not it was willful, and the licensee's past record of compliance with this chapter.(c) Any hearing conducted hereunder shall be conducted in accordance with 3 V.S.A. chapter 25. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994.)
8 V.S.A. § 7001
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7001. Definitions

§ 7001. Definitions|As used in this chapter:  (1) "Insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. For the purpose of this chapter and section 2201 of this title, insurance premium finance company includes any insurance company, insurance agent or broker, or other lender who finances insurance premiums. (2) "Insurance premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter. (3) "Licensee" means an insurance premium finance company holding a license issued under section 7002 of this title. (4) "Person" means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized. (5) "Commissioner" means the Commissioner of Financial Regulation. (Added 1983, No. 77, § 1; amended 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. § 7002
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7002. License required

§ 7002. License required|(a) No person shall engage in the business of an insurance premium finance company in the State without first having obtained a license as an insurance premium finance company from the Commissioner.(b) The annual license fee shall be $200.00. Licenses may be renewed from year to year as of July 1 of each year upon payment of the fee of $200.00. The license fee shall be paid to the Commissioner.(c) The Commissioner shall have authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers, and employees and he or she may, in his or her discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he or she is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.(d) This section shall not apply to any building or savings and loan association, bank, trust company, licensed lender, or credit union authorized to do business in this State, nor to an insurance company or to an insurance agent or insurance broker licensed to do business in this State financing premiums on policies written by such agent or broker; provided, however, that all other provisions of this chapter shall apply to the financing of insurance premiums. (Added 1983, No. 77, § 1.)