reglab/housing_qa huggingface dataset:
8 V.S.A. § 3445
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3445. Membership interest not a security

§ 3445. Membership interest not a security|A membership interest in a domestic mutual insurance holding company shall not constitute a security as defined by 9 V.S.A. § 4202a. (Added 1995, No. 167 (Adj. Sess.), § 29a.)
8 V.S.A. § 3446
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3446. Filing of amended charters

§ 3446. Filing of amended charters|Upon the consummation of a reorganization or merger pursuant to this subchapter, duplicate originals of amended and restated charter documents adopted by the mutual holding company and the insurance company shall be filed in the office of the Secretary of State, and shall take effect as of the date of the filing of such originals in such office. (Added 1995, No. 167 (Adj. Sess.), § 29a.)
8 V.S.A. § 3461a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers

§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers|(a) General five percent diversification.  (1) Except as otherwise specified in this subchapter, a domestic property and casualty, financial guaranty or mortgage guaranty insurer shall not acquire directly or indirectly through an investment subsidiary an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer would hold more than five percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person. (2) This five percent limitation shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization. (3) Asset-backed securities shall not be subject to the limitations of subdivision (1) of this subsection; however, an insurer shall not acquire an asset-backed security if, as a result of and after giving effect to the investment, the aggregate amount of asset-backed securities secured by or evidencing an interest in a single asset or single pool of assets held by a trust or other business entity then held by the insurer would exceed five percent of its admitted assets.   (b) An insurer subject to this section shall comply with applicable regulations addressing investments in lower and medium grade obligations.(c) Canadian investments.  (1) An insurer subject to this section shall not acquire, directly or indirectly through an investment subsidiary, any Canadian investments authorized by this subchapter, if, as a result of and after giving effect to the investment, the aggregate amount of these investments then held by the insurer would exceed 40 percent of its admitted assets or if the aggregate amount of Canadian investments not acquired under subdivision 3461c(2) of this subchapter then held by the insurer would exceed 25 percent of its admitted assets. (2) However, as to an insurer that is authorized to do business in Canada or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in Canada and denominated in Canadian currency, the limitations of subdivision (1) of this subsection shall be increased by the greater of:  (A) the amount the insurer is required by Canadian law to invest in Canada or to be denominated in Canadian currency; or (B) 125 percent of the amount of its reserves and other obligations under contracts on risks resident or located in Canada. (Added 1999, No. 84 (Adj. Sess.), § 2, eff. April 19, 2000.)
8 V.S.A. § 3461b
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3461b. General limitations and diversification requirements for life and health insurers

§ 3461b. General limitations and diversification requirements for life and health insurers|(a) General three percent diversification.  (1) Except as otherwise specified in this subchapter, a domestic life and health insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer would hold more than three percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured or guaranteed by a single person. (2) This three percent limitation shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally-recognized statistical rating organization. (3) Asset-backed securities shall not be subject to the limitations of subdivision (1) of this subsection; however, an insurer shall not acquire an asset-backed security if, as a result of and after giving effect to the investment, the aggregate amount of asset-backed securities secured by or evidencing an interest in a single asset or single pool of assets held by a trust or other business entity then held by the insurer would exceed three percent of its admitted assets.   (b) An insurer subject to this section shall comply with applicable regulations addressing investments in lower and medium grade obligations.(c) Canadian investments.  (1) An insurer subject to this section shall not acquire, directly or indirectly through an investment subsidiary, a Canadian investment authorized by this subchapter if, as a result of and after giving effect to the investment, the aggregate amount of these investments then held by the insurer would exceed 40 percent of its admitted assets or if the aggregate amount of Canadian investments not acquired under subdivision 3461c(2) of this title then held by the insurer would exceed 25 percent of its admitted assets. (2) However, as to an insurer that is authorized to do business in Canada or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in Canada and denominated in Canadian currency, the limitations of subdivision (1) of this subsection shall be increased by the greater of:  (A) the amount the insurer is required by Canadian law to invest in Canada or to be denominated in Canadian currency; or (B) 115 percent of the amount of its reserves and other obligations under contracts on lives or risks resident or located in Canada. (Added 1999, No. 84 (Adj. Sess.), § 3, eff. April 19, 2000.)
8 V.S.A. § 3461d
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3461d. Registration or filing exemption

§ 3461d. Registration or filing exemption|Notwithstanding the provisions of any other section of subchapter 4 of this chapter, an insurer shall not be required to register or file with the SVO any security that meets and continues to meet the conditions for exemption for certain nationally recognized statistical rating organization rated securities consistent with the Purposes and Procedures Manual of the NAIC Investment Analysis Office or any successor publication. (Added 1999, No. 84 (Adj. Sess.), § 5, eff. Jan. 1, 2000; amended 2017, No. 134 (Adj. Sess.), § 4.)
8 V.S.A. § 3462
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3462. Investments- Foreign insurers

§ 3462. Investments- Foreign insurers|The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially as high as that required under this chapter for similar funds of like domestic insurers. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 2).)
8 V.S.A. § 3463a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3463a. Valuation of investments

§ 3463a. Valuation of investments|Investments of domestic insurers shall be valued in accordance with the valuation procedures established by the National Association of Insurance Commissioners, unless the Commissioner requires or finds another method of valuation that is not inconsistent with the valuation method promulgated by the National Association of Insurance Commissioners and is reasonable under the circumstances. (Added 1991, No. 101, § 3; amended 1993, No. 12, § 11, eff. April 26, 1993.)
8 V.S.A. § 3465
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3465. Exemption from investment limitations

§ 3465. Exemption from investment limitations|(a) Nothing in this chapter or other statute law of the State shall be construed as denying to an insurer the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may be reasonably necessary to avoid loss on a loan or investment previously made or an obligation created in good faith, the conditions and limitations of the investment of funds in this chapter to the contrary notwithstanding.(b) No investment limitation contained in this chapter shall prohibit an insurer from investing in or acquiring securities or other properties of another insurance company in connection with a lawful agreement of bulk reinsurance, merger, consolidation, sale of assets, or acquisition of a subsidiary under subchapter 13 of this chapter.(c) No investment limitation contained in this chapter shall prohibit the acquisition and retention by an insurer of substitute or additional securities or property if:  (1) received as a dividend; (2) a lawful distribution of assets; (3) through the exercise of rights of conversion, warrants, or rights to purchase stock or preemptive rights to subscribe to stock, contained in or attached to a previously existing investment in such company; (4) pursuant to a lawful plan of reorganization. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 1); amended 2003, No. 163 (Adj. Sess.), § 44, eff. June 10, 2004.)
8 V.S.A. § 3467
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3467. Qualification of investments

§ 3467. Qualification of investments|(a) Any restriction, exclusion, or provision appearing in any section of this chapter shall apply only with respect to the authorization of the particular section in which it appears and shall not be applicable to any other section. The qualification or disqualification of an investment under one section shall not prevent its qualification in whole or in part under another section, and an investment authorized by more than one section may be held under whatever authorizing section the insurer elects. An investment may be transferred from time to time at the election of the insurer to the authority of any section under which it qualifies whether originally qualifying thereunder or not.(b) The qualification of an investment under a particular section of this chapter shall be determined as of the date of its acquisition by the insurer or as of the date on which the insurer becomes legally obligated to acquire the same as the case may be.(c) As used herein, the word "section" shall include any subsections or specific provisions authorizing a particular kind or class of investments.(d) An investment instrument not specifically qualified under this subchapter shall be deemed to qualify under this subchapter, based on the underlying nature of the actual securities that comprise such investment instrument subject to the prior written permission of the Commissioner. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 3); amended 1999, No. 84 (Adj. Sess.), § 8, eff. April 19, 2000.)
8 V.S.A. § 3468
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3468. Investments qualified under prior law

§ 3468. Investments qualified under prior law|The provisions of this chapter shall not affect or operate to disqualify any investment which an insurer has made or which it is legally obligated to acquire prior to the effective date of this subchapter; provided, however, that an insurer at its option may transfer any previously made investment to the authority of the provisions of this chapter whereupon such investments shall be subject to and governed thereby. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 4).)
8 V.S.A. § 3469
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3469. Loans to directors and officers- Restrictions

§ 3469. Loans to directors and officers- Restrictions|No domestic insurer shall invest in or loan upon any property, directly or indirectly, whether real or personal, in which any officer or director of such insurer has a financial interest, nor shall any such insurer make a loan of any kind to any officer or director of such insurer unless such officer or director neither participates in, nor votes at any management decision or meeting regarding such loan. This section shall not apply to policy loans or first mortgage loans on dwellings of not more than two families to be occupied by such officer as a residence, nor in circumstances where the financial interest of such officer or director is only nominal, trifling, or so remote as not to give rise to a conflict of interest. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 5).)
8 V.S.A. § 3470
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3470. Mortgage loans to minors

§ 3470. Mortgage loans to minors|An insurer is hereby authorized to make loans secured by a mortgage on real estate to a husband and wife where either or both is a minor 18 years old or over and where said real estate is to be used as a home by said husband and wife, subject to statutory conditions relating to such insurer, and may make any contract relating thereto with such minor. Such minors may be legally bound to the full performance of such mortgage and notes and contracts relating thereto without right of rescission because of their minority. The minority of such minor shall not be a defense nor a material issue in any civil action in which such mortgage or contract is material. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 6).)
8 V.S.A. § 3471
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3471. Mortgages on real and personal property as liens; priorities

§ 3471. Mortgages on real and personal property as liens; priorities|Any mortgages acquired by an insurer on real or personal property so written as to secure a present debt and any future advances by the mortgagee or an assignee shall be a lien upon the mortgaged property for the full amount of debt directly created between the mortgagor and the mortgagee and between the mortgagor and an assignee of the mortgagee subsequent to assignment, due to the mortgagee or assignee at any given time provided that if the mortgaged property includes a homestead, the spouse of the mortgagor must consent in writing to the creation of any subsequent indebtedness. Any such mortgage may be assigned for the full amount due thereon at the time of such assignment. A subsequent mortgage on the same premises shall be inferior to the first mortgage unless the second mortgagee in writing notifies the first mortgagee of the incidence of his or her mortgage, in which case indebtedness created by the mortgagor to the first mortgagee subsequent to such notice shall be inferior to the lien of the second mortgagee. In any conflict with other provisions of Vermont statutes this section shall control. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 7).)
8 V.S.A. § 3472
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3472. Earnings statements and income ratios- Special situations

§ 3472. Earnings statements and income ratios- Special situations|In the application of the provisions and requirements of this subchapter to determine whether a particular investment in any corporation, association, or institution is qualified the following shall be applicable:  (1) When a corporation, association, or institution, whether or not it has been in existence during the whole or whatever period may be required by the particular provision of this chapter under which it is sought to be qualified as an investment, has been constituted in the form that it has at the time of such investment by consolidation, acquirement of merger, the adjusted pro forma consolidated earnings statement may be used to determine the income ratios as provided by any such provisions. (2) Similarly, for the purpose of determining such income ratios for holding corporations or institutions with subsidiaries, the consolidated earnings statement of parent and subsidiary institutions may be used. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 8).)
8 V.S.A. § 3501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3501. Life insurance and annuities

§ 3501. Life insurance and annuities|For all life insurance policies and annuity contracts, the insurer shall maintain reserves as required by chapter 103, subchapter 4 of this title. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 6, § 1).)
8 V.S.A. § 3502
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3502. Insurance- Other life insurance and annuities

§ 3502. Insurance- Other life insurance and annuities|For all policies of insurance other than life insurance and annuities, the insurer shall maintain reserves which shall place a sound value on its liabilities under such policies and which shall not be less than the reserves according to appropriate standards set forth in regulations issued by the Commissioner and, in no event, less in the aggregate than the pro rata gross unearned premium reserve for such policies. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 6, § 2).)
8 V.S.A. § 3503
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3503. Deposits of domestic insurer doing foreign business

§ 3503. Deposits of domestic insurer doing foreign business|(a) A domestic insurer may deposit with the Treasurer of this State or with the comptroller or chief financial officer of another state or country funds or securities of the insurer which the laws of such state or country require to enable such insurer to establish agencies or prosecute the business of insurance within such state or country. The Treasurer of this State shall safely keep such securities so deposited with him or her for the benefit of the policyholders of the insurer, but it may receive interest or dividends from the securities, or exchange them for others of equal value.(b) If such insurer discontinues doing business in such other states or countries, it may at any time bring an action in the Superior Court against the State of Vermont, provided such deposit is made with the Treasurer of this State, to enforce, administer, or terminate the trust created by such deposit. The process in such action shall be served on the State Treasurer and the Commissioner, who shall appear and answer on behalf of the State. On proof by such company that it has paid or made sufficient provision for the payment of all liabilities arising from business written or transacted in such other states and countries, the court may make such orders and decrees for the payment or return of such funds or securities, or any part thereof, as shall protect the rights of all interested parties and the State Treasurer shall comply therewith. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 1).)
8 V.S.A. § 3504
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3504. Pension system

§ 3504. Pension system|An insurance company now or hereafter organized and doing business under the laws of this State, in addition to all other powers granted to it by law, may provide a pension in pursuance of the terms of a retirement plan, adopted by its board of directors and approved by the Commissioner, for any person who is or has been an employee of such company, and who shall retire by reason of age or disability, and may further provide that, if such employee shall contribute to a retirement fund established under such retirement plan, and shall thereafter retire from the service of the company for reasons other than age or disability, the employee may withdraw from such fund the amount of the employee's contribution thereto with interest thereon at such rate, if any, and subject to such rules and regulations, as may be provided by the board of directors. However, such a company shall not grant a pension after the death of an officer, director, or trustee thereof, to a member of his or her family, or to his or her estate or to any other person for the benefit thereof. For the purposes of this section, the word "employee" shall include a salaried officer or an employee of such company and, in the case of a life insurance company, a soliciting or general agent of such company and an employee of such general agent, whether or not the person for whom such pension is to be provided is or shall be deemed for any other purpose an employee of such company. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 2); amended 2007, No. 49, § 5.)
8 V.S.A. § 3542
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3542. Grounds for disapproval

§ 3542. Grounds for disapproval|The Commissioner shall disapprove any form filed under this subchapter or withdraw any previous approval thereof, only on one or more of the following grounds:  (1) if it is in any respect in violation of or does not comply with this act; (2) if it contains or incorporates by reference, where such incorporation is otherwise permissible, any inconsistent, ambiguous, or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract; (3) if it has any title, heading, or other indication of its provisions which is misleading; (4) if it is printed or otherwise reproduced in such manner as to render any provision of the form substantially illegible. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 8, § 2).)
8 V.S.A. § 3543
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3543. Existing forms and filings

§ 3543. Existing forms and filings|Every form of insurance or annuity document or other filing referred to in section 3541 of this title lawfully in use immediately prior to July 1, 1968 may continue to be so used or be effective until the Commissioner otherwise prescribes; except, that before expiration of one year from and after such effective date neither this part nor the Commissioner shall prohibit the use of any such document or filing because of any power, prohibition, or requirement contained in this part which did not exist under laws in force immediately prior to such effective date. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 8, § 3).)