reglab/housing_qa huggingface dataset:
8 V.S.A. § 3839
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3839. Reporting requirements and privacy

§ 3839. Reporting requirements and privacy|(a) Each life settlement provider shall file with the Commissioner on or before March 1 of each year an annual statement containing such information as the Commissioner may prescribe by rule or order. Information relating to life settlement transactions shall be limited to only those transactions where the policy owner is a resident of this State. Upon proper request by the filer, the Commissioner shall keep confidential trade secret information exempt from public inspection and copying under 1 V.S.A. § 317(c)(9). The annual statement shall not contain individually identifiable life settlement transaction information, but such information shall be provided to the Commissioner pursuant to section 3840 of this title. If available to the provider because of the provider's business relationship or affiliation with one or more life settlement purchasers, the annual statement shall also include such information as the Commissioner may prescribe by rule or by order concerning life settlement purchase agreements or similar investment contracts entered into by residents of this State.(b) A life settlement provider, life settlement broker, insurance company, life insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured's or a policy owner's identity shall be subject to the department's Regulation No. IH-2001-I "Privacy of Consumer Financial and Health Information," as amended. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010; amended 2015, No. 29, § 8.)
8 V.S.A. § 3840
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3840. Investigations and examinations

§ 3840. Investigations and examinations|(a) The Commissioner, in addition to all powers granted pursuant to chapter 1 of this title, may examine the business and affairs of any licensee or applicant for a license whenever he or she deems it to be prudent for the protection of policyholders or the public. The Commissioner shall have the authority to examine any person and to order the production of any records, books, files or other information reasonably necessary to ascertain whether the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting any examination shall be paid by the licensee or applicant.(b) A person required to be licensed by this subchapter shall for five years following the death of the insured retain copies of all:  (1) proposed, offered, or executed contracts, purchase agreements, underwriting documents, policy forms, and applications from the date of the proposal, offer, or execution of the contract or purchase agreement, whichever is later; (2) all checks, drafts, or other evidence and documentation related to the payment, transfer, deposit, or release of funds from the date of the transaction; and (3) all other records and documents related to the requirements of this subchapter.   (c) Except as otherwise provided in this subchapter, all examination reports, working 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 or investigation made under this subchapter or in the course of analysis or investigation by the Commissioner of the financial condition or market conduct of a licensee shall be confidential by law and privileged, shall not be subject to disclosure as a public record under 1 V.S.A. § 317, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. The Commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as part of the Commissioner's official duties.(d) The expense incurred in conducting any examination shall be paid by the licensee or applicant. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010.)
8 V.S.A. § 3842
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3842. Disclosure to insurer

§ 3842. Disclosure to insurer|Thirty days prior to the execution of a life settlement contract or the execution or other affirmation of an agreement or arrangement to enter into a life settlement contract, a life settlement provider shall provide notice to the insurer that issued or has assumed the policy, provided the contract, agreement or arrangement is executed or otherwise affirmed prior to, or during the first five years after issuance of a policy. The notice shall contain information identifying the policy and the policy owner, if applicable, and a copy of the proposed life settlement contract. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010.)
8 V.S.A. § 3845
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3845. Prohibited practices and conflicts of interest

§ 3845. Prohibited practices and conflicts of interest|(a) With respect to any life settlement contract or insurance policy, no life settlement broker shall solicit an offer from, effectuate a life settlement with, or make a sale to any life settlement provider, financing entity, or related provider trust that is controlling, controlled by, or under common control with such life settlement broker.(b) No broker shall have a financial relationship or affiliation with a life settlement provider unless the broker fully discloses such relationship or affiliation. A broker shall not participate in or form a financial arrangement or affiliation with a life settlement provider if such arrangement or affiliation conflicts with the broker's fiduciary duty to the policy owner.(c) With respect to any life settlement contract or insurance policy, no life settlement provider shall knowingly enter into a life settlement contract with a policy owner if, in connection with such life settlement contract, anything of value will be paid to a life settlement broker that is controlling, controlled by, or under common control with such life settlement provider, the life settlement purchaser, life settlement investment agent, a financing entity, or a related provider trust that is involved in such life settlement contract.(d) A violation of subsection (a), (b), or (c) of this section shall be deemed a fraudulent life settlement act.(e) No life settlement provider shall enter into a life settlement contract unless the life settlement promotional, advertising, and marketing materials, as may be prescribed by regulation, have been filed with the Commissioner. In no event shall any marketing materials expressly reference that the insurance is "free" for any period of time. The inclusion of any reference in the marketing materials that would cause a policy owner to reasonably believe that the insurance is free for any period of time shall be considered a violation of this subchapter.(f) No life insurance producer, insurance company, life settlement broker, or life settlement provider shall make any statement or representation to the applicant or policyholder in connection with the sale or financing of a life insurance policy to the effect that the insurance is free or without cost to the policyholder for any period of time unless provided in the policy. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010.)
8 V.S.A. § 3848
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3848. Civil remedies, penalties, and enforcement

§ 3848. Civil remedies, penalties, and enforcement|In addition to any other civil and administrative remedies, penalties, and enforcement authority provided for by law:  (1) A violation of this subchapter or of a rule or order adopted or issued under this subchapter, including the commission of a fraudulent life settlement act, shall constitute an unfair trade practice under chapter 129 of this title (Insurance Trade Practices) and shall be subject to the remedies, penalties, and enforcement authority provided for in chapter 129 of this title. The Commissioner may report any violation of this subchapter to the Attorney General, who may prosecute therefor if he or she deems desirable. (2) The Commissioner may issue a cease and desist order upon a person that violates any provision of this subchapter, any rule or order adopted or issued by the Commissioner, or any written agreement with a licensee entered into with the Commissioner. (3) When the Commissioner finds that an activity in violation of this subchapter or of a rule or order adopted or issued by the Commissioner presents an immediate danger to the public that requires an immediate final order, the Commissioner may issue an emergency cease and desist order reciting with particularity the facts underlying the findings. The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for 90 days. If the Commissioner begins nonemergency cease and desist proceedings, the emergency cease and desist order remains effective absent a petition by the respondent and an order by a Superior Court of Washington County vacating the Commissioner's emergency order. (4) A Commissioner's order under this subsection may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter or to take further actions necessary to remedy violations of this subchapter. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010.)
8 V.S.A. § 3849
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3849. Adoption of rules

§ 3849. Adoption of rules|The Commissioner may:  (1) Adopt rules necessary to carry out the purposes of this subchapter. (2) Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes the regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person who is chronically or terminally ill. (3) Adopt rules governing the relationships and responsibilities of insurers, life settlement providers, and life settlement brokers during life settlement transaction. (Added 2009, No. 53, § 1, eff. Jan. 1, 2010.)
8 V.S.A. § 3856
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3856. Required contents of policy

§ 3856. Required contents of policy|Any contract providing benefits payable in variable amounts delivered or issued for delivery in this State shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis. (Added 1971, No. 106, § 2, eff. April 22, 1971.)
8 V.S.A. § 3857
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3857. Licensing

§ 3857. Licensing|(a) No company shall deliver or issue for delivery within this State variable contracts unless it is licensed or organized to do a life insurance or annuity business in this State, and the Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the Commissioner shall consider among other things:  (1) the history and financial condition of the company; (2) the character, responsibility and fitness of the officers and directors of the company; and (3) the law and regulation under which the company is authorized in the state of domicile to issue variable contracts.   (b) If the company is a subsidiary of an admitted life insurer, or affiliated with such insurer through common management or ownership, it may be deemed by the Commissioner to have met the provisions of this section if either it or the parent or the affiliated insurer meets the requirements hereof. (Added 1971, No. 106, § 3, eff. April 22, 1971.)
8 V.S.A. § 3858
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3858. Powers of Commissioner

§ 3858. Powers of Commissioner|Notwithstanding any other provision of law, the Commissioner has sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this subchapter. (Added 1971, No. 106, § 4, eff. April 22, 1971.)
8 V.S.A. § 3859
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3859. Grace; reinstatement; nonforfeiture

§ 3859. Grace; reinstatement; nonforfeiture|(a) Except for subdivisions 3731(2), (7), (8), and (9), sections 3760-3773, inclusive, section 3813 of this title in the case of a variable life insurance policy, and section 3750 of this title in the case of a variable annuity contract, and except as otherwise provided in this subchapter, all pertinent provisions of this title apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract delivered or issued for delivery in this State shall contain grace, reinstatement, and nonforfeiture provisions appropriate to such a contract. Any group variable life insurance contract delivered or issued for delivery in this State shall contain grace provisions appropriate to such a contract.(b) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. (Added 1971, No. 106, § 5, eff. April 22, 1971; amended 1981, No. 43, § 11, eff. April 21, 1981; 2019, No. 103 (Adj. Sess.), § 21.)
8 V.S.A. § 3861
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3861. Discrimination and rebates prohibited

§ 3861. Discrimination and rebates prohibited|A fire or casualty insurance company doing business in the State shall not make or permit any distinction or discrimination in favor of individuals, between insureds of the same class, in the amount or payment of premiums, or rates charged for policies of insurance, or in the dividends or other benefits payable thereon, or in any of the terms and conditions of the contracts it makes; nor shall a fire or casualty insurance company doing business in this State or an agent thereof make a contract of insurance, or agreement as to such contract, other than as plainly expressed in the policy issued thereon; nor shall such company or agent pay or allow, or offer to pay or allow, and no person shall accept as an inducement to insurance, a rebate or premium payable on the policy, or a special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement not specified in the policy contract of insurance. A person who violates any of the provisions of this section shall be subject to an administrative penalty of not more than $2,000.00. (Amended 1995, No. 167 (Adj. Sess.), § 8.)
8 V.S.A. § 3862
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3862. Minimum capital stock

§ 3862. Minimum capital stock|A domestic stock fire insurance company shall not be organized with a capital stock less than $200,000.00 paid in, in cash. (Amended 1965, No. 65, eff. May 19, 1965.)
8 V.S.A. § 3864
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3864. Penalty for violation of sections 3463 and 3862

§ 3864. Penalty for violation of sections 3463 and 3862|Such an insurance company failing to comply with the requirements of sections 3463 and 3862 of this title, within 60 days after notice from the Commissioner, shall reinsure its outstanding risks and proceed to liquidate its affairs, or the Commissioner may apply to the Superior Court for an injunction against such company and its officers. Subsequent proceedings shall be had in accordance with the general provisions of law relating to insurance companies.
8 V.S.A. § 3865
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3865. Mill mutual; fees

§ 3865. Mill mutual; fees|A mutual fire insurance company of another state which insures only factories or mills, or property connected with such factories or mills, may be admitted to transact business in this State upon complying with the conditions set forth in the statutory laws of this State, except that in lieu of all other taxes, licenses, and fees whatsoever, it shall pay to the Commissioner:  (1) for filing its charter and bylaws, a fee of $30.00; (2) for filing a statement under oath of its president and secretary, showing its financial condition and standing upon forms furnished by him or her, a fee of $20.00; and annually thereafter on or before March 31, it shall pay to the Commissioner a fee of $20.00 for the filing of its annual statement and an annual license fee of $5.00; (3) its fire marshal tax.
8 V.S.A. § 3866
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3866. Returns, rate of tax, exemption

§ 3866. Returns, rate of tax, exemption|Such companies shall also make annual returns to the Commissioner of Taxes in form satisfactory to him or her, and shall pay to the Commissioner of Taxes annually, in the month of February, a tax at the rate of two percent on gross premium deposits upon policies on risks located in this State in force on December 31 next preceding, after deducting the unabsorbed portion of such premium deposits computed at the average rate of return actually made on annual policies expiring during such year. However, none of the requirements of any resident agent law of this State shall apply to such a company so long as it insures only factories or mills, or property connected with such factories or mills.
8 V.S.A. § 3867
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3867. Proof of loss

§ 3867. Proof of loss|A fire insurance policy shall not be void by reason of failure to make and deliver a proof of loss to the insurer, until the insurer notifies the insured in writing to make and deliver proof of loss in accordance with the terms of the policy and the insured fails to make and deliver such proof of loss within 30 days from the time of receiving such notice. An omission or defect in such proof of loss shall not render the policy void or constitute a defense to an action thereon, unless the insurer notifies the insured thereof in writing within 10 days after receiving such proof of loss, particularly specifying in such notice all the omissions and defects in such proof of loss and the insured neglects for 30 days after receiving such notice to make and deliver a new proof of loss wherein such omissions and defects are corrected.
8 V.S.A. § 3868
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3868. When loss due and payable

§ 3868. When loss due and payable|The amount of the loss under a fire insurance policy shall be due and payable in 60 days after receipt by the insuring company of satisfactory proofs, and the insured may commence an action after the expiration of that time to recover the same.
8 V.S.A. § 3869
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3869. Contracts considered made in Vermont

§ 3869. Contracts considered made in Vermont|Every fire insurance contract written on any property located in this State shall be deemed to be made, executed, and delivered in this State.
8 V.S.A. § 3879
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3879. Cancellation of fire and casualty insurance

§ 3879. Cancellation of fire and casualty insurance|(a) A notice of cancellation of a policy, to which section 3880 of this title applies, unless that policy is otherwise controlled by chapter 113, subchapter 2 of this title, shall be effective only if it is based on one or more of the following reasons:  (1) nonpayment of premium; or (2) fraud or material misrepresentation affecting the policy or in the presentation of a claim thereunder, or violation of any of the terms or conditions of the policy; or (3) substantial increase in hazard provided that cancellation for this reason shall be effective only after prior approval of the Commissioner.   (b) This section shall not apply to any policy or coverage which has been in effect less than 60 days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.(c) This section shall not apply to nonrenewal. (Added 1977, No. 223 (Adj. Sess.), § 4.)
8 V.S.A. § 3880
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3880. Notice of cancellation

§ 3880. Notice of cancellation|(a) No notice of cancellation of a fire, casualty, marine, or multi-peril policy of insurance, unless otherwise provided and controlled by chapter 113, subchapter 2 of this title, shall be effective unless mailed or delivered by the insurer to the named insured at least 45 days prior to the effective date of cancellation; provided, however, that where cancellation is for nonpayment of premium or substantial increase in hazard at least 15 days' notice of cancellation shall be given. In all instances, the reason or reasons for cancellation shall accompany or be included in the notice of cancellation. An insurer shall not be held liable in any claim or suit for damages arising solely from the insurer's compliance with the requirement that the reason for cancellation be specified. This section shall not apply to workers' compensation policies.(b) The Commissioner shall have the authority to waive any provision of subsection (a) of this section upon the written request of an insurer specifying the reasons therefor.(c) This section shall not apply to nonrenewal. (Added 1977, No. 223 (Adj. Sess.), § 5; amended 1981, No. 165 (Adj. Sess.), § 1; 1989, No. 171 (Adj. Sess.), § 1, eff. Sept. 1, 1990.)
8 V.S.A. § 3881
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 105 - Fire and Casualty Insurance|§ 3881. Notice of nonrenewal

§ 3881. Notice of nonrenewal|No insurer shall refuse to renew a policy of insurance at its expiration or anniversary if written for a term of more than one year unless such insurer or its agent shall mail or deliver to the named insured at the address shown in the policy, at least 45 days' advance notice of its intention not to renew. This section shall not apply if other provisions of chapter 113, subchapter 2 of this title are applicable and controlling or if the insurer has manifested its willingness to renew, or in case of nonpayment of premium, or if the insured fails to pay any advance premium required by the insurer for renewal. However, notwithstanding the failure of an insurer to comply with this section, the policy shall terminate on the effective date of any other insurance policy with respect to any property designated in both policies. Renewal of a policy shall not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of such renewal. (Added 1977, No. 223 (Adj. Sess.), § 6; amended 1989, No. 171 (Adj. Sess.), § 2, eff. Sept. 1, 1990.)