reglab/housing_qa huggingface dataset:
8 V.S.A. § 4671
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 127 - Automobile Insurance Surcharges|§ 4671. Definitions

§ 4671. Definitions|As used in this subchapter:  (1) "Accident" means any occurrence with a motor vehicle involving the applicant, insured, or any operator of a private passenger type motor vehicle currently a resident in the same household which results in physical contact between the motor vehicle owned or operated by the insured or applicant, and a person or another object. (2) "Conviction" means a judicial determination of guilt by a court of competent jurisdiction regardless of whether a trial was held and regardless of whether a sentence was imposed. It shall include a plea of nolo contendere, a finding of guilt as the result of a defendant's voluntary nonappearance in court or a conviction after appellate remand. It shall not include a conviction reversed with finality. (3) "Experience period" means the three years immediately preceding the date of application or the 39 months preceding the renewal date of the policy. (4) "Insured" means a person owning a private passenger type automobile and includes a relative of an owner, or a minor in the custody of an owner or relative, if the relative or minor resides in the same household as does an owner. (5) "Surcharge" means any amount of premium charged to or paid by an applicant or insured based on experience or record which makes the amount of the premium greater than that imposed on or charged to other applicants or insureds having more favorable experience or records. (Added 1975, No. 75; amended 1993, No. 196 (Adj. Sess.), § 1.)
8 V.S.A. § 4672
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 127 - Automobile Insurance Surcharges|§ 4672. Accidents

§ 4672. Accidents|A surcharge to a private passenger automobile policy may only be applied during the experience period for an accident in which the insurer makes a payment for:  (1) death; (2) personal injury, where the net payment for any accident exceeds $900.00; or (3) property damage, where the net payment for any accident exceeds $1,000.00. (Added 1975, No. 75; amended 1979, No. 28, § 4; 1993, No. 196 (Adj. Sess.), § 2, eff. Oct. 1, 1994.)
8 V.S.A. § 4673
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 127 - Automobile Insurance Surcharges|§ 4673. Exceptions

§ 4673. Exceptions|(a) No rate increase may be applied for a claim payment under uninsured motorist, medical payment, comprehensive, fire, theft, or a combined additional coverage.(b) This subchapter shall not apply to an automobile that is:  (1) [Repealed.] (2) used in the business of driver training; or (3) insured under a commercial plan.   (c) No surcharge may be applied to a policy written for a term in excess of 12 months unless that policy provides for an annual adjustment of premiums.(d) The Commissioner may by rule designate mitigating circumstances, the existence of any of which shall remove the basis for application of a surcharge.(e) If a policy is surcharged as the result of an accident and subsequently the circumstances of the accident are found to include a mitigating circumstance, the insurer shall refund to the insured the increased portion of the premium generated by the accident. (Added 1975, No. 75; amended 1979, No. 28, § 7.)
8 V.S.A. § 4674
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 127 - Automobile Insurance Surcharges|§ 4674. Convictions

§ 4674. Convictions|(a) The Commissioner may by rule specify motor vehicle and criminal violations, conviction of any of which may be used as a basis for a surcharge.(b) Notwithstanding subsection (a) of this section, only those motor vehicle violations that occurred during the experience period may be used as a basis for a surcharge.(c) An adjudication under 7 V.S.A. § 656 may not be used as a basis for a surcharge. (Added 1975, No. 75; amended 1993, No. 16, § 1; 1999, No. 160 (Adj. Sess.), § 10.)
8 V.S.A. § 4675
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 127 - Automobile Insurance Surcharges|§ 4675. Two or more automobiles

§ 4675. Two or more automobiles|When more than one automobile is insured in the same policy, a surcharge as the result of an accident or conviction or both may only be applied to that automobile principally operated by the insured, applicant, or other operator currently resident in the same household who generated the surcharge. (Added 1975, No. 75.)
8 V.S.A. § 4681
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4681. Purposes

§ 4681. Purposes|The purposes of this chapter are:  (1) to prohibit price fixing agreements and other anticompetitive behavior by or among insurers; (2) to protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates; (3) to promote price competition among insurers so as to provide rates that are responsive to competitive market conditions; (4) to provide regulatory controls in the absence of competition; (5) to promote availability, fairness, and reliability of insurance; (6) to authorize cooperative action among insurers in ratemaking and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly; and (7) to cause the availability of price and other information to enable the public to purchase insurance suitable for their needs and to foster competitive insurance markets. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4682
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4682. Scope

§ 4682. Scope|This chapter applies to all kinds of insurance written on risks in this State by any insurer authorized to do business in this State, except:  (1) life insurance; (2) annuities; (3) accident and health insurance; (4) ocean marine insurance; (5) reinsurance; and (6) aircraft liability and aircraft hull insurance. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4684
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4684. Competitive market

§ 4684. Competitive market|(a) A competitive market in a type of insurance subject to this chapter is presumed to exist unless:  (1) the Commissioner, after notice and hearing, determines and orders that a reasonable degree of competition does not exist in the market; (2) the average annual increase in premiums or rates in the market is 25 percent or more as determined and noticed by the Commissioner; or (3) an insurer uses a claims made liability insurance policy form or endorsement.   (b) The Commissioner shall conduct hearings to determine whether a reasonable degree of competition exists whenever, in any market over any 12-month period, the average rates or premiums increase at least 15 percent, but less than 25 percent, over the average rate or premiums for the immediately preceding 12-month period for that market. The Commissioner shall not be obligated to hold hearings under this subsection if, based on the information available to him or her under subsection 4688(a) of this title and other sources, the Commissioner determines that a competitive market continues to exist.(c) Upon a determination of an increase in rates or premiums of 25 percent or more under subdivision (a)(2) of this section, the Commissioner may issue a notice that a reasonable degree of competition does not exist. Insurers may use their currently filed rates for only 120 calendar days after such notice, unless the Commissioner determines that it is in the consumer's best interest to extend this time period.(d) A competitive market does not exist if an insurer uses a claims made liability insurance policy form or endorsement. Insurers writing insurance on a claims made basis are subject to the prefiling requirements of subdivision 4688(c)(1) of this title.(e) The rates or premiums in a noncompetitive market shall be subject to the prefiling requirements set forth in subdivision 4688(c)(1) of this title.(f) An order or notice that a noncompetitive market exists under subdivisions (a)(1) and (2) of this section shall expire no later than two years after the order or notice issues unless the Commissioner earlier rescinds the order or notice, or continues the order or notice upon a further determination that a reasonable degree of competition does not exist. Such further determination shall be preceded by public notice, but may be made without a hearing unless requested by an interested party.(g) In determining whether a reasonable degree of competition exists under subdivision (a)(1) of this section, the Commissioner shall consider relevant structural and functional factors in determining the competitiveness of the market, including: the number of insurers actively engaged in providing coverage; market shares; and ease of entry. (Added 1983, No. 238 (Adj. Sess.), § 1; 1985, No. 265 (Adj. Sess.), § 1, eff. June 4, 1986; 1987, No. 185 (Adj. Sess.), § 1, eff. May 5, 1988; 1989, No. 128 (Adj. Sess.), § 2.)
8 V.S.A. § 4685
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4685. Rate standards

§ 4685. Rate standards|(a) General. Rates shall not be excessive, inadequate, or unfairly discriminatory.(b) Excessiveness.  (1) Competitive market. A rate in a competitive market is not excessive. (2) Noncompetitive market. Rates in a noncompetitive market are excessive if they are producing or are likely to produce unreasonably high profits for the insurance provided or if expenses are unreasonably high in relation to services rendered.   (c) Inadequacy. Rates are not inadequate unless insufficient to sustain projected losses and expenses in the class or classes of business to which they apply or the use of such rates has or, if continued, will have the effect of substantially lessening competition or the tendency to create a monopoly in any market.(d) Unfair discrimination. Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for a class of policyholders with like loss exposures but different expenses, or like expenses but different loss exposures, provided that the rate equitably reflects the differences with reasonable accuracy. A rate is not unfairly discriminatory if it is averaged broadly among persons insured under a group, franchise, or blanket policy or a mass marketed plan. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 2017, No. 134 (Adj. Sess.), § 6.)
8 V.S.A. § 4686
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4686. Rating methods or criteria

§ 4686. Rating methods or criteria|In determining whether rates comply with the excessiveness standard in a noncompetitive market under subdivision 4685(b)(2) of this title, the inadequacy standard under subsection 4685(c) of this title and the unfair discrimination standard under subsection 4685(d) of this title, the following criteria shall apply:  (1) Basic factors in rates. Due consideration shall be given to past and prospective loss and expense experience within, and as reasonable and necessary outside this State; to catastrophe hazards; to residual market loss redistributions and other similar obligations, if any; to a reasonable provision for underwriting profit; to contingencies, if any; to trends within and outside this State; to loadings for leveling premium rates over time or for dividends or savings to be allowed or returned by insurers to their policyholders, members, or subscribers; and to all other relevant factors. (2) Classification. Risks may be classified in any lawful and reasonable way for the collection of statistics and establishment of rates. Rates may be modified for individual risks in accordance with rating plans or schedules which provide for recognition of probable variations in hazards, expenses, or both. (3) Expenses. The expense provisions included in the rates to be used by an insurer shall reflect the operating methods of the insurer, and, so far as is determinable and reasonable, its own actual and anticipated expense experience for the kind of insurance involved, or any subdivision thereof. (4) Profits. The rates shall contain an allowance providing for a reasonable profit. In determining the reasonableness of profit, consideration shall be given to all relevant investment income and a provision for contingencies may be included. (Added 1983, No. 238 (Adj. Sess.), § 1; 1987, No. 185 (Adj. Sess.), § 2, eff. May 5, 1988.)
8 V.S.A. § 4688a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4688a. Filing fees

§ 4688a. Filing fees|Each filing submitted to the Commissioner pursuant to section 4687 or 4688 of this title shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00. A minimum fee of $150.00 shall accompany each such filing if submitted by an advisory or service organization. (Added 1985, No. 236 (Adj. Sess.), § 12; amended 1991, No. 166 (Adj. Sess.), § 12.)
8 V.S.A. § 4691
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4691. Filing of records and reports; exchange of information

§ 4691. Filing of records and reports; exchange of information|(a) Except as provided in section 4687 of this title, the Commissioner shall review and approve as appropriate, reasonable rules and plans for recording and reporting of loss and expense experience in appropriate form and detail and shall by rule, promulgated on or before October 1, 1988, require insurers to file loss and expense data and investment income statistics in such form and detail as he or she deems appropriate. Notwithstanding any other provision of this chapter, the Commissioner may designate one or more advisory or service organizations or contractors to assist in the gathering of such experience and making and distributing compilations thereof.(b) The Commissioner and every insurer, advisory or service organization may exchange information and experience data with insurance regulatory officials, insurers, advisory or service organizations in this and other states and may consult with them with respect to ratemaking and the application of rating systems. (Added 1983, No. 238 (Adj. Sess.), § 1;1987, No. 185 (Adj. Sess.), § 4, eff. May 5, 1988.)
8 V.S.A. § 4692
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4692. Joint underwriting; pool and residual market activities

§ 4692. Joint underwriting; pool and residual market activities|(a) Authorization. Notwithstanding section 4693 of this title, insurers participating in joint underwriting, pools, or residual market mechanisms for the purpose of affording insurance under a method of distributing or sharing risks, or both, may, in connection with such activity, act in cooperation with each other in the making of rates; rating systems; policy forms; underwriting rules; surveys; inspections and investigations; the furnishing of loss and expense statistics or other information; or carrying on research. Joint underwriting, pools, and residual market mechanisms shall not be deemed advisory or service organizations.(b) Regulation.  (1) Except to the extent modified by this section, insurers participating in joint underwriting, pools, and residual market mechanisms are subject to the other provisions of this chapter. (2) If, after a hearing, the Commissioner finds that any activity or practice of an insurer participating in joint underwriting or a pool is unfair or unreasonable, he or she shall issue a written order specifying in what respects such activity or practice is unfair or unreasonable and require the discontinuance of such activity or practice, in addition to any penalties which may be levied. (3) Every pool shall file for approval of the Commissioner a copy of its constitution, articles of association or incorporation, its bylaws, rules, and regulations governing its activities; a list of its members; the name and address of one or more residents of this State, or the designation of the Secretary of State as a person, upon whom notices or orders of the Commissioner or process may be served; and any changes or amendments in the foregoing. (4) Any residual market mechanism, plan, or agreement to implement such a mechanism, and any amendments thereto, shall be submitted in writing to the Commissioner for consideration and approval, together with such information as the Commissioner may reasonably require. The Commissioner shall approve only such agreements as are found to contemplate the use of rates which meet the standards prescribed by this chapter and activities and practices that are not unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter. At any time after such agreements are in effect, the Commissioner may review the activities and practices of the parties to such agreements and if, after a hearing, the Commissioner finds that any such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter, the Commissioner shall issue a written order specifying in what respects such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter and require the discontinuance of such activity or practice or revoke approval of any such agreement. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4693
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4693. Agreements to adhere

§ 4693. Agreements to adhere|(a) Except as necessary to comply with the requirements of section 4687 of this title, no insurer may agree with any other insurer or with an advisory or service organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses such rate or material is not sufficient in itself to support a finding that an agreement to adhere or use exists but may be used for the purpose of supplementing any other evidence as to the existence of such an agreement.(b) Two or more insurers having common ownership or operating in this State under common management or control may act in concert between or among themselves in the same manner as if they constituted a single insurer. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4694
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4694. Residual market mechanism status

§ 4694. Residual market mechanism status|All insurers authorized to write insurance which is subject to this chapter may establish and participate in a plan providing for the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to, but who are unable to, procure such insurance through ordinary methods. A plan shall be submitted for the Commissioner's prior approval, unless already existing on July 1, 1984. The rates, supplementary rate information, and policy forms to be used in such a plan and any future modification thereof must be submitted to the Commissioner for approval in accordance with sections 4686, 4687, and 4688 of this title. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4695
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4695. Exemptions

§ 4695. Exemptions|The Commissioner may, by rule, exempt any market from any or all of the provisions of this chapter, if and to the extent that the Commissioner finds their application unnecessary or impractical to achieve the purpose of this chapter. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4696
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4696. Mandatory market participation

§ 4696. Mandatory market participation|If the Commissioner finds that there is no voluntary market in which buyers of any line of property and casualty insurance may obtain such insurance, the Commissioner may initiate proceedings to establish a joint underwriting association for that market under chapter 137 of this title. (Added 1985, No. 265 (Adj. Sess.), § 2, eff. June 4, 1986.)
8 V.S.A. § 4700
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4700. Examinations

§ 4700. Examinations|(a) The Commissioner or his or her designee shall examine any insurer, pool, advisory or service organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter.(b) Every insurer, pool, advisory or service organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its experience, or the experience of its affiliated insurers including the data, statistics, or information collected or used by it in its activities. These records shall be available at all reasonable times to enable the Commissioner to determine whether the activities of any advisory or service organization, insurer, residual market mechanism, or pool comply with the provisions of this chapter. Such records shall be maintained in an office within this State or shall be made available to the Commissioner for examination or inspection at any time.(c) The necessary and reasonable cost of an examination made pursuant to this section shall be paid by the examined party upon presentation of a detailed account of such costs.(d) In lieu of any such examination the Commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state. (Added 1983, No. 238 (Adj. Sess.), § 1.)
8 V.S.A. § 4701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4701. Consumer information

§ 4701. Consumer information|The Commissioner shall utilize, develop, or cause to be developed a consumer information system which will include representative price ranges and other relevant information to be readily available to purchasers of insurance. The development and operation of this system may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors, or in any other appropriate manner. To the extent deemed necessary and appropriate by the Commissioner, insurers, advisory or service organizations, and other persons or organizations involved in conducting the business of insurance in this State to which this section applies shall assist and cooperate in the development and utilization of a consumer information system. (Added 1983, No. 238 (Adj. Sess.), § 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. § 4702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 128 - Property and Casualty Insurance Rate Regulation|§ 4702. Monitoring competition

§ 4702. Monitoring competition|In determining whether or not a competitive market exists pursuant to section 4684 of this title, the Commissioner shall monitor the degree of competition in this State. In doing so, the Commissioner shall utilize existing relevant information, analytical systems, and other sources; cause or participate in the development of new relevant information, analytical systems, and other sources; or rely on some combination thereof. Such activities may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors or in any other appropriate manner. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)