reglab/housing_qa huggingface dataset:
8 V.S.A. § 3695
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3695. Supervisory colleges

§ 3695. Supervisory colleges|(a) Power of Commissioner. With respect to any insurer registered under section 3684 of this title and in accordance with subsection (c) of this section, the Commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the Commissioner with respect to supervisory colleges include the following:  (1) initiating the establishment of a supervisory college; (2) clarifying the membership and participation of other supervisors in the supervisory college; (3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor; (4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and (5) establishing a crisis management plan.   (b) Expenses. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the Commissioner's participation in a supervisory college in accordance with subsection (c) of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commissioner may establish a regular assessment on the insurer for the payment of these expenses.(c) Supervisory college. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes and as part of the examination of individual insurers in accordance with section 3686 of this chapter, the Commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The Commissioner may enter into agreements in accordance with subsection 3687(c) of this chapter providing the basis for cooperation between the Commissioner and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction. (Added 2013, No. 29, § 35, eff. May 13, 2013, eff. May 13, 2013.)
8 V.S.A. § 3700
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3700. Statutory purposes

§ 3700. Statutory purposes|The statutory purpose of the exemption for annuity considerations in section 3718 of this title is to avoid reciprocity from other states. (Added 2013, No. 200 (Adj. Sess.), § 17.)
8 V.S.A. § 3701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3701. Discriminations prohibited

§ 3701. Discriminations prohibited|A life insurance company doing business in the State shall not make or permit to be made any distinction or unfair discrimination between individual insureds of the same class and of equal expectation of life as to:  (1) the amount of the premiums or the terms of payment thereof; or (2) the rate charged for policies of life or endowment insurance, or (3) the dividends or other benefits payable thereon; or (4) any of the terms and conditions of the policies it issues. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 1).)
8 V.S.A. § 3702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3702. Other prohibited practices

§ 3702. Other prohibited practices|A life insurance company doing business in the State or an agent thereof shall not:  1) issue a policy of insurance or make an agreement other than that plainly expressed in the policy issued to the insured; (2) pay or allow, or offer to pay or allow, as an inducement to insurance, a rebate or premium payable on the policy; (3) grant a special favor or advantage in the dividends or other benefits to accrue thereon; or (4) provide any valuable consideration or inducement not specified in the policy. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 2).)
8 V.S.A. § 3703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3703. Penalties

§ 3703. Penalties|A person violating sections 3701 and 3702 of this title may be subject to an administrative penalty of not more than $2,000.00; and the license of such person or company may be suspended by the Commissioner for not less than three months nor more than six months, and for a second offense such license shall be revoked. Such person or company shall not thereafter be licensed for one year from the date of such revocation. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 3); amended 1995, No. 167 (Adj. Sess.), § 7.)
8 V.S.A. § 3704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3704. Trust agreements

§ 3704. Trust agreements|A life insurance company chartered by and doing business in this State shall have power and authority to hold in trust or otherwise the proceeds of any life insurance policy or annuity issued by it upon such terms and subject to such conditions and limitations as may be agreed upon in writing by such company and the owner of the policy or the purchaser of the annuity. The contract, policy, or trust instrument may provide that no payments of interest or of principal shall be in any way subject to the claims of the creditors of the person entitled to any part of the proceeds so held or to his or her debts, contracts, or engagements, or to any judicial process to levy upon or attach such proceeds for payment of such claims or demands, and that the person entitled to any of the proceeds so held shall not be permitted to commute, anticipate, encumber, alienate, or assign the same or any part thereof or the interest thereon. Such life insurance company shall not be required to segregate the funds so held but may hold them as a part of its general corporate assets. Nothing in this section or in the trust or other provisions herein contemplated shall subject such life insurance company to the provisions of the law of this State relative to banks or trust companies. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 4).)
8 V.S.A. § 3705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3705. Spendthrift provisions; creditors of beneficiary

§ 3705. Spendthrift provisions; creditors of beneficiary|When a contract of annuity, a policy of insurance, or other contract of a life insurance company authorized to do business in this State is entered into with any person for the benefit of another, and such contract so provides, a beneficiary entitled to any of the proceeds retained thereunder by such company or to interest thereon shall not be permitted to commute, anticipate, encumber, alienate, or assign the principal or interest thereon, or any part thereof, nor, if such contract so provides, shall any part of such principal or interest be subject to the claims of creditors of any such beneficiary, nor be in any way subject to such beneficiary's debts, contracts, or engagements, or to any judicial process to levy upon or attach such proceeds for payment of such claims or demands. Contracts so providing shall be valid and enforceable. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 5).)
8 V.S.A. § 3706
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3706. Exemption of proceeds- Life insurance

§ 3706. Exemption of proceeds- Life insurance|(a) If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his or her own life, or on another life, in favor of a person other than himself or herself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary or assignee thereof, other than the insured or the person so effecting such insurance or executors or administrators of such insured or the person so effecting such insurance, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting the same, whether or not the right to change the beneficiary is reserved or permitted, and whether or not the policy is made payable to the person whose life is insured if the beneficiary or assignee shall predecease such person, and such proceeds and avails shall be exempt from all liability for any debt of the beneficiary existing at the time the policy is made available for his or her use: Provided, that subject to the statute of limitations, the amount of any premiums for such insurance paid with intent to defraud creditors, with interest thereon, shall inure to their benefit from the proceeds of the policy; but the insurer issuing the policy shall be discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless, before such payment, the insurer shall have received written notice at its home office, by or in behalf of a creditor, of a claim to recover for transfer made or premiums paid with intent to defraud creditors, with specification of the amount claimed along with such facts as will assist the insurer to identify the particular policy.(b) For the purposes of subsection (a) of this section, a policy shall also be deemed to be payable to a person other than the insured if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by such clause. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 6).)
8 V.S.A. § 3707
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3707. Disability benefits

§ 3707. Disability benefits|Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all policies or contracts providing benefits on account of the insured's disability which are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt of the insured, and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 7).)
8 V.S.A. § 3708
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3708. Group insurance

§ 3708. Group insurance|(a) A policy of group life insurance or group disability insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any process to pay any debt or liability of such insured individual or his or her beneficiary or of any other person having a right under the policy. The proceeds thereof, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his or her debts.(b) This section shall not apply to group insurance issued to a creditor covering his or her debtors, to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 8).)
8 V.S.A. § 3709
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3709. Annuity contracts- Assignability of rights

§ 3709. Annuity contracts- Assignability of rights|(a) The benefits, rights, privileges, and options which under any annuity contract heretofore or hereafter issued are due or prospectively due the annuitant, shall not be subject to execution nor shall the annuitant be compelled to exercise any such rights, powers, or options, nor shall creditors be allowed to interfere with or terminate the contract, except:  (1) As to considerations paid for any such annuity with intent to defraud creditors, with interest thereon, and of which the creditor has given the insurer written notice at its home office prior to the making of the payments to the annuitant out of which the creditor seeks to recover. Any such notice shall specify the amount claimed or such facts as will enable the insurer to ascertain such amount and shall set forth such facts as will enable the insurer to ascertain the annuity contract, the annuitant and the payments sought to be avoided on the ground of fraud. (2) The total exemption of benefits presently due and payable to any annuitant periodically or at stated times under all annuity contracts under which he or she is an annuitant, shall not at any time exceed $350.00 per month for the length of time represented by such installments, and that such periodic payments in excess of $350.00 per month shall be subject to garnishee execution. (3) If the total benefits presently due and payable to any annuitant under all annuity contracts under which he or she is an annuitant, shall at any time exceed payment at the rate of $350.00 per month, then the court may order such annuitant to pay to a judgment creditor or apply on the judgment, in installments, such portion of such excess benefits as to the court may appear just and proper, after due regard for the reasonable requirements of the judgment debtor and his or her family if dependent upon him or her, as well as any payments required to be made by the annuitant to other creditors under prior court orders.   (b) If the contract so provides, the benefits, rights, privileges, or options accruing under such contract to a beneficiary or assignee shall not be transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained herein for the annuitant, shall apply with respect to such beneficiary or assignee. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 9).)
8 V.S.A. § 3710
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3710. Power to contract- Purchase of annuities or insurance by minors

§ 3710. Power to contract- Purchase of annuities or insurance by minors|(a) Any person of competent legal capacity may contract for insurance.(b) Any minor not less than 15 years of age, notwithstanding his or her minority, may contract for or own annuities or insurance or affirm by novation or otherwise preexisting contracts for annuities or insurance upon his or her own life, body, health, property, liabilities, or other interests, or on the person of another in whom the minor has an insurable interest. Such a minor shall, notwithstanding such minority, be deemed competent to exercise all rights and powers with respect to or under (i) any contract for annuity or for insurance upon his or her own life, body or health, or (ii) any contract such minor effected upon his or her own property, liabilities or other interests, or (iii) any contract effected or owned by the minor, on the person of another, as might be exercised by a person of full legal age, and may at any time surrender his or her interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. Such a minor shall not, by reason of his or her minority, be entitled to rescind, avoid, or repudiate the contract, nor to rescind, avoid, or repudiate any exercise of a right or privilege thereunder, except that such a minor not otherwise emancipated, shall not be bound by any unperformed agreement to pay by promissory note or otherwise, any consideration or premium on any such annuity or insurance contract.(c) Any annuity contract or policy of life or disability insurance procured by or for a minor under subsection (b) of this section shall be made payable either to the minor or his or her estate or to a person having an insurable interest in the life of the minor. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 10).)
8 V.S.A. § 3711
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3711. Charitable life gifts

§ 3711. Charitable life gifts|(a) A life insurance contract may be entered into in which a person paying the consideration for such insurance has no insurable interest in the life of the individual insured, provided that a charitable, benevolent, educational, or religious institution or its agency or any other organization that qualifies under Section 501(c)(3) of the Internal Revenue Code is irrevocably designated as the owner and beneficiary of the contract.(b) In making such a contract, both the owner and the insured shall make and sign the joint application. The person paying the premium shall irrevocably designate a charitable, benevolent, educational, or religious institution, or an agency of such an institution or any other organization that qualifies under Section 501(c)(3) of the Internal Revenue Code, as the irrevocable owner and beneficiary of such contract.(c) If a prospective insured applies jointly for a life insurance policy which irrevocably names a 501(c)(3) organization or nonprofit as owner and beneficiary then, at the time of such joint application, an insurable interest is created for the entity in the prospective insured's life. Before an application may be made for such a policy, the insurer shall provide the prospective insured with a written disclosure to remind the prospective insured to consider his or her current state of health and to consult with a tax advisor or estate planner.(d) Nothing in this section shall prohibit any combination of the applicant, premium payer, owner, and beneficiary from being the same person.(e) This section does not alter the insurable interest requirements of any other law. (Added 2003, No. 20, § 1.)
8 V.S.A. § 3712
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3712. Payment discharges insurer

§ 3712. Payment discharges insurer|Whenever the proceeds of or payments under a life or disability insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance therewith or in accordance with any written assignment thereof, the person then designated as being entitled thereto shall be entitled to receive such proceeds or payments and to give full acquittance therefor, and such payments shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 12).)
8 V.S.A. § 3713
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3713. Assignment of insurance policies or annuity contracts

§ 3713. Assignment of insurance policies or annuity contracts|(a) A policy of insurance or an annuity contract may be assignable or not assignable, as provided by its terms. Subject to its terms relating to assignability, any such policy or contract, whether heretofore or hereafter issued, under the terms of which the beneficiary may be changed upon the sole request of the insured or owner, may be assigned either by pledge or transfer of title, by an assignment executed by the insured or owner alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. Any such assignment shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy or contract in accordance with the terms of the assignment, until the insurer has received at its home office written notice of termination of the assignment or pledge, or written notice by or on behalf of some other person claiming some interest in the policy or contract in conflict with the assignment.(b) Notwithstanding any provision of law, a person whose life is insured under any policy of group life insurance may make an assignment of all or any part of his or her incidents of ownership in the insurance, including any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued in lieu of such group insurance coverage upon termination either of employment or of the policy of group life insurance, provided that the insurer and the group policy holder may prohibit or restrict such an assignment by appropriate policy provisions. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 13); amended 1971, No. 58.)
8 V.S.A. § 3714
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3714. Life policy as separate property of married woman

§ 3714. Life policy as separate property of married woman|Every policy of life insurance heretofore or hereafter made payable to or for the benefit of a married woman, or after its issue heretofore or hereafter assigned, transferred or in any way made payable to a married woman, or to any person in trust for her or for her benefit, whether procured by herself, her husband, or any other person, and whether the assignment or transfer is made by her husband, or by any other person, shall, unless contrary to the terms of the policy, inure to her separate use and benefit. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 14).)
8 V.S.A. § 3715
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3715. Forms for proof of loss to be furnished

§ 3715. Forms for proof of loss to be furnished|An insurer shall furnish upon written request of any person claiming to have a loss under an insurance policy issued by such insurer, forms of proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to furnish forms, have any responsibility for or with reference to the completion of such proof or the manner of any such completion or attempted completion. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 15).)
8 V.S.A. § 3716
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3716. Claims administration not waiver

§ 3716. Claims administration not waiver|Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder:  (1) Acknowledgment of the receipt of notice of loss or claim under the policy. (2) Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted. (3) Investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 16).)