reglab/housing_qa huggingface dataset:
8 V.S.A. § 3361
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3361. Requirements for license

§ 3361. Requirements for license|(a) A foreign or alien insurer shall not transact business in this State unless it first obtains from the Commissioner a license authorizing it to do so. Before receiving a license, it shall file with the Commissioner a certified copy of its charter and bylaws, a statement under oath of its president and secretary, showing its financial condition, and any other statements required by the Commissioner.(b) An insurer making an application or reapplication for an original license to transact business in this State shall pay to the Commissioner a nonrefundable fee of $200.00 for examining, investigating, and processing the application. In addition, each insurer shall pay a license fee for the year of registration and a renewal fee for each year thereafter of $300.00 not including fees for producers licenses and renewals thereof. The annual renewal fee of $300.00 shall be paid on or before March 1.(c) If the Commissioner is satisfied with the copies and statements that such insurer has complied with the provisions of this part, he or she may grant a license authorizing it to do insurance business by lawfully constituted and licensed agents only, until April 1 thereafter, which license may be renewed. In granting or renewing such license to do business the Commissioner shall consider the criteria established for the approval and certification of domestic insurers hereinabove set forth, within the context of the stated legislative policy. Notwithstanding the provisions of Title 11A, any insurer licensed by the Commissioner under this section may transact insurance business in this State. Such corporations shall not be required to make any annual report except as provided in this title. This section shall not be construed to prohibit residents of this State from procuring insurance at the home office of a foreign insurer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 1); amended 1977, No. 148 (Adj. Sess.), § 1, eff. date, see note set out below; 1981, No. 42, § 1; 1993, No. 235 (Adj. Sess.), § 9b, eff. June 21, 1994; 2001, No. 71, § 4, eff. June 16, 2001; 2005, No. 122 (Adj. Sess.), § 8.)
8 V.S.A. § 3362
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3362. Authority to transact various kinds of insurance business

§ 3362. Authority to transact various kinds of insurance business|A foreign or alien insurer may transact more than one kind of insurance business, provided the charter of such corporation authorizes it to transact such different kinds of insurance business and its capital is sufficient to provide the required capital for each kind of business to be transacted. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 2); amended 2017, No. 134 (Adj. Sess.), § 1.)
8 V.S.A. § 3363
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3363. Revocation of license

§ 3363. Revocation of license|If such insurer violates any of the laws of this State relating to insurance companies, the Commissioner may revoke its license and cause notice thereof to be published at least one week in two daily newspapers, one of general circulation in Montpelier and one of general circulation in Burlington. An agent of such insurer shall not, after the first publication of such notice, issue or renew a policy of insurance in its behalf. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 3).)
8 V.S.A. § 3364
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3364. Authorization for investment purposes only

§ 3364. Authorization for investment purposes only|Such insurer may make investments in this State without qualifying to do business in this State as a foreign corporation under the general corporation law or as a foreign or alien insurer under this article provided such insurer constitutes the Secretary of State as his or her agent for the service of process and enters into a stipulation with said Secretary to submit to the jurisdiction of the courts of this State. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 4).)
8 V.S.A. § 3365
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3365. Plan of organization

§ 3365. Plan of organization|Such insurers admitted to do business in this State under authority of this article shall be incorporated as stock or mutual companies as defined in section 3302 of this title. Except as provided in sections 4831 through 4856 of this title, no unincorporated or joint stock association shall be admitted after July 1, 1968, for the purpose of doing any insurance business in Vermont. Such unincorporated or joint stock associations which are lawfully admitted and qualified on such date may continue to carry on their business in this State subject to the provisions of this part, but they shall not write any new or additional lines of insurance after such date. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 5); amended 1971, No. 31, § 3, eff. March 31, 1971.)
8 V.S.A. § 3366
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3366. Assets of companies

§ 3366. Assets of companies|(a)(1) A foreign or alien insurer authorized to do business in this State shall possess and thereafter maintain unimpaired paid-in capital or basic surplus of not less than $2,000,000.00 and, when first so authorized, shall possess and maintain free surplus of not less than $3,000,000.00.  (2) The capital and surplus shall be in the form of cash or marketable securities, a portion of which may be held on deposit with the State Treasurer, such securities as designated by the insurer and approved by the Commissioner, in an amount and subject to conditions determined by the Commissioner. The conditions shall include a requirement that any interest or other earnings attributable to such cash or marketable securities shall inure to the benefit of the insurer until such time as the Commissioner determines that the deposit must be used for the benefit of the policyholders of the insurer or some other authorized public purpose relating to the regulation of the insurer. (3) The Commissioner may prescribe additional capital or surplus for all insurers authorized to transact the business of insurance based upon the type, volume, and nature of insurance business transacted. The Commissioner may reduce or waive the capital and surplus amounts required by this section pursuant to a plan of dissolution for the company approved by the Commissioner.   (b) The express purpose of subsection (a) of this section and the Commissioner's power to require the deposit of cash or marketable securities set forth therein is to protect the interests of Vermont policyholders in the event of the insolvency of the insurer. Except to the extent it would contravene applicable provisions of 9A V.S.A. Article 9, the State of Vermont shall be deemed to control the funds on deposit and to have a lien on the funds for the benefit of the Vermont policyholders affected by the insolvency. The lien so created shall be superior to any lien filed by a general creditor of the insurer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 6); amended 2003, No. 105 (Adj. Sess.), § 4; 2005, No. 36, § 10, eff. June 1, 2005; 2019, No. 57, § 3.)
8 V.S.A. § 3368a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3368a. Unauthorized and misleading transactions

§ 3368a. Unauthorized and misleading transactions|(a) No person shall transact insurance business in this State unless the Commissioner has issued a license or certificate of authority to such person as required by section 3361 or 3368 of this title, or by chapters 123, 125, and 139 of this title. The provisions of this section shall not apply to an insurer licensed in this State or in any foreign or alien jurisdiction who is subject to section 3368 of this title.(b) No person shall act as an officer, director, or controlling person for a person who is engaged in a violation of subsection (a) of this section. As used in this subsection, "controlling" is defined by subdivision 3681(3) of this title.(c) No person shall directly or indirectly represent or aid a person in violating subsection (a) of this section.(d)(1) No person shall use in its advertisements or other marketing materials or communications the term "insurance" or any other term in a manner which could reasonably lead a person into believing that the product marketed, offered, or issued is insurance, unless such person is authorized under this title to transact the business of insurance.  (2) No person shall use in its advertisements or other marketing materials or communications the terms "health plan," "coverage," "co-pay," "co-payments," "deductible," "preexisting conditions," "guaranteed issue," "premium," "enrollment," "preferred provider organization," or any other term in a manner that could reasonably mislead an individual into believing that the product marketed, offered, or issued is health insurance, unless such person is authorized under this title to transact the business of health insurance.   (e) In addition to any other remedies or penalties provided by law:  (1) For each violation of the provisions of subsection (a), (b), or (c) of this section a person shall be imprisoned not more than five years or fined not more than $10,000.00, or both. (2) For each violation of the provisions of subsection (d) of this section a person shall be imprisoned not more than two years or fined not more than $5,000.00, or both. (Added 2007, No. 178 (Adj. Sess.), § 6.)
8 V.S.A. § 3369
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3369. Commissioner may enjoin unauthorized insurer

§ 3369. Commissioner may enjoin unauthorized insurer|Whenever the Commissioner believes, from evidence satisfactory to him or her, that any foreign or alien insurer is violating or about to violate the provisions of section 3368 of this title, the Commissioner may, through the Attorney General of this State, cause a complaint to be filed in Superior Court to enjoin and restrain such insurer from continuing such violation or engaging therein or doing any act in furtherance thereof. The Court shall have the power to make and enter an order of judgment awarding such preliminary or final injunctive relief as in its judgment is proper. (Added 1967, No. 353 (Adj. Sess.), § 2; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)
8 V.S.A. § 3370
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3370. Service of process upon unauthorized insurer by director

§ 3370. Service of process upon unauthorized insurer by director|(a) Any act of entering into a contract of insurance as an insurer or transacting insurance business in this State as set forth in subsection (b) of section 3368 of this title, by an unauthorized foreign or alien insurer is equivalent to and shall constitute an appointment by such insurer, of the Secretary of State and his or her successor or successors in office, to be its true and lawful attorney upon whom may be served all lawful process in any action or proceeding against it, arising out of a violation of section 3368 of this title, and the commission of any of these acts constitutes an agreement that any such process so served shall be of the same legal force and validity as if served upon the insurer.(b) Service of such process shall be made by delivering and leaving with the Secretary of State two copies thereof and the payment to the Secretary of State of the fee prescribed by law. The Secretary of State shall forthwith mail by registered mail one of the copies of such process to such insurer at its last known principal place of business, and shall keep a record of all process so served upon him or her. Such process shall be sufficient service upon such insurer provided notice of such service and a copy of the process are, within 14 days thereafter, sent by registered mail or on behalf of the director to such insurer at its last known principal place of business, and such insurer's receipt and the affidavit of compliance herewith by or on behalf of the director are filed with the clerk of the court in which such action or proceeding is pending on or before the return date of such process or within such further time as the court may allow.(c)(1) The court in any action or proceeding in which service is made in the manner provided in subsection (b) of this section may, in its discretion, order such postponement as may be necessary to afford such insurer reasonable opportunity to defend such action or proceeding.  (2) Nothing in this section is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in subsection (b) of this section on the ground that such unauthorized insurer has not done any of the acts referred to in subsection (a) of this section.   (d) No judgment by default shall be entered in any such action or proceeding until the expiration of 30 days from the date of the filing of the affidavit of compliance.(e) Nothing in this section contained shall limit or affect the right to serve any process, notice or demand required or permitted by law to be served upon any insurer in any other manner now or hereafter permitted by law. (Added 1967, No. 353 (Adj. Sess.), § 3; amended 2017, No. 11, § 3.)
8 V.S.A. § 3371
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3371. Limits of risk

§ 3371. Limits of risk|(a) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders unless otherwise authorized by the Commissioner.(b) A "subject of insurance" for the purposes of this section, as to insurance provided for protection against fire, perils, hazards, or causes of loss, other than earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.(c) Reinsurance ceded as authorized by section 3634a of this title shall be deducted in determining risk retained. As to surety risks, deduction shall also be made of the amount assumed by any licensed or authorized co-surety and the fair market value of any security deposited, pledged, or held subject to the surety's consent and for the surety's protection.(d) As to alien insurers, this section shall relate only to risks and surplus to policyholders of the insurer's United States branch.(e) "Surplus to policyholders" for the purposes of this section, in addition to the insurer's unassigned capital and surplus, shall be deemed to include any voluntary reserves which are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the Commissioner, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.(f) This section shall not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employers' liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy. (Added 1985, No. 145 (Adj. Sess.), § 1; amended 1993, No. 12, § 1, eff. April 26, 1993.)
8 V.S.A. § 3381
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3381. Legislative purpose and policy

§ 3381. Legislative purpose and policy|The purpose of this article is to subject certain insurers to the jurisdiction of courts of this State by or on behalf of insureds or beneficiaries under insurance contracts. The Legislature declares that it is a subject of concern that many residents of this State hold policies of insurance issued or delivered in this State by insurers while not authorized to do business in this State, thus presenting to such residents the often insuperable obstacle of resorting to distant forums for the purpose of asserting legal rights under such policies. In furtherance of such State interest, the Legislature herein provides a method of substituted service of process upon such insurers and declares that in so doing it exercises its power to protect its residents and to define, for the purpose of this article, what constitutes doing business in this State, and also exercises powers and privileges available to the State by virtue of The McCarran-Ferguson Act, 15 U.S.C. § 1011-1015, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 1).)
8 V.S.A. § 3382
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3382. Acts which constitute Secretary of State agent for service of process

§ 3382. Acts which constitute Secretary of State agent for service of process|Any of the following acts in this State, effected by mail or otherwise, by an unauthorized foreign or alien insurer:  (1) the issuance or delivery of contracts of insurance to residents of this State or to corporations authorized to do business therein; (2) the solicitation of applications for such contracts; (3) the collection of premiums, membership fees, assessments, or other considerations for such contracts; or (4) any other transaction of insurance business; is equivalent to and shall constitute an appointment by such insurer of the Secretary of State and his or her successor or successors in office, to be its true and lawful attorney, upon whom may be served all lawful process in any action, suit, or proceeding instituted by or on behalf of an insured or beneficiary arising out of any such contract of insurance, and any such act shall be signification of its agreement that such service of process is of the same legal force and validity as personal service of process in this State upon such insurer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 2).)
8 V.S.A. § 3383
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3383. Service upon the Secretary of State notice to defendant

§ 3383. Service upon the Secretary of State notice to defendant|Such service of process shall be made by delivering to and leaving with the Secretary of State or some person in apparent charge of his or her office two copies thereof and the payment to him or her of such fee as is required by 12 V.S.A. § 852. The Secretary of State shall forthwith mail by registered mail one of the copies of such process to the defendant at its last known principal place of business and shall keep a record of all processes so served upon him or her. Such service of process is sufficient, provided notice of such service and a copy of the process are sent within 14 days thereafter by registered mail by plaintiff or plaintiff's attorney to the defendant at its last known principal place of business, and the defendant's receipt, or receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff or plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 3); amended 2017, No. 11, § 4.)
8 V.S.A. § 3384
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3384. Service upon other agents; notice to defendant

§ 3384. Service upon other agents; notice to defendant|Service of process in any such action, suit, or proceeding shall in addition to the manner provided in section 3383 of this title be valid if served upon any person within this State who, in this State on behalf of such insurer, is:  (1) soliciting insurance; or (2) making, issuing, or delivering any contract of insurance; or (3) collecting or receiving any premium, membership fee, assessment, or other consideration for insurance; and a copy of such process is sent within 14 days thereafter by registered mail by the plaintiff or plaintiff's attorney to the defendant at the last known principal place of business of the defendant, and the defendant's receipt, or the receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff or plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 4); amended 2017, No. 11, § 5.)
8 V.S.A. § 3386
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3386. Effect on other modes of service

§ 3386. Effect on other modes of service|Nothing in sections 3382-3384 of this title shall limit or abridge the right to serve any process, notice, or demand upon any insurer in any other manner now or hereafter permitted by law. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 6).)
8 V.S.A. § 3387
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3387. Prerequisites to defense of action

§ 3387. Prerequisites to defense of action|Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit or proceeding instituted against it, such unauthorized insurer shall:  (1) deposit with the clerk of the court in which such action, suit, or proceeding is pending, cash or securities or file with such clerk a bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed by the court sufficient to secure the payment of any final judgment which may be rendered in such action; or (2) procure a certificate of authority to transact the business of insurance in this State. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 7).)
8 V.S.A. § 3388
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3388. Postponements

§ 3388. Postponements|The court in any action, suit, or proceeding, in which service is made in the manner provided in section 3383 or 3384 of this title may, in its discretion, order such postponement as may be necessary to afford the defendant reasonable opportunity to comply with the provisions of section 3387 of this title and to defend such action. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 8).)
8 V.S.A. § 3389
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3389. Motion to quash for improper service

§ 3389. Motion to quash for improper service|Nothing in section 3387 of this title is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in section 3383 or 3384 of this title on the ground either:  (1) that such unauthorized insurer has not done any of the acts enumerated in section 3382 of this title; or (2) that the person on whom service was made pursuant to section 3384 of this title was not doing any of the acts therein enumerated. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 9).)