reglab/statecodes huggingface dataset:
2023 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.)
2023 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.)
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.)
2023 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.)
2023 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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3882. Renewal policies

§ 3882. Renewal policies
(a) If the insurer has the necessary information to issue the renewal policy, the insurer shall confirm in writing at least 45 days prior to expiration its intention to renew the policy and the premium at which the policy is to be renewed. The insured shall have the right to renew the policy at this premium.
(b) An insurer not complying with subsection (a) of this section shall grant its insured renewal coverage at the rate or premium in effect under the expiring or expired policy or at rates lawfully in effect on the expiration date, which have been approved by the Commissioner. This shall be done on a pro rata basis and shall continue for 45 days after the insurer confirms renewal coverage and premium. This subsection shall not apply if the insured accepts the renewal policy.
(c) An insurer may transfer a policy to an affiliate, as defined by subdivision 3681(1) of this title, upon expiration of the policy without providing notice of nonrenewal, provided that:
(1) the rating by A. M. Best or a similarly qualified rating service of the affiliate is equal to or better than the transferring insurer;
(2) there is no diminution in the terms and conditions of coverage; and
(3) notice of the transfer is provided to the insured at least 45 days prior to the transfer by first class mail, and in connection with such notice the insurer:
(A) complies with any requirements of federal law relating to notice of adverse credit determination;
(B) includes in the notice of transfer a telephone number of the insurer, or the producer, if any, and a toll free telephone number of the insurer in the case of personal lines policies, where the insured can learn additional information concerning the transfer and the reasons for the transfer; and
(C) complies with the other provisions of this section relating to renewal policies. (Added 1977, No. 223 (Adj. Sess.), § 7; amended 1989, No. 171 (Adj. Sess.), § 3, eff. Sept. 1, 1990; 2007, No. 135 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3883. Notice requirements

§ 3883. Notice requirements
When notice required under section 3880 or 3881 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail or certificate of mailing. (Added 1989, No. 171 (Adj. Sess.), § 5, eff. Sept. 1, 1990.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts

§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts
(a) In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.
(b) The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer’s prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively one insurer or a group of insurers under common management or an agent or broker whose license has been revoked by the commissioner or whose contract or account has been terminated for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the insurer monies due to the insurer after receipt of a written demand therefor.
(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents’ contracts and brokers’ accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section. (Added 1985, No. 230 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3885. Penalties

§ 3885. Penalties
A person who violates a provision of section 3879, 3880, 3881, 3882, 3883, or 3884 of this title may be subject to an administrative penalty of $2,000.00 for each violation. (Added 1995, No. 167 (Adj. Sess.), § 8a.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3911. Incorporators

§ 3911. Incorporators
Sixty or more persons residing in the State of Vermont who shall each own in good faith real estate of not less than $20,000.00 in value, and collectively own in good faith insurable real estate in the State of Vermont to the value of $1,200,000.00 or more, may apply to become a cooperative insurance corporation on filing with the Commissioner a declaration as hereinafter provided. (Amended 1981, No. 6, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3912. Contents of declaration

§ 3912. Contents of declaration
Such declaration shall be executed and acknowledged by each of such persons and shall state their intention to form a cooperative insurance corporation for the purpose of engaging in the business of insurance, pursuant to the following provisions, shall show that such persons own in good faith real estate to the amount required and shall also state the town and county in which its principal office is to be located and its corporate name which shall include the word “cooperative.” (Amended 1981, No. 6, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3914. Statement as to applications

§ 3914. Statement as to applications
At the time of such filing, or within one year thereafter, such persons, or those who have been designated as the president and the secretary of such corporation, may file with the Commissioner a sworn statement to the effect that applications for insurance in the amounts respectively indicated in section 3920 of this title have been made in good faith to such corporation. Such statement shall give the names and addresses of such applicants and the amount of insurance applied for by each. In case such corporation charges advance premiums such statement shall show that the premium, specifying the amount, has been paid in full by each such applicant. (Amended 1981, No. 6, § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3915. Issuance of certificate of authority

§ 3915. Issuance of certificate of authority
If all the requirements of law have been complied with and the Commissioner is satisfied, after investigation, that such statement is true, he or she shall thereupon file such declaration and cause it to be recorded in his or her office in a book to be kept for that purpose and shall thereupon issue to such corporation a certified copy of the papers so recorded, together with a certificate authorizing such corporation to carry on the business of insurance as indicated in such declaration. A duplicate copy of the certificate so issued shall be filed by the Commissioner with the Secretary of State.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3916. Name, status and powers

§ 3916. Name, status and powers
Corporations to which certificates of authority are so issued shall be known as cooperative insurance corporations and may write the kinds of insurance enumerated in subdivisions 3301(a)(2)-(a)(8), and (a)(10) of this title, provided the corporation’s surplus shall not be less than $500,000.00 and provided that such company shall first secure approval from the Commissioner to do so, which approval may be upon such terms and conditions as the Commissioner may prescribe. (Amended 1981, No. 6, § 4.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation

§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.
(b) A nonassessment cooperative insurance corporation is one that has received approval of the Commissioner and has met the requirements of subsections 3930(a) and (b) of this title. (Amended 1981, No. 6, § 5.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3926. Policy provisions

§ 3926. Policy provisions
The policies issued by a cooperative insurance corporation shall conform to the regulations prescribed therefor by the Commissioner. Each such policy shall indicate clearly, in words prominently displayed at the top of the first page or across the page thereof, that such policy is issued on the cooperative plan; and if issued on an assessment plan, shall include a provision in the body of the policy to the effect that its acceptance by the person insured shall bind him or her to pay all assessments which may be levied thereon. The face of each such policy shall display in not less than 10 point bold type the following statement: “THIS POLICY MAY BE SUBJECT TO FUTURE SPECIAL ASSESSMENT OF ADDITIONAL PREMIUM UP TO A MAXIMUM OF ONE-HALF THE REGULAR ANNUAL ASSESSMENT.” Each such policy shall include a copy of the bylaws of such corporation or such other matter as the Commissioner shall prescribe. (Amended 1981, No. 6, § 8.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3927. Assessment cooperative insurance corporations

§ 3927. Assessment cooperative insurance corporations
The following provisions shall affect such corporations doing business on the assessment plan:
(1) Such corporation may issue policies of insurance as enumerated in section 3916 of this title.
(2) Such corporation may classify risks covered under these types of insurance at the time of the issuance of the policy, or at subsequent times and issue policies under different rates, and it may collect regular assessments on such risks either on an annual basis or for whatever length of time the policy may be issued. The amounts of such regular assessments shall be sufficient to pay for the period assessed, each member’s pro rata share, based on the risk classification and amount of insurance, of the estimated amount necessary to cover losses, expenses, repayment of debt, and contribution to surplus as may be permitted by the bylaws.
(3) Such corporation may borrow, on the credit of the corporation, such funds as are required to pay for extraordinary losses or expenses subject to the approval of the board of directors or as may be provided in the bylaws of such corporation, subject to the maximum limit stated in subdivision (4) of this section. If deemed for the best interest of the corporation, it may estimate the amount necessary to pay all losses and expenses and contributions to surplus for the current year and to supply any deficiency in the preceding year, subject to the maximum limit stated in subdivision (4) of this section, and assess and collect the same from the members. Each assessment shall be made upon all policyholders in proportion to each policyholder’s regular annual assessment. The expense of collecting assessments may be regulated by the bylaws.
(4) Such corporation may levy a special assessment to pay for such member’s pro rata share of unexpected losses, expenses and contributions to surplus, based upon the risk classification and amount of insurance at the time of the assessment, as may be permitted by the bylaws, however, in no case shall the sum total of all special assessments during any one year exceed 50 percent of the equivalent of one annual regular assessment. The expense of collecting assessments may be regulated by the bylaws. (Amended 1981, No. 6, § 9.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3930. Nonassessment cooperative insurance corporations to commence business

§ 3930. Nonassessment cooperative insurance corporations to commence business
(a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired free surplus position of no less than $1,000,000, it may apply to the Commissioner for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval to become nonassessable. The Commissioner may apply the same standards for admission as are found in chapter 101 of this title applicable to the formation of a domestic mutual insurer. Upon the Commissioner’s acceptance of revised articles of incorporation, revised bylaws, and a special financial statement for the calendar year period ending with the last calendar quarter before the request, the Commissioner may allow the corporation to operate as a nonassessment cooperative insurance corporation. The Commissioner may require a statutory financial examination to be conducted at the company’s expense prior to final approval.
(b) The Commissioner may prescribe additional surplus, if he or she determines that the kind of insurance to be transacted so requires. (Added 1981, No. 6, § 11.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3931. Application of provisions

§ 3931. Application of provisions
(a) All the provisions of this part, insofar as consistent with the provisions of this subchapter, shall apply to cooperative insurance corporations.
(b) Cooperative fire insurance corporations formed and operated under the provisions set forth in chapter 105, subchapter 2 of this title shall be considered to be mutual insurance companies for the purpose of engaging in any or all of the transactions authorized by chapter 101 of this title, including those provisions set forth in subchapters 3 and 3A of that chapter. (Added 1981, No. 6, § 12; amended 1999, No. 86 (Adj. Sess.), § 7, eff. April 27, 2000.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3932. Definitions

§ 3932. Definitions
For the purposes of this subchapter:
(1) “Regular assessment” shall mean that amount charged to members, in advance or arrears, to pay ordinary losses and expenses for one year or the term of the policy and to make a contribution to surplus.
(2) “Assessment cooperative insurance corporation” means a corporation meeting the financial requirements of section 3916 of this title, which charges its insureds regular assessments necessary to pay losses, meet expenses, and contribute to surplus.
(3) “Nonassessment cooperative insurance corporation” means a corporation meeting the financial requirements of sections 3916, 3930, and 3931 of this title, which charges its insureds premiums in advance necessary to pay losses, meet expenses, and contribute to surplus.
(4) “Special assessment” means an additional charge to the policyholder, beyond the regular assessment or premium charge, to satisfy unexpected losses or expenses, or contributions to surplus. (Added 1981, No. 6, § 13.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3961. Valuation of property

§ 3961. Valuation of property
Whenever a fire insurance company shall write a policy covering a building in this State and shall attach thereto the so-called co-insurance clause, or any similar clause requiring the insured to carry insurance in amount equal to any percentage of the value of such building, the insured may ask for a valuation of such building insured, which valuation may be agreed upon in writing by the insuring company and the insured, and shall be the valuation of the property insured for the purpose of fixing the liability of the company during the life of the policy.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3962. Application to Commissioner

§ 3962. Application to Commissioner
In case the insuring company and the insured do not agree on the valuation, as provided in section 3961 of this title, the insured may file with the Commissioner a request for a valuation, which shall contain a complete description of the building showing location, the name of the company, and the agent, if any, through whom the insurance is placed and the date of the policy.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3963. Time and place for making valuation

§ 3963. Time and place for making valuation
Upon the receipt of such a request, the Commissioner shall appoint a time and place for making such valuation which shall be not later than 15 days thereafter, unless an earlier date is agreed upon by the parties interested, and he or she shall give proper notice thereof to all concerned.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3964. Appointment of appraisers to determine valuation

§ 3964. Appointment of appraisers to determine valuation
The owner of a building and the insurance company or agent shall each file with the Commissioner a list of not less than three disinterested persons competent to act as appraisers of the building described in the notice. The Commissioner shall select one person from each of the lists so submitted who shall together act as appraisers of the property, and, in case these two cannot agree, he or she shall select a third competent and disinterested person who shall act as third appraiser only as to matters regarding which the two appraisers first appointed cannot agree.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3965. Appraisers’ award and expenses

§ 3965. Appraisers’ award and expenses
An award in writing of any two appraisers, when filed with the Commissioner, shall determine the sound value of the building. Each of the two appraisers first appointed shall be paid by the party nominating him or her and the third appraiser shall be paid by the parties equally.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3966. Duration of valuation fixed

§ 3966. Duration of valuation fixed
The value of any building fixed as provided in sections 3964 and 3965 of this title shall be considered the true value of the building during the term for which any fire insurance policy is issued to cover thereon, if issued within three years from the date of such award, and such value shall continue as the basis of valuation for the purpose of ascertaining the amount of insurance required under a co-insurance clause until a new valuation has been made on an application by the insured or by the company, or agent placing the insurance thereon, provided that a new valuation shall not be required oftener than once in three years.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3967. Effect on rate

§ 3967. Effect on rate
The rate charged for a fire insurance policy covering a building valued in accordance with the provisions of section 3964 of this title shall not be increased above the rate fixed for the same form of policy, containing or having attached thereto a co-insurance clause, where no request has been made to have the value of the property fixed.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 3968. Penalty for violations

§ 3968. Penalty for violations
If an insurance company violates a provision of sections 3961-3967 of this title or if the Commissioner is satisfied, after a hearing, that a company declines or refuses to write insurance on any building because of the requirement that the value of such building shall be agreed upon as provided in section 3964 of this title, the Commissioner shall suspend its authority to do business in this State for such period, not exceeding one year, as he or she may deem advisable.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 4001. Assessments; accumulations; limitation

§ 4001. Assessments; accumulations; limitation
Domestic mutual fire insurance companies, in any year in which the assessments required to pay losses and expenses would not equal five percent of the face of its premium notes, may lay assessments not to exceed five percent and carry the amount not necessary to pay losses and expenses of such year to a surplus account for the payment of future fire losses and expenses. Such surplus shall at no time exceed 10 percent of the face of the premium notes then in force.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 105 - Fire and Casualty Insurance › § 4002. Use of fund

§ 4002. Use of fund
In a year in which the fire losses and expenses of a company accumulating a surplus under the provisions of section 4001 of this title shall exceed the amount of a three percent assessment on the face of the premium notes assessable for such losses and expenses, such excess, to an amount not exceeding three percent by such premium notes, in the discretion of the directors of such company, may be taken from such surplus and applied towards the payment of such excess of losses and expenses.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4062a. Filing fees

§ 4062a. Filing fees
Each filing of a policy, contract, or document form or premium rates or rules, submitted pursuant to section 4062 of this title, shall be accompanied by payment to the Commissioner or the Green Mountain Care Board, as appropriate, of a nonrefundable fee of $150.00. (Added 1985, No. 236 (Adj. Sess.), § 6; amended 1991, No. 166 (Adj. Sess.), § 2; 2013, No. 79, § 5d, eff. Jan. 1, 2014.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4062c. Compliance with federal law

§ 4062c. Compliance with federal law
(a) Except as otherwise provided in this title, health insurers, hospital and medical service corporations, and health maintenance organizations that issue, sell, renew, or offer health insurance coverage in Vermont shall comply with the requirements of the Health Insurance Portability and Accountability Act of 1996, as amended from time to time (42 U.S.C., Chapter 6A, Subchapter XXV), and the Patient Protection and Affordable Care Act of 2010, Pub. L. No. 111-148, as amended by the Health Care and Education Reconciliation Act of 2010, Pub. L. No. 111-152. The Commissioner shall enforce such requirements pursuant to the Commissioner’s authority under this title.
(b)(1) Health insurers, hospital and medical service corporations, health maintenance organizations, and health care providers, as that term is defined in 18 V.S.A. § 9432, shall comply with the requirements of the No Surprises Act, Pub. L. No. 116-260, Division BB, Title I, as amended from time to time.
(2) The Commissioner shall enforce the requirements of the No Surprises Act as they apply to health insurers, hospital and medical service corporations, health maintenance organizations, and health care providers, to the extent permitted under federal law, pursuant to the Commissioner’s authority under this title. The Commissioner may also refer cases of noncompliance to the U.S. Department of Health and Human Services under the terms of a collaborative enforcement agreement, or to the Office of the Vermont Attorney General. (Added 1997, No. 24, § 1; amended 2009, No. 42, § 32; 2009, No. 128 (Adj. Sess.), § 9, eff. May 27, 2010; 2021, No. 137 (Adj. Sess.), § 1, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4062e. Compliance with Medicaid recovery provisions

§ 4062e. Compliance with Medicaid recovery provisions
A health insurer as defined in 33 V.S.A. § 1900 that issues, sells, renews, or offers health insurance coverage in Vermont or who is required to be licensed or registered with the Department shall comply with the requirements of 33 V.S.A. §§ 1907, 1908, 1909, and 1910. The Commissioner shall enforce such requirements pursuant to his or her authority under this title. (Added 2007, No. 65, § 110e; amended 2015, No. 97 (Adj. Sess.), § 13.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4063a. Coverage for civil unions

§ 4063a. Coverage for civil unions
(a) As used in this section:
(1) “Dependent coverage” means family coverage or coverage for one or more persons.
(2) “Party to a civil union” is defined for purposes of this section as under 15 V.S.A. § 1201.
(3) “Insurer” shall mean a health insurer as defined in 18 V.S.A. § 9402.
(b) Notwithstanding any law to the contrary, insurers shall provide dependent coverage to parties to a civil union that is equivalent to that provided to married insureds. An individual or group health insurance policy which provides coverage for a spouse or family member of the insured shall also provide the equivalent coverage for a party to a civil union. (Added 1999, No. 91 (Adj. Sess.), § 18, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4063b. Coverage for employees of an employer domiciled outside Vermont

§ 4063b. Coverage for employees of an employer domiciled outside Vermont
(a) As used in this section:
(1) “Health insurance” shall have the same meaning as “group health insurance policy or subscriber contract” in section 4091a of this title.
(2) “Marriage” shall have the same meaning as in 15 V.S.A. § 8.
(3) “Party to a civil union” shall have the same meaning as in 15 V.S.A. § 1201.
(b) To the extent permitted under federal law, health insurance coverage provided to Vermont residents who work for an employer domiciled outside Vermont shall not distinguish between parties to a civil union, married same-sex couples, and married opposite-sex couples. (Added 2013, No. 35, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4064. Provisions applying to policies delivered in another state

§ 4064. Provisions applying to policies delivered in another state
If any policy is issued by an insurer domiciled in this State for delivery to a person residing in another state, and if the official having responsibility for the administration of the insurance laws of such other state shall have advised the Commissioner that any such policy is not subject to approval or disapproval by such official, the Commissioner may by ruling require that such policy meet the standards set forth in sections 4065, 4066, and 4067 of this title.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4067. Omission of inapplicable or inconsistent standard provisions

§ 4067. Omission of inapplicable or inconsistent standard provisions
If any provision of sections 4065 and 4066 of this title is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of policy the insurer, with the approval of the Commissioner, shall omit from such policy any inapplicable provision or part of a provision, and shall modify any inconsistent provision or part of the provision in such manner as to make the provision as contained in the policy consistent with the coverage provided by the policy.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4068. Order of standard policy provisions

§ 4068. Order of standard policy provisions
The provisions which are the subject of sections 4065 and 4066 of this title, or any corresponding provisions which are used in lieu thereof in accordance with such sections, shall be printed in the consecutive order of the provisions in such sections or, at the option of the insurer, any such provision may appear as a unit in any part of the policy, with other provisions to which it may be logically related, provided the resulting policy shall not be in whole or in part unintelligible, uncertain, ambiguous, abstruse, or likely to mislead a person to whom the policy is offered, delivered, or issued.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4069. Third party ownership

§ 4069. Third party ownership
The word “insured,” as used in this chapter, shall not be construed as preventing a person other than the insured with proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits, and rights provided therein.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4070. Requirements of other jurisdictions

§ 4070. Requirements of other jurisdictions
(a) Any policy of a foreign or alien insurer, when delivered or issued for delivery to any person in this State, may contain any provision which is not less favorable to the insured or the beneficiary than the provisions of this chapter and which is prescribed or required by the law of the state under which the insurer is organized.
(b) Any policy of a domestic insurer may, when issued for delivery in any other state or country, contain any provision permitted or required by the laws of such other state or country.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4071. Regulations on filing policies

§ 4071. Regulations on filing policies
The Commissioner may make such reasonable rules and regulations concerning the procedure for the filing or submission of policies subject to sections 4063-4066 of this title as are necessary, proper, or advisable to the administration of these sections. This provision shall not abridge any other authority granted the Commissioner by law.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4072. Nonconforming policies

§ 4072. Nonconforming policies
(a) No policy provision which is not subject to section 4065 or 4066 of this title shall make a policy, or any portion thereof, less favorable in any respect to the insured or the beneficiary than the provisions thereof which are subject to these sections.
(b) A policy delivered or issued for delivery to any person in this State in violation of sections 4065 and 4066 of this title shall be held valid but shall be construed as provided in this chapter. When any provision in a policy subject to sections 4065 and 4066 is in conflict with any provision therein, the rights, duties, and obligations of the insurer, the insured and the beneficiary shall be governed by the provisions of such sections.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4073. Applications for insurance

§ 4073. Applications for insurance
(a) The insured shall not be bound by any statement made in an application for a policy unless a copy of such application is attached to or endorsed on the policy when issued as a part thereof. If any such policy delivered or issued for delivery to any person in this State shall be reinstated or renewed, and the insured or the beneficiary or assignee of such policy shall make written request to the insurer for a copy of the application, if any, for such reinstatement or renewal, the insurer shall within 15 days after the receipt of such request at its home office or any branch office of the insurer, deliver or mail to the person making such request a copy of such application. If such copy shall not be so delivered or mailed, the insurer shall be precluded from introducing such application as evidence in any action or proceeding based upon or involving such policy or its reinstatement or renewal.
(b) No alteration of any written application for any such policy shall be made by any person other than the applicant without his or her written consent, except that insertions may be made by the insurer, for administrative purposes only, in such manner as to indicate clearly that such insertions are not to be ascribed to the applicant.
(c) The falsity of any statement in the application for any such policy may not bar the right to recovery thereunder unless such false statement materially affected either the acceptance of the risk or the hazard assumed by the insurer.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4074. Notice as waiver

§ 4074. Notice as waiver
The acknowledgment by any insurer of the receipt of notice given under any such policy, or the furnishing of forms for filing proofs of loss, or the acceptance of such proofs, or the investigation of any claim thereunder shall not operate as a waiver of any of the rights of the insurer in defense of any claim arising under such policy.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4075. Age limits

§ 4075. Age limits
If any such policy contains a provision establishing, as an age limit or otherwise, a date after which the coverage provided by the policy will not be effective, and if such date falls within a period for which premium is accepted by the insurer or if the insurer accepts a premium after such date, the coverage provided by the policy will continue in force subject to any right of cancellation until the end of the period for which a premium has been accepted. In the event the age of the insured has been misstated and if, according to the correct age of the insured, the coverage provided by the policy would not have become effective, or would have ceased prior to the acceptance of such premium or premiums, then the liability of the insurer shall be limited to the refund, upon request, of all premiums paid for the period not covered by the policy.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4076. Policies not affected

§ 4076. Policies not affected
Nothing in sections 4063-4075 of this title shall apply to or affect:
(1) any policy of workers’ compensation insurance or any policy of liability insurance with or without supplementary coverage therein;
(2) any policy or contract of reinsurance;
(3) any blanket or group policy of insurance enumerated in sections 4079-4082 of this title, except to the extent provided therein; or
(4) life insurance, endowment or annuity contracts, or contracts supplemental thereto which contain only such provisions relating to accident and sickness insurance as:
(A) provide additional benefits in case of death or dismemberment or loss of sight by accident; or
(B) operate to safeguard such contracts against lapse, or to give a special surrender value or special benefit or an annuity in the event that the insured or annuitant shall become totally and permanently disabled, as defined by the contract or supplemental contract. (Amended 1981, No. 165 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4077. Termination; comprehensive major medical policies; grace period

§ 4077. Termination; comprehensive major medical policies; grace period
(a) A comprehensive major medical insurance policy issued by a health insurance company, nonprofit hospital or medical service corporation, or health maintenance organization that insures employees, members, or subscribers for hospital and medical insurance on an expense-incurred, service, or prepaid basis shall:
(1) provide notice to the policyholder or other responsible party of any premium payment due on a policy at least 21 days before the due date; and
(2) provide a grace period of at least one month for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force and the issuer of the policy shall be liable for valid claims for covered losses incurred prior to the end of the grace period.
(b) If the issuer of a policy described in subsection (a) of this section does not receive payment by the due date, the issuer shall send a termination notice to the policyholder at least 21 days prior to termination notifying the policyholder that the issuer may terminate the policy if payment is not received by the termination date.
(c) The termination date of a policy described in subsection (a) of this section shall not be earlier than the day following the last day of the grace period set forth in subdivision (a)(1) of this section. (Added 2021, No. 25, § 19, eff. May 12, 2021.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 107 - Health Insurance › § 4079a. Association health plans

§ 4079a. Association health plans
(a) As used in this section, “association health plan” means a policy issued to an association; to a trust; or to one or more trustees of a fund established, created, or maintained for the benefit of the members of one or more associations or a contract or plan issued by an association or trust or by a multiple employer welfare arrangement as defined in the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq.
(b) The Commissioner shall adopt rules pursuant to 3 V.S.A. chapter 25 regulating association health plans in order to protect Vermont consumers and promote the stability of Vermont’s health insurance markets, to the extent permitted under federal law, including rules regarding licensure, solvency and reserve requirements, and rating requirements.
(c) The provisions of section 3661 of this title shall apply to association health plans.
(d)(1) An association health plan that provided coverage for the 2019 plan year may be renewed for coverage of existing association employer members for subsequent plan years, to the extent permitted under federal law. An association health plan that provided coverage for the 2019 plan year shall not enroll any new employer members for coverage after the 2019 plan year; provided, however, that new employees of existing association employer members may enroll in the plan in a subsequent plan year pursuant to an offer of coverage from their employer.
(2) No new association health plans shall be offered or issued for coverage in this State for plan years 2020 and after.
(3) This subsection does not apply to association health plans that were formed or could have been formed under the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1901, et. seq., and accompanying U.S. Department of Labor regulations and guidance, in each case, as in effect as of January 19, 2017. (Added 2017, No. 131 (Adj. Sess.), § 2, eff. May 16, 2018; amended 2019, No. 63, § 7, eff. June 17, 2019; 2019, No. 103 (Adj. Sess.), § 25.)