reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4581. Incorporation of medical service corporations

§ 4581. Incorporation of medical service corporations
(a) Three or more persons licensed by the State Board of Medical Practice to practice medicine and surgery may incorporate under the general law of this State governing corporations for the purpose of forming a medical service corporation, but subject to the provisions of section 4584 of this title.
(b) Subject to the approval of the Commissioner, a medical service corporation may establish, maintain, and operate a hospital service plan as defined in section 4511 of this title. The Commissioner may refuse approval if the Commissioner finds that the rates submitted are excessive, inadequate, or unfairly discriminatory. The contracts of a medical service corporation that operates a hospital service plan under this subsection shall be governed by chapter 123 of this title to the extent that they provide for hospital service benefits, and by this chapter to the extent that the contracts provide for medical service benefits. (Amended 1975, No. 69, § 3, eff. April 18, 1975; 1997, No. 54, § 6, eff. June 26, 1997.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4582. Incorporation of dental and other service corporations

§ 4582. Incorporation of dental and other service corporations
Three or more persons duly licensed under the laws of this State to practice dentistry, osteopathy, chiropractic, podiatry, or optometry may incorporate for the purpose of establishing a dental, osteopathic, chiropractic, podiatric, or optometric service corporation, respectively, to furnish dental, osteopathic, chiropractic, podiatric, or optometric services respectively, in the manner and subject to the restrictions specified in this chapter with respect to such corporation and consistent with the provisions of this chapter with reference to a medical service corporation organized under this chapter. (Amended 2021, No. 105 (Adj. Sess.), § 212, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4583. Purposes and definition

§ 4583. Purposes and definition
A medical service corporation is a nonprofit sharing corporation without capital stock, organized under the laws of this State for the purpose of establishing, maintaining, and operating a plan through which medical or medical and dental services may be provided at the expense of the corporation by duly licensed physicians and dentists to subscribers under contract, entitling each subscriber to certain medical services or medical and dental services as provided in the contract. Corporations formed under the provisions of this chapter shall have the privileges and be subject to the provisions of Title 11B as well as the applicable provisions of this chapter. In the event of a conflict between the provisions of Title 11B and the provisions of this chapter, the latter shall control. (Amended 1997, No. 54, § 7, eff. June 26, 1997; 2021, No. 105 (Adj. Sess.), § 213, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4584. Application for permit

§ 4584. Application for permit
(a) A corporation incorporated under this chapter shall immediately, after filing its articles of association, apply to the Commissioner of Financial Regulation for a permit to operate. The application shall be made to the Commissioner upon forms to be prescribed by the Commissioner. The application shall include a statement of the territory in which the corporation proposed to operate, the services to be furnished and rendered by it, and the rates to be charged for those services. The application shall be accompanied by two copies of any contract for medical services that the corporation proposes to make with its subscriber. Before issuing the permit, the Commissioner may make such examination or investigation as the Commissioner deems necessary. The Commissioner may refuse the permit if the Commissioner finds that the rates submitted are excessive, inadequate, or unfairly discriminatory.
(b) A corporation organized under the provisions of this chapter shall not enter into a contract with a subscriber to furnish medical services until it has obtained from such Commissioner a permit to do so.
(c) In connection with a rate decision, the Green Mountain Care Board may also make reasonable supplemental orders to the corporation and may attach reasonable conditions and limitations to such orders as the Board finds, on the basis of competent and substantial evidence, necessary to ensure that benefits and services are provided at minimum cost under efficient and economical management of the corporation. The Commissioner and, except as otherwise provided by 18 V.S.A. §§ 9375 and 9376, the Green Mountain Care Board, shall not set the rate of payment or reimbursement made by the corporation to any physician, hospital, or other health care provider.
(d) The Commissioner shall permit rates for a medical service corporation designed to enable the corporation to accumulate and maintain a reserve fund that shall from time to time during the calendar year be increased in an amount equal to at least two percent of the annual premium income of the corporation until the reserve fund is equal to at least eight percent of the annual premium income of the corporation. However, if the liabilities of the corporation exceed its assets, the Commissioner shall permit the corporation to charge rates that enable the corporation to accumulate a reserve fund at the rate of at least five percent of annual premium income of the corporation until the corporation’s assets equal its liabilities. Nothing in this subchapter shall require the Commissioner to permit a corporation to accumulate a reserve fund until the law of the state of incorporation of that corporation is substantially similar to this subsection with respect to the reserve fund. (Amended 1975, No. 69, § 4, eff. April 18, 1975; 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 79, § 5i, eff. Jan. 1, 2014; 2021, No. 105 (Adj. Sess.), § 214, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4585. Required contract provisions

§ 4585. Required contract provisions
Contracts entered into by a medical service corporation shall be in writing, one copy of which shall be furnished to the subscriber. The contract shall contain the following provisions:
(1) A statement of the amount payable to the corporation by the subscriber and the manner in which such amount is payable.
(2) A statement of the nature of the services to be furnished and the period during which they will be furnished and if there are any services to be excepted, a detailed statement of the exceptions printed as specified in section 4586 of this chapter.
(3) A statement of the terms and conditions upon which the contract may be canceled or otherwise terminated at the option of either party.
(4) A statement that the contract includes the endorsements thereon and attached papers, if any, and contains the entire contract for services.
(5) A statement that no representation by the subscriber in an application shall void the contract or be used in any legal proceeding under the contract unless such application or an exact copy of the application is included in or attached to the contract, and that no agent or representative of the corporation other than an officer or officers designated in the contract is authorized to change the contract or waive any of its provisions.
(6) A statement that if the subscriber defaults in making any payment under the contract, the subsequent acceptance of a payment by the corporation or by any of its duly authorized agents shall reinstate the contract but, with respect to sickness and injury, only to cover such sickness as may be first manifested more than 10 days after the date of such acceptance.
(7) A statement of the period of grace that will be allowed the subscriber for making any payment due under contract. The grace period shall be not less than 10 days.
(8) A statement that the subscriber shall be entitled to engage the services of a physician or surgeon of the subscriber’s choosing to perform services covered by the contract, provided that the physician or surgeon is licensed by the State Board of Medical Practice and agrees to be governed by the bylaws of the corporation with respect to payment of fees for the physician’s or surgeon’s services. (Amended 2021, No. 105 (Adj. Sess.), § 215, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4585a. Optometrists; visual services

§ 4585a. Optometrists; visual services
Whenever any policy of insurance or any medical service plan or hospital service contract or hospital and medical service contract provides for reimbursement for any visual service that is within the lawful scope of practice of a duly licensed optometrist with qualifications as defined by 26 V.S.A. § 1691, the insured or other person entitled to the benefits under the policy shall be entitled to reimbursement for the services, whether the services are performed by a duly licensed physician or by a duly licensed optometrist, whichever the insured selects. Notwithstanding any provision to the contrary in any statute or in any policy, plan, or contract, duly licensed optometrists shall be entitled to participate in such policies, plans, or contracts providing for visual services to the same extent as fully licensed physicians and no insurer shall make or permit any unfair discrimination against particular individuals or persons so licensed. (1971, No. 186 (Adj. Sess.), eff. March 30, 1972.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4586. Form and contents of contract

§ 4586. Form and contents of contract
In every such contract made, issued, or delivered in this State:
(1) all printed portions shall be plainly printed in type of which the face is not smaller than 10 point;
(2) there shall be a brief description of the contract on its first page and on its filing back in type of which the face is not smaller than 14 point;
(3) the exceptions of the contract shall appear with the same prominence as the benefits to which they apply; and
(4) if the contract contains any provision purporting to make any portion of the articles, constitution, or bylaws of the corporation a part of the contract, such portion thereof shall be set forth in full.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4587. Filing and approval of contracts

§ 4587. Filing and approval of contracts
A medical service corporation that has received a permit from the Commissioner of Financial Regulation under section 4584 of this title shall not thereafter issue a contract to a subscriber or charge a rate that is different from copies of the contracts and rates originally filed with and approved by the Commissioner at the time the permit was issued to the medical service corporation, until the medical service corporation has filed copies of its proposed contracts and rates and they have been approved by the Commissioner or the Green Mountain Care Board established in 18 V.S.A. chapter 220, as appropriate. Prior to approval, there shall be a public comment period pursuant to section 4062 of this title. Each such filing of a contract or the rate therefor shall be accompanied by payment to the Commissioner or the Board, as appropriate, of a nonrefundable fee of $150.00. A medical service corporation shall file a plain language summary of rate increases pursuant to section 4062 of this title. (Added 1985, No. 236 (Adj. Sess.), § 11; 1989, No. 225 (Adj. Sess.), § 25; 1991, No. 166 (Adj. Sess.), § 11; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 48, § 15c, eff. Jan. 1, 2012; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 79, § 5j, eff. Jan. 1, 2014; amended 2021, No. 105 (Adj. Sess.), § 216, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4588. Annual report to Commissioner

§ 4588. Annual report to Commissioner
Annually, on or before March 1, a medical service corporation shall file with the Commissioner of Financial Regulation a statement sworn to by the president and treasurer of the corporation showing its condition on December 31, which shall be in such form and contain such matters as the Commissioner shall prescribe. To qualify for the tax exemption set forth in section 4590 of this title, the statement shall include a certification that the medical service corporation operates on a nonprofit basis for the purpose of providing an adequate medical service plan to individuals of the State, both groups and nongroups, without discrimination based on age, gender, geographic area, industry, and medical history, except as allowed by subdivisions 4080g(b)(7)(B)(ii) and 4080g(c)(8)(B)(ii) of this title and by 33 V.S.A. § 1811(f)(2)(B). (Amended 1989, No. 225 (Adj. Sess.), § 25; 1991, No. 52, § 4, eff. June 6, 1991; 1995, No. 180 (Adj. Sess.), § 38; 2005, No. 191 (Adj. Sess.), § 53; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2019, No. 103 (Adj. Sess.), § 24; 2021, No. 105 (Adj. Sess.), § 217, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4589. Investments

§ 4589. Investments
Funds of a medical service corporation may be invested in any prudent investment as permitted for an insurance company formed under chapter 101 of this title. The corporation shall file and obtain the Commissioner’s prior approval of its investment guidelines. Any amendments to the investment guidelines must be approved by the Commissioner prior to use. (Amended 1997, No. 54, § 8, eff. June 26, 1997.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4590. Tax exemption

§ 4590. Tax exemption
A medical service corporation shall be exempt from all forms of taxation except the health care claims tax assessed pursuant to 32 V.S.A. § 10402. (Amended 2003, No. 70 (Adj. Sess.), § 4, eff. March 1, 2004; 2019, No. 6, § 68, eff. April 22, 2019.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4591. Effect on liability under workers’ compensation law

§ 4591. Effect on liability under workers’ compensation law
The provisions of this chapter or any contract for medical service shall in no way affect the liability of an employer under the provisions of the workers’ compensation law. (Amended 1981, No. 165 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4593. Reciprocal provisions

§ 4593. Reciprocal provisions
A corporation organized under the laws of another state or country that, except as to state of organization, is a medical service corporation as defined by section 4583 of this title, and that the Commissioner finds has fully complied with the laws of such other state or country, shall be entitled to do business within this State subject to the provisions of this chapter after obtaining a permit as provided by section 4584 of this title. However, such a corporation organized under the laws of another state or country shall not be entitled to such permit, or to do business in this State unless such other state or country grants substantially similar rights and privileges to medical service corporations organized under the laws of this State. The Commissioner shall determine whether rights and privileges granted by other states or countries are substantially similar to those granted by this State, and his or her determination shall be final.
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 125 - Nonprofit Medical Service Corporations › § 4594. Part-time employees

§ 4594. Part-time employees
A nonprofit medical service corporation shall not exclude part-time employees and shall offer the same insurance benefits to part-time employees as it offers to the employee groups of which the part-time employees would be members if they were full-time employees. The insurer shall offer to include the part-time employees as part of the employer’s employee group, at the full rate to be paid by the employer, at a rate prorated between the employer and the employee, or at the employee’s expense. “Part-time employee” means any employee who works a minimum of at least 17 1/2 hours per week. (Added 1989, No. 34, § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 127 - Automobile Insurance Surcharges › § 4671. Definitions

§ 4671. Definitions
As used in this subchapter:
(1) “Accident” means any occurrence with a motor vehicle involving the applicant, insured, or any operator of a private passenger type motor vehicle currently a resident in the same household that results in physical contact between the motor vehicle owned or operated by the insured or applicant, and a person or another object.
(2) “Conviction” means a judicial determination of guilt by a court of competent jurisdiction regardless of whether a trial was held and regardless of whether a sentence was imposed. It shall include a plea of nolo contendere, a finding of guilt as the result of a defendant’s voluntary nonappearance in court, or a conviction after appellate remand. It shall not include a conviction reversed with finality.
(3) “Experience period” means the three years immediately preceding the date of application or the 39 months preceding the renewal date of the policy.
(4) “Insured” means a person owning a private passenger type automobile and includes a relative of an owner or a minor in the custody of an owner or relative, if the relative or minor resides in the same household as does an owner.
(5) “Surcharge” means any amount of premium charged to or paid by an applicant or insured based on experience or record that makes the amount of the premium greater than that imposed on or charged to other applicants or insureds having more favorable experience or records. (Added 1975, No. 75; amended 1993, No. 196 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 127 - Automobile Insurance Surcharges › § 4672. Accidents

§ 4672. Accidents
A surcharge to a private passenger automobile policy may only be applied during the experience period for an accident in which the insurer makes a payment for:
(1) death;
(2) personal injury, where the net payment for any accident exceeds $900.00; or
(3) property damage, where the net payment for any accident exceeds $1,000.00. (Added 1975, No. 75; amended 1979, No. 28, § 4; 1993, No. 196 (Adj. Sess.), § 2, eff. Oct. 1, 1994.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 127 - Automobile Insurance Surcharges › § 4673. Exceptions

§ 4673. Exceptions
(a) No rate increase may be applied for a claim payment under uninsured motorist, medical payment, comprehensive, fire, theft, or a combined additional coverage.
(b) This subchapter shall not apply to an automobile that is:
(1) [Repealed.]
(2) used in the business of driver training; or
(3) insured under a commercial plan.
(c) No surcharge may be applied to a policy written for a term in excess of 12 months unless that policy provides for an annual adjustment of premiums.
(d) The Commissioner may by rule designate mitigating circumstances, the existence of any of which shall remove the basis for application of a surcharge.
(e) If a policy is surcharged as the result of an accident and subsequently the circumstances of the accident are found to include a mitigating circumstance, the insurer shall refund to the insured the increased portion of the premium generated by the accident. (Added 1975, No. 75; amended 1979, No. 28, § 7.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 127 - Automobile Insurance Surcharges › § 4674. Convictions

§ 4674. Convictions
(a) The Commissioner may by rule specify motor vehicle and criminal violations conviction of any of which may be used as a basis for a surcharge.
(b) Notwithstanding subsection (a) of this section, only those motor vehicle violations that occurred during the experience period may be used as a basis for a surcharge.
(c) An adjudication under 7 V.S.A. § 656 may not be used as a basis for a surcharge. (Added 1975, No. 75; amended 1993, No. 16, § 1; 1999, No. 160 (Adj. Sess.), § 10.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 127 - Automobile Insurance Surcharges › § 4675. Two or more automobiles

§ 4675. Two or more automobiles
When more than one automobile is insured in the same policy, a surcharge as the result of an accident or conviction, or both, may only be applied to that automobile principally operated by the insured, applicant, or other operator currently resident in the same household who generated the surcharge. (Added 1975, No. 75.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4681. Purposes

§ 4681. Purposes
The purposes of this chapter are:
(1) to prohibit price fixing agreements and other anticompetitive behavior by or among insurers;
(2) to protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates;
(3) to promote price competition among insurers so as to provide rates that are responsive to competitive market conditions;
(4) to provide regulatory controls in the absence of competition;
(5) to promote availability, fairness, and reliability of insurance;
(6) to authorize cooperative action among insurers in ratemaking and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly; and
(7) to cause the availability of price and other information to enable the public to purchase insurance suitable for their needs and to foster competitive insurance markets. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4682. Scope

§ 4682. Scope
This chapter applies to all kinds of insurance written on risks in this State by any insurer authorized to do business in this State, except:
(1) life insurance;
(2) annuities;
(3) accident and health insurance;
(4) ocean marine insurance;
(5) reinsurance; and
(6) aircraft liability and aircraft hull insurance. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4684. Competitive market

§ 4684. Competitive market
(a) A competitive market in a type of insurance subject to this chapter is presumed to exist unless:
(1) the Commissioner, after notice and hearing, determines and orders that a reasonable degree of competition does not exist in the market;
(2) the average annual increase in premiums or rates in the market is 25 percent or more as determined and noticed by the Commissioner; or
(3) an insurer uses a claims made liability insurance policy form or endorsement.
(b) The Commissioner shall conduct hearings to determine whether a reasonable degree of competition exists whenever, in any market over any 12-month period, the average rates or premiums increase at least 15 percent, but less than 25 percent, over the average rate or premiums for the immediately preceding 12-month period for that market. The Commissioner shall not be obligated to hold hearings under this subsection if, based on the information available to him or her under subsection 4688(a) of this title and other sources, the Commissioner determines that a competitive market continues to exist.
(c) Upon a determination of an increase in rates or premiums of 25 percent or more under subdivision (a)(2) of this section, the Commissioner may issue a notice that a reasonable degree of competition does not exist. Insurers may use their currently filed rates for only 120 calendar days after such notice, unless the Commissioner determines that it is in the consumer’s best interests to extend this time period.
(d) A competitive market does not exist if an insurer uses a claims made liability insurance policy form or endorsement. Insurers writing insurance on a claims made basis are subject to the prefiling requirements of subdivision 4688(c)(1) of this title.
(e) The rates or premiums in a noncompetitive market shall be subject to the prefiling requirements set forth in subdivision 4688(c)(1) of this title.
(f) An order or notice that a noncompetitive market exists under subdivisions (a)(1) and (2) of this section shall expire not later than two years after the order or notice issues unless the Commissioner earlier rescinds the order or notice, or continues the order or notice upon a further determination that a reasonable degree of competition does not exist. Such further determination shall be preceded by public notice, but may be made without a hearing unless requested by an interested party.
(g) In determining whether a reasonable degree of competition exists under subdivision (a)(1) of this section, the Commissioner shall consider relevant structural and functional factors in determining the competitiveness of the market, including: the number of insurers actively engaged in providing coverage; market shares; and ease of entry. (Added 1983, No. 238 (Adj. Sess.), § 1; 1985, No. 265 (Adj. Sess.), § 1, eff. June 4, 1986; 1987, No. 185 (Adj. Sess.), § 1, eff. May 5, 1988; 1989, No. 128 (Adj. Sess.), § 2; amended 2021, No. 105 (Adj. Sess.), § 219, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4685. Rate standards

§ 4685. Rate standards
(a) General. Rates shall not be excessive, inadequate, or unfairly discriminatory.
(b) Excessiveness.
(1) Competitive market. A rate in a competitive market is not excessive.
(2) Noncompetitive market. Rates in a noncompetitive market are excessive if they are producing or are likely to produce unreasonably high profits for the insurance provided or if expenses are unreasonably high in relation to services rendered.
(c) Inadequacy. Rates are not inadequate unless insufficient to sustain projected losses and expenses in the class or classes of business to which they apply or the use of such rates has or, if continued, will have the effect of substantially lessening competition or the tendency to create a monopoly in any market.
(d) Unfair discrimination. Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for a class of policyholders with like loss exposures but different expenses, or like expenses but different loss exposures, provided that the rate equitably reflects the differences with reasonable accuracy. A rate is not unfairly discriminatory if it is averaged broadly among persons insured under a group, franchise, or blanket policy or a mass marketed plan. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 2017, No. 134 (Adj. Sess.), § 6.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4686. Rating methods or criteria

§ 4686. Rating methods or criteria
In determining whether rates comply with the excessiveness standard in a noncompetitive market under subdivision 4685(b)(2) of this title, the inadequacy standard under subsection 4685(c) of this title and the unfair discrimination standard under subsection 4685(d) of this title, the following criteria shall apply:
(1) Basic factors in rates. Due consideration shall be given to past and prospective loss and expense experience within, and as reasonable and necessary outside this State; to catastrophe hazards; to residual market loss redistributions and other similar obligations, if any; to a reasonable provision for underwriting profit; to contingencies, if any; to trends within and outside this State; to loadings for leveling premium rates over time or for dividends or savings to be allowed or returned by insurers to their policyholders, members, or subscribers; and to all other relevant factors.
(2) Classification. Risks may be classified in any lawful and reasonable way for the collection of statistics and establishment of rates. Rates may be modified for individual risks in accordance with rating plans or schedules which provide for recognition of probable variations in hazards, expenses, or both.
(3) Expenses. The expense provisions included in the rates to be used by an insurer shall reflect the operating methods of the insurer, and, so far as is determinable and reasonable, its own actual and anticipated expense experience for the kind of insurance involved, or any subdivision thereof.
(4) Profits. The rates shall contain an allowance providing for a reasonable profit. In determining the reasonableness of profit, consideration shall be given to all relevant investment income and a provision for contingencies may be included. (Added 1983, No. 238 (Adj. Sess.), § 1; 1987, No. 185 (Adj. Sess.), § 2, eff. May 5, 1988.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4688a. Filing fees

§ 4688a. Filing fees
Each filing submitted to the Commissioner pursuant to section 4687 or 4688 of this title shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00. A minimum fee of $150.00 shall accompany each such filing if submitted by an advisory or service organization. (Added 1985, No. 236 (Adj. Sess.), § 12; amended 1991, No. 166 (Adj. Sess.), § 12.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4691. Filing of records and reports; exchange of information

§ 4691. Filing of records and reports; exchange of information
(a) Except as provided in section 4687 of this title, the Commissioner shall review and approve, as appropriate, reasonable rules and plans for recording and reporting of loss and expense experience in appropriate form and detail and shall by rule require insurers to file loss and expense data and investment income statistics in such form and detail as the Commissioner deems appropriate. Notwithstanding any other provision of this chapter to the contrary, the Commissioner may designate one or more advisory or service organizations or contractors to assist in the gathering of such experience and making and distributing compilations thereof.
(b) The Commissioner and every insurer, advisory or service organization may exchange information and experience data with insurance regulatory officials, insurers, advisory or service organizations in this and other states and may consult with them with respect to ratemaking and the application of rating systems. (Added 1983, No. 238 (Adj. Sess.), § 1; 1987, No. 185 (Adj. Sess.), § 4, eff. May 5, 1988; amended 2021, No. 105 (Adj. Sess.), § 222, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4692. Joint underwriting; pool and residual market activities

§ 4692. Joint underwriting; pool and residual market activities
(a) Authorization. Notwithstanding section 4693 of this title, insurers participating in joint underwriting, pools, or residual market mechanisms for the purpose of affording insurance under a method of distributing or sharing risks, or both, may, in connection with such activity, act in cooperation with each other in the making of rates; rating systems; policy forms; underwriting rules; surveys; inspections and investigations; the furnishing of loss and expense statistics or other information; or carrying on research. Joint underwriting, pools, and residual market mechanisms shall not be deemed advisory or service organizations.
(b) Regulation.
(1) Except to the extent modified by this section, insurers participating in joint underwriting, pools, and residual market mechanisms are subject to the other provisions of this chapter.
(2) If, after a hearing, the Commissioner finds that any activity or practice of an insurer participating in joint underwriting or a pool is unfair or unreasonable, he or she shall issue a written order specifying in what respects such activity or practice is unfair or unreasonable and require the discontinuance of such activity or practice in addition to any penalties that may be levied.
(3) Every pool shall file for approval of the Commissioner a copy of its constitution, articles of association or incorporation, its bylaws, rules, and regulations governing its activities; a list of its members; the name and address of one or more residents of this State, or the designation of the Secretary of State as a person, upon whom notices or orders of the Commissioner or process may be served; and any changes or amendments in the foregoing.
(4) Any residual market mechanism, plan, or agreement to implement such a mechanism, and any amendments thereto, shall be submitted in writing to the Commissioner for consideration and approval, together with such information as the Commissioner may reasonably require. The Commissioner shall approve only such agreements as are found to contemplate the use of rates that meet the standards prescribed by this chapter and activities and practices that are not unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter. At any time after such agreements are in effect, the Commissioner may review the activities and practices of the parties to such agreements and if, after a hearing, the Commissioner finds that any such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter, the Commissioner shall issue a written order specifying in what respects such activity or practice is unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter and require the discontinuance of such activity or practice or revoke approval of any such agreement. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4693. Agreements to adhere

§ 4693. Agreements to adhere
(a) Except as necessary to comply with the requirements of section 4687 of this title, no insurer may agree with any other insurer or with an advisory or service organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses such rate or material is not sufficient in itself to support a finding that an agreement to adhere or use exists but may be used for the purpose of supplementing any other evidence as to the existence of such an agreement.
(b) Two or more insurers having common ownership or operating in this State under common management or control may act in concert between or among themselves in the same manner as if they constituted a single insurer. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4694. Residual market mechanism status

§ 4694. Residual market mechanism status
All insurers authorized to write insurance that is subject to this chapter may establish and participate in a plan providing for the equitable apportionment among them of insurance that may be afforded applicants who are in good faith entitled to, but who are unable to, procure such insurance through ordinary methods. A plan shall be submitted for the Commissioner’s prior approval, unless already existing on July 1, 1984. The rates, supplementary rate information, and policy forms to be used in such a plan and any future modification thereof must be submitted to the Commissioner for approval in accordance with sections 4686, 4687, and 4688 of this title. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4695. Exemptions

§ 4695. Exemptions
The Commissioner may, by rule, exempt any market from any or all of the provisions of this chapter, if and to the extent that the Commissioner finds their application unnecessary or impractical to achieve the purpose of this chapter. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4696. Mandatory market participation

§ 4696. Mandatory market participation
If the Commissioner finds that there is no voluntary market in which buyers of any line of property and casualty insurance may obtain such insurance, the Commissioner may initiate proceedings to establish a joint underwriting association for that market under chapter 137 of this title. (Added 1985, No. 265 (Adj. Sess.), § 2, eff. June 4, 1986.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4700. Examinations

§ 4700. Examinations
(a) The Commissioner or his or her designee shall examine any insurer, pool, advisory or service organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter.
(b) Every insurer, pool, advisory or service organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its experience, or the experience of its affiliated insurers including the data, statistics, or information collected or used by it in its activities. These records shall be available at all reasonable times to enable the Commissioner to determine whether the activities of any advisory or service organization, insurer, residual market mechanism, or pool comply with the provisions of this chapter. Such records shall be maintained in an office within this State or shall be made available to the Commissioner for examination or inspection at any time.
(c) The necessary and reasonable cost of an examination made pursuant to this section shall be paid by the examined party upon presentation of a detailed account of such costs.
(d) In lieu of any such examination, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state. (Added 1983, No. 238 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4701. Consumer information

§ 4701. Consumer information
The Commissioner shall utilize, develop, or cause to be developed a consumer information system that will include representative price ranges and other relevant information to be readily available to purchasers of insurance. The development and operation of this system may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors, or in any other appropriate manner. To the extent deemed necessary and appropriate by the Commissioner, insurers, advisory or service organizations, and other persons or organizations involved in conducting the business of insurance in this State to which this section applies shall assist and cooperate in the development and utilization of a consumer information system. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4702. Monitoring competition

§ 4702. Monitoring competition
In determining whether or not a competitive market exists pursuant to section 4684 of this title, the Commissioner shall monitor the degree of competition in this State. In doing so, the Commissioner shall utilize existing relevant information, analytical systems, and other sources; cause or participate in the development of new relevant information, analytical systems, and other sources; or rely on some combination thereof. Such activities may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors or in any other appropriate manner. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4703. Information and monitoring costs

§ 4703. Information and monitoring costs
To the extent deemed necessary and appropriate by the Commissioner, the costs of complying with sections 4689, 4691, 4701, and 4702 of this title shall be assessed against insurers subject to this chapter. These assessments shall be made on an equitable and practicable basis established after a hearing by regulation of the Commissioner. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1987, No. 185 (Adj. Sess.), § 5, eff. May 5, 1988.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4704. Information to be furnished insureds; aggrieved persons

§ 4704. Information to be furnished insureds; aggrieved persons
(a) Every insurer shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, if any, furnish to any insured affected by a premium or rate utilized by it, all pertinent information as to the development and application of such premium or rate.
(b) Every insurer and advisory or service organization shall provide within this State a reasonable means whereby a person aggrieved by the application of any of its filings shall be allowed to be heard, on written request, for the purpose of reviewing the manner in which the filing has been applied in connection with the insurance involved. If 25 persons are aggrieved, they may appeal in writing to the Commissioner who may call a hearing, to be held not less than 10 days after written notice to the parties, and review the filing in accordance with the provisions of this chapter and all other applicable provisions of this title. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 2021, No. 105 (Adj. Sess.), § 223, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4704a. Rerating after use of erroneous credit information

§ 4704a. Rerating after use of erroneous credit information
If it is determined through the reinvestigation process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that credit information relied upon by an insurer was incorrect, and if an insurer receives notice of that determination from either the consumer reporting agency or from the insured who has provided written documentation from the consumer reporting agency, within one year of the date after the insured is no longer a customer of the insurer, such insurer shall reunderwrite and rerate the consumer within 30 days after receiving the notice. After reunderwriting or rerating the insured, the insurer shall make any adjustments necessary consistent with its underwriting and rating guidelines. If an insurer determines that the insured has overpaid the premium, the insurer shall refund to the insured the amount of overpayment. (Added 2005, No. 211 (Adj. Sess.), § 5.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4705. Dividend plans

§ 4705. Dividend plans
Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers; provided, however, this provision shall not contravene the provisions of chapter 145 of this title. A plan for the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers shall not be deemed a rating plan or system nor be conditioned upon renewal of a policy. The Commissioner is authorized to obtain information concerning dividends in such form or detail as he or she deems appropriate. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1987, No. 185 (Adj. Sess.), § 6, eff. May 5, 1988.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4706. Penalties

§ 4706. Penalties
(a) If the Commissioner finds that any person, insurer, or advisory or service organization has violated any provision of this chapter, the Commissioner may impose an administrative penalty of not more than $2,000.00 for each violation; but if the Commissioner finds such violation to be willful, a penalty of not more than $15,000.00 for each such violation may be imposed.
(b) Unintentional technical violations arising from systems or computer generated errors or failures of the same type shall be treated as a single violation for the purposes of this section. In the event of resulting overcharges that are de minimis, the insurer shall make financial restitution, including payment of interest, as determined by the Commissioner and no penalty shall be imposed under this chapter, provided that the insurer demonstrates to the satisfaction of the Commissioner that the violation was unintentional.
(c) For purposes of this section, any insurer using a premium or rate for which the insurer has failed to submit a filing pursuant to section 4687 or 4688 of this title shall have committed a separate violation for each day such failure existed.
(d) The Commissioner may suspend or revoke the license of any advisory or service organization or insurer failing or refusing to comply with an order of the Commissioner within the time limit prescribed by such order or any extension thereof that the Commissioner may grant.
(e) The Commissioner may determine when a suspension of license shall become effective, and it shall remain in effect for the period fixed by the Commissioner, including an indefinite period, unless such suspension is modified or rescinded or until the order upon which such suspension is based is modified, rescinded, or reversed.
(f) No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the Commissioner, stating the findings made after a hearing.
(g) The penalties applicable under this section are in addition to any other penalties applicable under this title. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 1995, No. 167 (Adj. Sess.), § 18.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 128 - Property and Casualty Insurance Rate Regulation › § 4708. Severability

§ 4708. Severability
If any provision of this chapter or the application of such provision to any person or circumstance shall be held invalid by a court of competent jurisdiction, the remainder of the chapter and the application of its provisions to a person or circumstance other than that or those as to which it is held invalid, shall not be affected thereby. (Added 1983, No. 238 (Adj. Sess.), § 1.)