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Searching 2025-2026 Session
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The Vermont Statutes Online

The Statutes below include the actions of the 2025 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8: Banking and Insurance

Chapter 101: Insurance Companies Generally

  • Subchapter 001: FORMATION
  •    § 3301. Purposes

  •    § 3301a. Insurance defined

  •    § 3302. Plan of organization; incorporators

  •    § 3303. Mutual companies; directors, charter provisions as to

  •    § 3304. Capital and surplus requirements

  •    § 3305. Petition; hearing

  •    § 3306. Duties of Secretary of State, records

  •    § 3307. Consideration for stock

  •    § 3308. List of stockholders; certificate to transact business; liability of president and directors

  •    § 3308a. Reorganization formations

  •    § 3309. Mutual insurers to commence business; when

  •    § 3310. Amendment of charter

  •    § 3311. Quorum

  •    § 3312. Construction with other laws

  •    § 3313. Proxies

  •    § 3314. Annual financial statements; reports; filing fee

  •    § 3315. Coordinated regulation

  •    § 3316. Corporate governance; disclosure


  • Subchapter 002: FOREIGN AND ALIEN COMPANIES LICENSING AND REGULATION
  •    § 3361. Requirements for license

  •    § 3362. Authority to transact various kinds of insurance business

  •    § 3363. Revocation of license

  •    § 3364. Authorization for investment purposes only

  •    § 3365. Plan of organization

  •    § 3366. Assets of companies

  •    § 3367. Retaliatory provisions

  •    § 3368. Transacting business without certificate of authority prohibited

  •    § 3368a. Unauthorized and misleading transactions

  •    § 3369. Commissioner may enjoin unauthorized insurer

  •    § 3370. Service of process upon unauthorized insurer by director

  •    § 3371. Limits of risk

  •    § 3381. Legislative purpose and policy

  •    § 3382. Acts that constitute Secretary of State agent for service of process

  •    § 3383. Service upon the Secretary of State notice to defendant

  •    § 3384. Service upon other agents; notice to defendant

  •    § 3385. Repealed. 1971, No. 185 (Adj. Sess.), § 237, eff. March 29, 1972.

  •    § 3386. Effect on other modes of service

  •    § 3387. Prerequisites to defense of action

  •    § 3388. Postponements

  •    § 3389. Motion to quash for improper service

  •    § 3390. Attorney's fees


  • Subchapter 003: MERGERS, CONSOLIDATIONS, CONVERSIONS, MUTUALIZATIONS, BULK REINSURANCE, SUBSIDIARIES
  •    § 3421. Mutualization of stock insurer

  •    § 3422. Mutual insurers-Prohibitions

  •    § 3423. Converting mutual insurer or mutual insurance holding company

  •    § 3424. Procedure for merger

  •    § 3425. Procedure for consolidation

  •    § 3426. Effective date of merger or consolidation

  •    § 3427. Voting

  •    § 3428. Rights of dissenting shareholders

  •    § 3429. Rights of dissenting members or policyholders

  •    § 3430. Effect of merger or consolidation

  •    § 3431. Merger or consolidation between domestic and foreign insurers-Requirements

  •    § 3432. Transfer of deposits

  •    § 3433. Certificates of fees and commissions paid

  •    § 3434. Fees-Penalty for receiving

  •    §§ 3435, 3436. Repealed. 1993, No. 235 (Adj. Sess.), § 11.

  •    § 3436. Repealed. 1999, No. 84 (Adj. Sess.), § 7, eff. April 19, 2000.

  •    § 3437. Redomestication; approval as a domestic insurer

  •    § 3438. Redomestication; conversion to foreign insurer

  •    § 3439. Effects of redomestication

  •    § 3440. Redomestication; fees


  • Subchapter 003A: MUTUAL INSURANCE HOLDING COMPANIES
  •    § 3441. Formation of a mutual insurance holding company

  •    § 3442. Merger of mutual insurance company into an existing mutual insurance holding company; merger and acquisition by mutual insurance holding company or subsidiary of mutual insurance holding company

  •    § 3443. Regulated as an insurance company

  •    § 3444. Demutualization of a mutual insurance holding company

  •    § 3445. Membership interest not a security

  •    § 3446. Filing of amended charters


  • Subchapter 004: INVESTMENTS AND LOANS
  •    § 3461. Definitions

  •    § 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers

  •    § 3461b. General limitations and diversification requirements for life and health insurers

  •    § 3461c. Rated credit investments

  •    § 3461d. Registration or filing exemption

  •    § 3462. Investments-Foreign insurers

  •    § 3463. Domestic insurers

  •    § 3463a. Valuation of investments

  •    § 3464. Repealed. 1981, No. 15, § 3.

  •    § 3465. Exemption from investment limitations

  •    § 3466. Repealed. 1999, No. 84 (Adj. Sess.), § 7, eff. April 19, 2000.

  •    § 3467. Qualification of investments

  •    § 3468. Investments qualified under prior law

  •    § 3469. Loans to directors and officers-Restrictions

  •    § 3470. Mortgage loans to minors

  •    § 3471. Mortgages on real and personal property as liens; priorities

  •    § 3472. Earnings statements and income ratios-Special situations


  • Subchapter 005: RESERVES; DEPOSITS; PENSIONS
  •    § 3501. Life insurance and annuities

  •    § 3502. Insurance-Other life insurance and annuities

  •    § 3503. Deposits of domestic insurer doing foreign business

  •    § 3504. Pension system


  • Subchapter 006: FILING OF POLICY FORMS
  •    § 3541. Filing and approval of forms

  •    § 3542. Grounds for disapproval

  •    § 3543. Existing forms and filings


  • Subchapter 007: EXAMINATION AND REPORTS
  •    § 3551. Repealed. 2007, No. 49, § 6.

  •    § 3552. Fees assessed by the National Association of Insurance Commissioners

  •    §§ 3553-3560. [Reserved for future use.]

  •    § 3561. Annual statement

  •    § 3562. Time reports due

  •    § 3563. Examination of companies; fees

  •    § 3564. Examination of foreign insurers; expenses

  •    § 3565. Examination of officers and books

  •    § 3566. Penalty for refusal

  •    § 3567. Liquor liability insurance records

  •    § 3568. Preservation of records

  •    § 3569. National Association of Insurance Commissioners filing requirements

  •    § 3570. Immunity

  •    § 3571. Confidentiality

  •    § 3572. Revocation of certificate of authority

  •    § 3573. Conduct of examinations

  •    § 3574. Examination reports

  •    § 3575. Conflict of interest

  •    § 3576. Immunity from liability

  •    § 3577. Requirements for actuarial opinions

  •    § 3578. Repealed. 2013, No. 29, § 24, eff. May 13, 2013.

  •    § 3578a. Annual financial reporting

  •    § 3579. Qualified accountants


  • Subchapter 007A: OWN RISK AND SOLVENCY ASSESSMENT
  •    § 3581. Purpose; scope; intent

  •    § 3582. Definitions

  •    § 3583. Risk management framework

  •    § 3584. ORSA requirement

  •    § 3585. Summary report

  •    § 3586. Exemption

  •    § 3587. Contents of ORSA summary report

  •    § 3588. Confidentiality

  •    § 3589. Sanctions


  • Subchapter 008: REORGANIZATION; RECEIVERSHIP; INJUNCTIONS
  •    §§ 3591-3603. Repealed. 1991, No. 45, § 3, eff. May 29, 1991.

  •    § 3604. Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.]


  • Subchapter 009: PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION
  •    § 3611. Scope of subchapter; short title

  •    § 3612. Definitions

  •    § 3613. Creation of Association

  •    § 3614. Board of Directors

  •    § 3615. Powers and duties of Association

  •    § 3616. Plan of operation

  •    § 3617. Powers and duties of Commissioner

  •    § 3618. Effect of paid claims

  •    § 3619. Nonduplication of recovery

  •    § 3620. Prevention of insolvencies

  •    § 3621. Examination of Association

  •    § 3622. Tax exemption

  •    § 3623. Recognition of assessments in rates

  •    § 3624. Immunity

  •    § 3625. Stay of proceedings; reopening of default judgment

  •    § 3626. Prohibition against advertising of membership in Association


  • Subchapter 010: REINSURANCE OF RISKS
  •    §§ 3631-3634. Repealed. 1985, No. 145 (Adj. Sess.), § 4.

  •    § 3634. Repealed. 1991, No. 249 (Adj. Sess.), § 12.

  •    § 3634a. Credit for reinsurance

  •    § 3635. Insolvency of ceding company

  •    § 3636. Reinsurance contract


  • Subchapter 011: PAYMENTS TO NONRESIDENTS' ESTATES
  •    § 3641. Claims, rights, title, and interests of nonresidents

  •    § 3642. Liability for payments to nonresidents


  • Subchapter 012: ACTIONS AND PENALTIES
  •    § 3661. Cease and desist powers; prosecutions and penalties

  •    § 3662. Nonpayment of judgment; penalty

  •    § 3663. Minimum limitation on actions; void policy provisions

  •    § 3664. Forms; filing proof of loss and other documents; waiver of filing

  •    § 3665. Repealed. 2019, No. 103 (Adj. Sess.), § 14.

  •    § 3665a. Timely payment of property and casualty insurance claims; interest

  •    § 3665b. Timely payment of life insurance claims and annuity death benefits; interest

  •    § 3665c. Damages

  •    § 3666. Rules; methods of notice


  • Subchapter 012A: ARSON; DISCLOSURE OF INFORMATION
  •    § 3671. Disclosure of information

  •    § 3672. Immunity

  •    § 3673. Penalty for noncompliance


  • Subchapter 013: HOLDING COMPANIES AND SUBSIDIARIES
  •    § 3681. Definitions

  •    § 3682. Subsidiaries of insurers

  •    § 3683. Acquisition of control of or merger with domestic insurer

  •    § 3683a. Acquisitions involving insurers not otherwise covered

  •    § 3684. Registration of insurers

  •    § 3685. Standards and management of an insurer within an insurance holding company system

  •    § 3686. Examination

  •    § 3687. Confidential treatment

  •    § 3688. Rules and regulations

  •    § 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities

  •    § 3690. Sanctions

  •    § 3691. Receivership

  •    § 3692. Revocation, suspension, or nonrenewal of insurer's license

  •    § 3693. Judicial review

  •    § 3694. Recovery

  •    § 3695. Supervisory colleges

  •    § 3696. Groupwide supervisor; internationally active insurance group


Full Text of Chapter

Statutes
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  • Legislative Committee on Administrative Rules (LCAR)

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