The Vermont Statutes Online

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 which 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 Repealed. 1971, No. 185 (Adj.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, º 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

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