The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
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
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§ 3301. Purposes
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§ 3301a. Insurance defined
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§ 3302. Plan of organization; incorporators
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§ 3303. Mutual companies; directors, charter provisions as to
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§ 3304. Capital and surplus requirements
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§ 3305. Petition; hearing
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§ 3306. Duties of Secretary of State, records
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§ 3307. Consideration for stock
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§ 3308. List of stockholders; certificate to transact business; liability of president and directors
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§ 3308a. Reorganization formations
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§ 3309. Mutual insurers to commence business; when
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§ 3310. Amendment of charter
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§ 3311. Quorum
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§ 3312. Construction with other laws
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§ 3313. Proxies
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§ 3314. Annual financial statements; reports; filing fee
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§ 3315. Coordinated regulation
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§ 3316. Corporate governance; disclosure
- Subchapter 002: Foreign and Alien Companies Licensing and Regulation
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§ 3361. Requirements for license
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§ 3362. Authority to transact various kinds of insurance business
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§ 3363. Revocation of license
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§ 3364. Authorization for investment purposes only
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§ 3365. Plan of organization
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§ 3366. Assets of companies
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§ 3367. Retaliatory provisions
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§ 3368. Transacting business without certificate of authority prohibited
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§ 3368a. Unauthorized and misleading transactions
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§ 3369. Commissioner may enjoin unauthorized insurer
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§ 3370. Service of process upon unauthorized insurer by director
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§ 3371. Limits of risk
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§ 3381. Legislative purpose and policy
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§ 3382. Acts which constitute Secretary of State agent for service of process
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§ 3383. Service upon the Secretary of State notice to defendant
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§ 3384. Service upon other agents; notice to defendant
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§ 3385. Repealed. 1971, No. 185 (Adj. Sess.), § 237, eff. March 29, 1972.
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§ 3386. Effect on other modes of service
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§ 3387. Prerequisites to defense of action
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§ 3388. Postponements
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§ 3389. Motion to quash for improper service
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§ 3390. Attorney's fees
- Subchapter 003: Mergers, Consolidations, Conversions, Mutualizations, Bulk Reinsurance, Subsidiaries
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§ 3421. Mutualization of stock insurer
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§ 3422. Mutual insurers-Prohibitions
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§ 3423. Converting mutual insurer or mutual insurance holding company
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§ 3424. Procedure for merger
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§ 3425. Procedure for consolidation
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§ 3426. Effective date of merger or consolidation
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§ 3427. Voting
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§ 3428. Rights of dissenting shareholders
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§ 3429. Rights of dissenting members or policyholders
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§ 3430. Effect of merger or consolidation
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§ 3431. Merger or consolidation between domestic and foreign insurers-Requirements
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§ 3432. Transfer of deposits
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§ 3433. Certificates of fees and commissions paid
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§ 3434. Fees-Penalty for receiving
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§§ 3435, 3436. Repealed. 1993, No. 235 (Adj. Sess.), § 11.
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§ 3436. Repealed. 1999, No. 84 (Adj. Sess.), § 7, eff. April 19, 2000.
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§ 3437. Redomestication; approval as a domestic insurer
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§ 3438. Redomestication; conversion to foreign insurer
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§ 3439. Effects of redomestication
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§ 3440. Redomestication; fees
- Subchapter 003A: Mutual Insurance Holding Companies
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§ 3441. Formation of a mutual insurance holding company
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§ 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
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§ 3443. Regulated as an insurance company
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§ 3444. Demutualization of a mutual insurance holding company
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§ 3445. Membership interest not a security
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§ 3446. Filing of amended charters
- Subchapter 004: Investments and Loans
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§ 3461. Definitions
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§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers
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§ 3461b. General limitations and diversification requirements for life and health insurers
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§ 3461c. Rated credit investments
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§ 3461d. Registration or filing exemption
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§ 3462. Investments-Foreign insurers
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§ 3463. Domestic insurers
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§ 3463a. Valuation of investments
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§ 3464. Repealed. 1981, No. 15, § 3.
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§ 3465. Exemption from investment limitations
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§ 3466. Repealed. 1999, No. 84 (Adj. Sess.), § 7, eff. April 19, 2000.
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§ 3467. Qualification of investments
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§ 3468. Investments qualified under prior law
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§ 3469. Loans to directors and officers-Restrictions
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§ 3470. Mortgage loans to minors
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§ 3471. Mortgages on real and personal property as liens; priorities
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§ 3472. Earnings statements and income ratios-Special situations
- Subchapter 005: Reserves; Deposits; Pensions
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§ 3501. Life insurance and annuities
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§ 3502. Insurance-Other life insurance and annuities
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§ 3503. Deposits of domestic insurer doing foreign business
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§ 3504. Pension system
- Subchapter 006: Filing of Policy Forms
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§ 3541. Filing and approval of forms
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§ 3542. Grounds for disapproval
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§ 3543. Existing forms and filings
- Subchapter 007: Examination and Reports
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§ 3551. Repealed. 2007, No. 49, § 6.
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§ 3552. Fees assessed by the National Association of Insurance Commissioners
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§§ 3553-3560. [Reserved for future use.]
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§ 3561. Annual statement
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§ 3562. Time reports due
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§ 3563. Examination of companies; fees
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§ 3564. Examination of foreign insurers; expenses
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§ 3565. Examination of officers and books
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§ 3566. Penalty for refusal
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§ 3567. Liquor liability insurance records
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§ 3568. Preservation of records
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§ 3569. National Association of Insurance Commissioners filing requirements
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§ 3570. Immunity
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§ 3571. Confidentiality
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§ 3572. Revocation of certificate of authority
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§ 3573. Conduct of examinations
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§ 3574. Examination reports
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§ 3575. Conflict of interest
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§ 3576. Immunity from liability
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§ 3577. Requirements for actuarial opinions
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§ 3578. Repealed. 2013, No. 29, § 24, eff. May 13, 2013.
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§ 3578a. Annual financial reporting
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§ 3579. Qualified accountants
- Subchapter 007A: Own Risk and Solvency Assessment
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§ 3581. Purpose; scope; intent
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§ 3582. Definitions
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§ 3583. Risk management framework
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§ 3584. ORSA requirement
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§ 3585. Summary report
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§ 3586. Exemption
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§ 3587. Contents of ORSA summary report
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§ 3588. Confidentiality
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§ 3589. Sanctions
- Subchapter 008: Reorganization; Receivership; Injunctions
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§§ 3591-3603. Repealed. 1991, No. 45, § 3, eff. May 29, 1991.
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§ 3604. Offset
[Section 3604 repealed by 1991, No. 45, º 3; see note set out below.]
- Subchapter 009: Property and Casualty Insurance Guaranty Association
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§ 3611. Scope of subchapter; short title
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§ 3612. Definitions
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§ 3613. Creation of Association
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§ 3614. Board of Directors
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§ 3615. Powers and duties of Association
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§ 3616. Plan of operation
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§ 3617. Powers and duties of Commissioner
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§ 3618. Effect of paid claims
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§ 3619. Nonduplication of recovery
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§ 3620. Prevention of insolvencies
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§ 3621. Examination of Association
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§ 3622. Tax exemption
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§ 3623. Recognition of assessments in rates
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§ 3624. Immunity
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§ 3625. Stay of proceedings; reopening of default judgment
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§ 3626. Prohibition against advertising of membership in Association
- Subchapter 010: Reinsurance of Risks
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§§ 3631-3634. Repealed. 1985, No. 145 (Adj. Sess.), § 4.
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§ 3634. Repealed. 1991, No. 249 (Adj. Sess.), § 12.
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§ 3634a. Credit for reinsurance
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§ 3635. Insolvency of ceding company
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§ 3636. Reinsurance contract
- Subchapter 011: Payments to Nonresidents' Estates
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§ 3641. Claims, rights, title, and interests of nonresidents
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§ 3642. Liability for payments to nonresidents
- Subchapter 012: Actions and Penalties
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§ 3661. Cease and desist powers; prosecutions and penalties
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§ 3662. Nonpayment of judgment; penalty
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§ 3663. Minimum limitation on actions; void policy provisions
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§ 3664. Forms; filing proof of loss and other documents; waiver of filing
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§ 3665. Repealed. 2019, No. 103 (Adj. Sess.), § 14.
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§ 3665a. Timely payment of property and casualty insurance claims; interest
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§ 3665b. Timely payment of life insurance claims and annuity death benefits; interest
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§ 3665c. Damages
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§ 3666. Rules; methods of notice
- Subchapter 012A: Arson; Disclosure of Information
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§ 3671. Disclosure of information
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§ 3672. Immunity
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§ 3673. Penalty for noncompliance
- Subchapter 013: Holding Companies and Subsidiaries
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§ 3681. Definitions
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§ 3682. Subsidiaries of insurers
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§ 3683. Acquisition of control of or merger with domestic insurer
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§ 3683a. Acquisitions involving insurers not otherwise covered
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§ 3684. Registration of insurers
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§ 3685. Standards and management of an insurer within an insurance holding company system
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§ 3686. Examination
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§ 3687. Confidential treatment
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§ 3688. Rules and regulations
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§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities
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§ 3690. Sanctions
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§ 3691. Receivership
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§ 3692. Revocation, suspension, or nonrenewal of insurer's license
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§ 3693. Judicial review
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§ 3694. Recovery
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§ 3695. Supervisory colleges
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§ 3696. Groupwide supervisor; internationally active insurance group