The Vermont Statutes Online

Title 8: Banking and Insurance

Chapter 135: Insurance Policies

• § 4901. Definitions

  As used in this chapter:

  (1) “Insurance policy” means a policy or contract covering any kind of insurance described in this title, including a contract or certificate issued by a fraternal benefit society under chapter 121 of this title or a subscriber contract issued by a medical or hospital service corporation under chapter 123 or 125 of this title.

  (2) “Insurer” means any insurance company regulated by this title, including a fraternal benefit society or a medical or hospital service corporation. (Added 1975, No. 36.)

• § 4902. Disclosure and public information

  (a) The Commissioner shall make such rules as he or she considers necessary or desirable for the full, fair, and uniform disclosure and conveyance of useful information to consumers of insurance.

  (b) The rules may include requirements that for each or any insurance policy sold or offered for sale in this State an insurer shall prepare and provide or cause to be provided to the policyholder, buyer, or prospective buyer a disclosure statement containing:

  (1) a clear and concise outline summarizing and clarifying important features of the policy;

  (2) information on cost and on return to or on behalf of policyholders;

  (3) such other information that the Commissioner considers appropriate to further the purposes of or reduce violations of chapter 129 of this title; and

  (4) a statement that the outline is a summary of the policy or contract issued or applied for and that the policy or contract should be consulted to determine governing contractual provisions.

  (c) The Commissioner shall by rule establish standards for the format, content, and distribution of disclosure statements and any other informational materials he or she considers necessary or desirable to promote the purposes of this section. (Added 1975, No. 36.)

• § 4903. Administrative procedure; withdrawal of approval; judicial review

  Rules issued under this chapter shall be adopted under 3 V.S.A. chapter 25 and shall be subject to review as provided in that chapter. When a rule is adopted under this chapter and an insurance policy is not in compliance with the rule, the Commissioner may withdraw his or her approval of the policy form in the manner provided in sections 3541-3543 of this title. An insurer may appeal a decision of the Commissioner to withdraw a policy form under 3 V.S.A. § 815 and review shall be confined to the record below. (Added 1975, No. 36.)