The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 072 : General Provisions

• § 2108. Notification of material change

  (a) A licensee shall notify the Commissioner in writing within 30 days of any material change in the information provided in a licensee’s application.

  (b) A licensee shall notify the Commissioner in writing within 30 days of any change in the list of executive officers, managers, directors, or responsible individuals.

  (c) A licensee shall file a report with the Commissioner within 15 business days after the licensee has reason to know of the occurrence of any of the following events involving the licensee, or any executive officer, manager, director, person in control, responsible individual, or equivalent of the licensee:

  (1) the filing of a petition by or against the licensee or such person under the U.S. Bankruptcy Code for bankruptcy or reorganization;

  (2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;

  (3) the commencement of a disciplinary proceeding or a license denial against the licensee or such person in a state or country in which the licensee engages in business or is licensed, including any action by the Attorney General of any state;

  (4) the cancellation or other impairment of the licensee’s bond or other security;

  (5) a charge or conviction against the licensee or such person for a felony;

  (6) a charge against or conviction of an authorized delegate for a felony;

  (7) receiving notification of the initiation of a class action lawsuit against the licensee; or

  (8) any change in the organizational structure of the licensee or any parent company of the licensee. (Added 2019, No. 20, § 2.)