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.
Subchapter
003
:
MERGERS, CONSOLIDATIONS, CONVERSIONS, MUTUALIZATIONS, BULK REINSURANCE, SUBSIDIARIES
(Cite as: 8 V.S.A. § 3429)
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§ 3429. Rights of dissenting members or policyholders
If not less than five percent of the members or policyholders in a mutual insurer,
who did not vote in favor of such merger or consolidation at the meeting at which
the agreement of merger or consolidation was adopted by the members or policyholders
of such insurer, shall at any time within 30 days after the filing of the affidavit
of notice of the adoption of the agreement of merger or consolidation as provided
for in sections 3424 and 3425 of this title, file a petition with the Commissioner for a hearing upon the adoption of such agreement
of merger or consolidation, the Commissioner shall order a hearing upon said petition
and give notice fixing the time and place of such hearing, to the insurers that are
parties to the merger or consolidation 15 days before the date of such hearing. The
insurer whose policyholders file such petition shall give notice by mail to each member
or policyholder of such insurer, at least 10 days before such hearing. At the time
and place fixed in such notice, or at the time or times and place or places to which
such hearing shall be adjourned, the Commissioner shall proceed with the hearing and
make or order such examination into the affairs and condition of each of such insurers
as he or she may deem proper. The Commissioner shall have the power to summon and
compel the attendance and testimony of witnesses and the production of books and papers
before him or her at such hearing. Any member or policyholder, as the case may be,
of the insurer so petitioning may appear before the Commissioner and be heard with
reference to said contract. If, upon such hearing being had, the Commissioner is not
satisfied that the interests of the members or policyholders, as the case may be,
of such insurer are properly protected, or if he or she finds that any reasonable
objection exists to such contract, he or she shall revoke the approval already given,
and the said agreement of merger or consolidation shall thereupon become null and
void. The Commissioner shall have like power to revoke any approval of any such agreement
of merger or consolidation if any officer, director, or employee of any insurer party
to such agreement of merger or consolidation shall, after reasonable notice, fail
or refuse to attend and testify at such hearing, or to produce any books or papers
called for by said Commissioner. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 8).)