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Searching 2021-2022 Session

The Vermont Statutes Online


Title 8 : Banking and Insurance


Subchapter 003 : Mergers, Consolidations, Conversions, Mutualizations, Bulk Reinsurance, Subsidiaries

(Cite as: 8 V.S.A. § 3434)
  • § 3434. Fees- Penalty for receiving

    (a) No director, officer, or member of any such insurer or insurers except as fully expressed in the affidavits, described in section 3433 of this title, shall receive any fee, commission, other compensation, or valuable consideration whatever, direct or indirect, for in any manner aiding, promoting, or assisting in such merger, consolidation, or reinsurance.

    (b) Any person violating the provisions of this section shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine of not less than $5,000.00 and not more than $15,000.00. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 13); amended 1995, No. 167 (Adj. Sess.), § 2.)