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
003A
:
MUTUAL INSURANCE HOLDING COMPANIES
(Cite as: 8 V.S.A. § 3443)
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§ 3443. Regulated as an insurance company
(a) A stock insurance company resulting from the reorganization of a domestic mutual insurance
company shall be regulated as a stock insurance company under this title and shall
have all the rights, privileges, immunities, and powers of the former mutual insurance
company and shall be subject to all the duties and liabilities of an insurer organized
under this title.
(b) The Commissioner shall retain jurisdiction over a mutual insurance holding company
and any stock insurance holding company to ensure that policyholder interests are
protected. A mutual insurance holding company and any stock insurance holding company
are deemed to be insurers subject to chapter 145 of this title. A mutual insurance
holding company and any stock insurance holding company shall automatically be a party
to any proceeding under chapter 145 of this title involving a stock insurance company
reorganized under this subchapter. In any proceeding under chapter 145 of this title
involving a reorganized stock insurance company, the assets of the mutual insurance
holding company and any stock insurance holding company are deemed to be assets of
the estate of the reorganized insurance company for purposes of satisfying the claims
of the reorganized insurance company’s policyholders. A mutual insurance holding company
shall not dissolve or liquidate without the approval of the Commissioner or as ordered
by the Superior Court pursuant to chapter 145 of this title. The Commissioner shall
have jurisdiction over a stock insurance holding company as if it were a mutual insurance
holding company.
(c) Acquisitions and investments by mutual insurance holding companies, including those
acquisitions pursuant to subsection 3442(b) of this title, shall be subject to the procedures and standards prescribed by chapter 101, subchapter
13 of this title. Mutual insurance holding companies and stock insurance holding companies
shall be considered a domestic insurer for purposes of such acquisition. (Added 1995, No. 167 (Adj. Sess.), § 29a; amended 1999, No. 86 (Adj. Sess.), § 5, eff. April 27, 2000.)