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
004
:
INVESTMENTS AND LOANS
(Cite as: 8 V.S.A. § 3469)
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§ 3469. Loans to directors and officers—Restrictions
No domestic insurer shall invest in or loan upon any property, directly or indirectly,
whether real or personal, in which any officer or director of such insurer has a financial
interest, nor shall any such insurer make a loan of any kind to any officer or director
of such insurer unless such officer or director neither participates in, nor votes
at any management decision or meeting regarding such loan. This section shall not
apply to policy loans or first mortgage loans on dwellings of not more than two families
to be occupied by such officer as a residence, nor in circumstances where the financial
interest of such officer or director is only nominal, trifling, or so remote as not
to give rise to a conflict of interest. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 5).)