The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 101 : Insurance Companies Generally

Subchapter 006 : FILING OF POLICY FORMS

• § 3541. Filing and approval of forms

  (a) No basic insurance policy, certificate, or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be delivered, or issued for delivery in this State, unless the form has been filed with and approved by the Commissioner. This provision shall not apply to surety bonds, or to specially rated inland marine risks, nor to policies, riders, endorsements, or forms of unique character designed for and used with relation to insurance upon a particular subject, or which relate to the manner of distribution of benefits or to the reservation of rights and benefits under life or disability insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder. All certificates delivered or issued for delivery in this state shall be filed with the Commissioner for approval if the group policy does not qualify under subdivision 3368(a)(4) of this title at the time of delivery or issuance. As to forms for use in property, marine (other than wet marine and transportation insurance), casualty, and surety insurance coverages, the filing required by this subsection may be made by rating organizations on behalf of its members and subscribers; but this provision shall not be deemed to prohibit any such member or subscriber from filing any such forms on its own behalf.

  (b) Every such filing shall be made not less than 30 days in advance of any such delivery. At the expiration of such 30 days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the Commissioner. Approval of any such form by the Commissioner shall constitute a waiver of any unexpired portion of such waiting period. The Commissioner may extend by not more than an additional 30 days the period within which he or she may so affirmatively approve or disapprove any such form, by giving notice to the insurer of such extension before expiration of the initial 30-day period. At the expiration of any such period as so extended, and in the absence of such prior affirmative approval or disapproval, any such form shall be deemed approved. The Commissioner may at any time, after notice and for cause shown, withdraw any such approval. In any notice of disapproval, or withdrawal of a previously approved form, the Commissioner shall state that a hearing will be granted within 20 days upon request of the insurer.

  (c) Any order of the Commissioner disapproving any such form or withdrawing a previous approval shall state the grounds therefor and the particulars thereof in such detail as reasonably to inform the insurer thereof. Any such withdrawal of a previously approved form shall be effective at expiration of such period, not less than 30 days after the giving of notice of withdrawal, as the Commissioner shall in such notice prescribe. Any demand for a hearing relative to the Commissioner’s withdrawal of approval of a form which has been received by the Commissioner prior to the effective date of such withdrawal shall stay such action pending the hearing thereon.

  (d) The Commissioner may, by order, exempt from the requirements of this section for so long as he or she deems proper any insurance document or form or type thereof as specified in such order, to which, in his or her opinion, this section may not practicably be applied, or the filing and approval of which are, in his or her opinion, not desirable or necessary for the protection of the public.

  (e) Appeals from orders of the Commissioner disapproving any such form or withdrawing a previous approval may be taken as provided in section 77 of this title.

  (f) Each filing of a policy, contract, endorsement, rider, certificate, or application form shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00, per filing submission. A minimum fee of $150.00 shall accompany each such filing if submitted by a rating, advisory or service organization. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 8, § 1); amended 1985, No. 236 (Adj. Sess.), § 5; 1989, No. 106, § 2; 1991, No. 166 (Adj. Sess.), § 1; 1997, No. 161 (Adj. Sess.), § 5, eff. Jan. 1, 1998.)