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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 101 : INSURANCE COMPANIES GENERALLY

Subchapter 007A : Own Risk and Solvency Assessment

(Cite as: 8 V.S.A. § 3589)
  • § 3589. Sanctions

    Any insurer failing without just cause to timely file the summary report as required by this subchapter shall be required, after notice and hearing, to pay a penalty of $10,000.00 for each day's delay, to be recovered by the Commissioner, and the penalty so recovered shall be paid into the General Fund of this State. The maximum penalty under this section is $1,000,000.00. The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)