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
007A
:
OWN RISK AND SOLVENCY ASSESSMENT
(Cite as: 8 V.S.A. § 3589)
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§ 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.)