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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 101 : INSURANCE COMPANIES GENERALLY

Subchapter 009 : Property and Casualty Insurance Guaranty Association

(Cite as: 8 V.S.A. § 3617)
  • § 3617. Powers and duties of Commissioner

    (a) The Commissioner shall:

    (1) notify the Association of the existence of an insolvent insurer not later than three days after he or she receives notice of the determination of the insolvency and furnish to the Association a copy of any complaint or order which was served on his or her office;

    (2) upon request of the Board of Directors, provide the Association with a statement of the net written premiums of each member insurer.

    (b) The Commissioner may:

    (1) Require that the Association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this subchapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.

    (2) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $500.00 per month.

    (3) Revoke the designation of any servicing facility if he or she finds claims are being handled unsatisfactorily.

    (c) Any final action or order of the Commissioner under this subchapter shall be subject to judicial review by the Superior Court for the county in which the aggrieved party resides, or if a corporation, in which the principal office of the corporation is located, or if a nonresident, by the Superior Court for the County of Washington. (Added 1969, No. 279 (Adj. Sess.), § 9; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1979, No. 18, §§ 13, 14; 1995, No. 167 (Adj. Sess.), § 3.)