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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 101 : INSURANCE COMPANIES GENERALLY

Subchapter 012 : Actions and Penalties

(Cite as: 8 V.S.A. § 3662)
  • § 3662. Nonpayment of judgment; penalty

    In addition to accrual of interest and costs under section 3665 of this title, if a judgment against an insurance company is not paid within 30 days after demand made upon an agent of such company, and notice thereof given to the Commissioner by the officer holding the execution, the Commissioner may suspend the right of the company to do business in this State until it is paid. If such company, or an agent thereof, after notice of such suspension, shall issue a policy in this State, such company and agent shall each be subject to an administrative penalty of not more than $10,000.00 for each policy. A policy so granted shall be valid against the company. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 13, § 2); amended 1987, No. 106, § 1; 1995, No. 167 (Adj. Sess.), § 6.)