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
003B
:
STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE
(Cite as: 8 V.S.A. § 3769)
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§ 3769. Nonforfeiture benefits for indeterminate premium plans
In the case of any plan of life insurance that provides for future premium determination,
the amounts of that are to be determined by the insurance company based on estimates
of future experience, or in the case of any plan of life insurance that is of such
a nature that minimum values cannot be determined by the methods described in sections
3762-3768 of this subchapter:
(1) The Commissioner must be satisfied that the benefits provided under the plan are substantially
as favorable to policyholders and insureds as the minimum benefits otherwise required
by sections 3762-3768 of this subchapter.
(2) The Commissioner must be satisfied that the benefits and the pattern of premiums of
that plan are not such as to mislead prospective policyholders or insureds.
(3) The cash surrender values and paid-up nonforfeiture benefits provided by such plan
must not be less than the minimum values and benefits required for the plan computed
by a method consistent with the principles of this Standard Nonforfeiture Law for
Life Insurance, as determined by subchapter 4A of this chapter and any rules adopted
thereunder. (Added 2015, No. 63, § 2, eff. June 17, 2015.)