The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 8 : Banking and Insurance
Chapter 103 : Life Insurance Policies and Annuity Contracts
Subchapter 005 : GROUP LIFE INSURANCE
(Cite as: 8 V.S.A. § 3802)-
§ 3802. Group contracts must meet group requirements
(a) No life insurance policy shall be delivered or issued for delivery in this State insuring the lives of more than one individual unless to one of the groups as provided for in sections 3803-3810a of this title, and unless in compliance with the other applicable provisions of this subchapter.
(b) Subsection (a) of this section shall not apply to life insurance policies:
(1) insuring only individuals related by blood, civil marriage, or legal adoption; or
(2) insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(3) insuring only individuals otherwise having an insurable interest in each other’s lives. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 2); amended 1993, No. 55, § 11, eff. June 3, 1993; 2009, No. 3, § 12a, eff. Sept. 1, 2009.)
