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
002
:
COOPERATIVE FIRE INSURANCE CORPORATIONS
(Cite as: 8 V.S.A. § 3932)
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§ 3932. Definitions
For the purposes of this subchapter:
(1) “Regular assessment” shall mean that amount charged to members, in advance or arrears,
to pay ordinary losses and expenses for one year or the term of the policy and to
make a contribution to surplus.
(2) “Assessment cooperative insurance corporation” means a corporation meeting the financial
requirements of section 3916 of this title, which charges its insureds regular assessments necessary to pay losses, meet expenses,
and contribute to surplus.
(3) “Nonassessment cooperative insurance corporation” means a corporation meeting the
financial requirements of sections 3916, 3930, and 3931 of this title, which charges its insureds premiums in advance necessary to pay losses, meet expenses,
and contribute to surplus.
(4) “Special assessment” means an additional charge to the policyholder, beyond the regular
assessment or premium charge, to satisfy unexpected losses or expenses, or contributions
to surplus. (Added 1981, No. 6, § 13.)