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.
(Cite as: 8 V.S.A. § 4146)
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§ 4146. Limit of liability
A foreign fidelity and surety company shall not incur in behalf or on account of any
one person, partnership, association, or corporation a liability for an amount larger
than one-tenth of its total admitted assets, after deducting from such liability amounts
reinsured in other companies authorized to do business in this State, unless it shall
be secured from loss thereon beyond that amount by suitable and sufficient collateral
agreements of indemnity, by deposits with it in pledge, or conveyance to it in trust
for its protection, of property equal in value to the excess of its liability over
such limit, or, in case such liability is incurred in behalf or on account of a fiduciary
holding property in a trust capacity, by such deposit or other disposition of a suitable
and sufficient portion of the estate so held, that no further sale, mortgage, pledge,
or other disposition can be made thereof without such company’s approval except by
the decree of a court having proper jurisdiction.