The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 113 : Liability Insurance and Service Contract Companies

Subchapter 003 : ASSIGNED RISKS

• § 4243. Submission and approval of Plan

  (a) A plan conforming to the standards of section 4242 of this title shall be submitted to the Commissioner within 90 days of July 1, 1969. Each insurer and advisory or service organization described in section 4241 of this title shall file with the Commissioner within 90 days of July 1, 1969 a consent to operate in conformity with the Plan and an agreement to be bound by the operation of the Plan.

  (b) The Plan shall be deemed approved unless disapproved by the Commissioner within 30 days of its submission. Notice of disapproval shall be given to each insurer and advisory or service organization, together with the reasons for disapproval.

  (c) Changes in the Plan shall be submitted to the Commissioner at least 30 days before their effective date. Changes shall be deemed approved unless disapproved as provided in subsection (b) of this section within 30 days of their submission.

  (d) After approval, the original Plan, or changes in the original Plan, may be disapproved for failure to conform to any of the standards of section 4242 of this title. If the Commissioner disapproves the Plan, the Commissioner shall give 10 days’ written notice to each insurer, and advisory or service organization affected, of a hearing at which evidence in support of the proposed change shall be submitted. If the Commissioner determines after hearing that the evidence does not justify the proposed Plan or change, the Commissioner shall order the Plan or change ineffective after a certain date, which shall be not less than 60 nor more than 120 days after the date of the order. The order shall not affect policies issued prior to the date on which the Plan or change becomes ineffective. (Added 1969, No. 63, § 4; amended 2021, No. 105 (Adj. Sess.), § 174, eff. July 1, 2022.)