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. § 4483)
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§ 4483. Reinsurance
A domestic society may, by a reinsurance agreement, cede any individual risk or risks
in whole or in part to an insurer (other than another fraternal benefit society) having
the power to make such reinsurance and authorized to do business in this State or,
if not so authorized, one which is approved by the Commissioner of Financial Regulation,
but no such society may reinsure substantially all of its insurance in force without
the written permission of the Commissioner of Financial Regulation. It may take credit
for the reserves on such ceded risks to the extent reinsured, but no credit shall
be allowed as an admitted asset or as a deduction from liability, to a ceding society
for reinsurance made, ceded, renewed, or otherwise becoming effective after November
22, 1959, unless the reinsurance is payable by the assuming insurer on the basis of
the liability of the ceding society under the contract or contracts reinsured without
diminution because of the insolvency of the ceding society. (Added 1959, No. 197, § 23, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)