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. § 4850)
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§ 4850. Assessments
(a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal
insurer liable therefor under the terms of their policies by the attorney upon approval
in advance by the subscribers’ advisory committee and the Commissioner; or by the
Commissioner in liquidation of the insurer.
(b) Each subscriber’s share of a deficiency for which an assessment is made, but not exceeding
in any event his or her aggregate contingent liability as computed in accordance with
section 4852 of this title, shall be computed by applying to the premium earned on the subscriber’s policy or
policies during the period to be covered by the assessment, the ratio of the total
deficiency to the total premiums earned during such period upon all policies subject
to the assessment.
(c) In computing the earned premiums for the purposes of this section, the gross premium
received by the insurer for the policy shall be used as a base, deducting therefrom
solely charges not recurring upon the renewal or extension of the policy.
(d) No subscriber shall have an offset against any assessment for which he or she is liable,
on account of any claim for unearned premium or losses payable. (Added 1971, No. 31, § 1, eff. March 31, 1971.)