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. § 4855)
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§ 4855. Merger or conversion
(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of
its subscribers who vote on such merger pursuant to due notice and the approval of
the Commissioner of the terms therefor, may merge with another reciprocal insurer
or be converted to a stock or mutual insurer.
(b) Such a stock or mutual insurer shall be subject to the same capital or surplus requirements
and shall have the same rights as a like domestic insurer transacting like kinds of
insurance.
(c) The Commissioner shall not approve any plan for merger or conversion that is inequitable
to subscribers, or that, if for conversion to a stock insurer, does not give each
subscriber preferential right to acquire stock of the proposed insurer proportionate
to his or her interest in the reciprocal insurer as determined in accordance with
section 4854 of this chapter and a reasonable length of time within which to exercise
such right. (Added 1971, No. 31, § 1, eff. March 31, 1971.)