Title 08, Title 08: Banking and Insurance

§ 3438. Redomestication; conversion to foreign insurer Any domestic insurer may, upon the approval of and compliance with such conditions as may be imposed by the Commissioner, transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction, and upo…

§ 3439. Effects of redomestication Upon redomestication in accordance with section 3437 of this title, the foreign or alien insurer shall become a domestic insurer organized under the laws of this State and have all the rights, privileges, immunities, and powers, and be subject t…

§ 3440. Redomestication; fees An insurer becoming a domestic insurer through the redomestication procedure specified in section 3437 of this title shall pay to the Commissioner such fees as would be payable by a like domestic insurer organizing and becoming licensed or transactin…

§ 3441. Formation of a mutual insurance holding company (a) A domestic mutual insurance company, upon approval of the Commissioner, may reorganize by forming an insurance holding company based upon a mutual plan and continue the corporate existence of the reorganizing insurance c…

§ 3442. Merger of mutual insurance company into an existing mutual insurance holding company; merger and acquisition by mutual insurance holding company or subsidiary of mutual insurance holding company (a) Merger of mutual insurance company into mutual insurance holding company.…

§ 3443. Regulated as an insurance company (a) A stock insurance company resulting from the reorganization of a domestic mutual insurance company shall be regulated as a stock insurance company under this title and shall have all the rights, privileges, immunities, and powers of t…

§ 3444. Demutualization of a mutual insurance holding company (a) Sections 3422 and 3423 of this title are not applicable to a reorganization or merger pursuant to section 3441 or 3442 of this title. (b) Sections 3422 and 3423 of this title are applicable to the demutualization o…

§ 3445. Membership interest not a security A membership interest in a domestic mutual insurance holding company shall not constitute a security as defined by 9 V.S.A. § 4202a. (Added 1995, No. 167 (Adj. Sess.), § 29a.)

§ 3446. Filing of amended charters Upon the consummation of a reorganization or merger pursuant to this subchapter, duplicate originals of amended and restated charter documents adopted by the mutual holding company and the insurance company shall be filed in the office of the Se…

§ 3461. Definitions As used in this chapter: (1) “Admitted assets” means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. (2) “Appraised” or “app…

§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers (a) General five percent diversification. (1) Except as otherwise specified in this subchapter, a domestic property and casualty, financial g…

§ 3461b. General limitations and diversification requirements for life and health insurers (a) General three percent diversification. (1) Except as otherwise specified in this subchapter, a domestic life and health insurer shall not acquire, directly or indirectly through an inve…

§ 3461c. Rated credit investments Subject to the limitations of subdivision (6) of this section, an insurer may acquire rated credit instruments. (1) Subject to applicable limitations of subsection 3461a(b) or 3461b(b) of this subchapter, but not the limitations of subsection 346…

§ 3461d. Registration or filing exemption Notwithstanding the provisions of any other section of subchapter 4 of this chapter, an insurer shall not be required to register or file with the SVO any security that meets and continues to meet the conditions for exemption for certain …

§ 3462. Investments—Foreign insurers The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially as high as that required under this chapter for similar funds of like domestic insurers. (1967, No. 344 (Adj. Sess.),…

§ 3463. Domestic insurers (a) Subject to the provisions of sections 3461a, 3461b, and 3461c of this title, a domestic insurer, including a hospital service corporation established or licensed under the provisions of chapter 123 of this title and a medical service corporation esta…

§ 3463a. Valuation of investments Investments of domestic insurers shall be valued in accordance with the valuation procedures established by the National Association of Insurance Commissioners, unless the Commissioner requires or finds another method of valuation that is not inc…

§ 3465. Exemption from investment limitations (a) Nothing in this chapter or other statute law of the State shall be construed as denying to an insurer the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of …

§ 3467. Qualification of investments (a) Any restriction, exclusion, or provision appearing in any section of this chapter shall apply only with respect to the authorization of the particular section in which it appears and shall not be applicable to any other section. The qualif…

§ 3468. Investments qualified under prior law The provisions of this chapter shall not affect or operate to disqualify any investment that an insurer has made or that it is legally obligated to acquire prior to the effective date of this subchapter; provided, however, that an ins…

§ 3469. Loans to directors and officers—Restrictions No domestic insurer shall invest in or loan upon any property, directly or indirectly, whether real or personal, in which any officer or director of such insurer has a financial interest, nor shall any such insurer make a loan …

§ 3470. Mortgage loans to minors An insurer is hereby authorized to make loans secured by a mortgage on real estate to a husband and wife where either or both is a minor 18 years old or over and where said real estate is to be used as a home by said husband and wife, subject to s…

§ 3471. Mortgages on real and personal property as liens; priorities Any mortgages acquired by an insurer on real or personal property so written as to secure a present debt and any future advances by the mortgagee or an assignee shall be a lien upon the mortgaged property for th…

§ 3472. Earnings statements and income ratios—Special situations In the application of the provisions and requirements of this subchapter to determine whether a particular investment in any corporation, association, or institution is qualified the following shall be applicable: (…

§ 3501. Life insurance and annuities For all life insurance policies and annuity contracts, the insurer shall maintain reserves as required by chapter 103, subchapter 4 of this title. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 6, § 1).)

§ 3502. Insurance—Other life insurance and annuities For all policies of insurance other than life insurance and annuities, the insurer shall maintain reserves that shall place a sound value on its liabilities under such policies and that shall not be less than the reserves accor…

§ 3503. Deposits of domestic insurer doing foreign business (a) A domestic insurer may deposit with the Treasurer of this State or with the comptroller or chief financial officer of another state or country funds or securities of the insurer that the laws of such state or country…

§ 3504. Pension system An insurance company now or hereafter organized and doing business under the laws of this State, in addition to all other powers granted to it by law, may provide a pension in pursuance of the terms of a retirement plan, adopted by its board of directors an…

§ 3541. Filing and approval of forms (a) No basic insurance policy, certificate, or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certifi…

§ 3542. Grounds for disapproval The Commissioner shall disapprove any form filed under this subchapter or withdraw any previous approval thereof, only on one or more of the following grounds: (1) if it is in any respect in violation of or does not comply with this act; (2) if it …

§ 3543. Existing forms and filings Every form of insurance or annuity document or other filing referred to in section 3541 of this title lawfully in use immediately prior to July 1, 1968 may continue to be so used or be effective until the Commissioner otherwise prescribes; excep…

§ 3552. Fees assessed by the National Association of Insurance Commissioners A company domiciled in this State and licensed by the Commissioner of Financial Regulation under this title, including captive insurance companies and risk retention groups licensed under chapter 141 of …

§ 3561. Annual statement (a) Each domestic, foreign, and alien insurance company doing business in this state shall annually submit to the Commissioner a statement of its financial condition, verified by oath of two of its executive officers. The statement shall be prepared in ac…

§ 3562. Time reports due Reports of all insurance companies shall be made annually, on or before March 1 for the year ending December 31, or within any extension of time not to exceed 30 days that the Commissioner for good cause may have granted. Whenever the Commissioner deems i…

§ 3563. Examination of companies; fees The Commissioner shall thoroughly inspect and examine the affairs of each domestic insurer to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the provisions of law. Such an inspecti…

§ 3564. Examination of foreign insurers; expenses (a) At least once every three years and when the Commissioner determines it to be prudent for the protection of policyholders in this State, he or she shall, in like manner, visit and examine or cause to be visited and examined by…

§ 3565. Examination of officers and books (a) The Commissioner, inspecting an insurance company, may require its officers, or any agent thereof, to exhibit books kept by them relating to their business and may examine under oath such agents and officers and other persons as he or…

§ 3566. Penalty for refusal The Commissioner may suspend, revoke, or nonrenew the license of any company if the company, by its officers, directors, employees, or agents, refuses to submit to examination or to comply with any reasonable written request of the examiners. Any such …

§ 3567. Liquor liability insurance records (a) All insurers licensed to sell insurance, including nonadmitted insurers with whom certain types of insurance may be placed as permitted by chapter 138 of this title, shall submit the following liquor liability insurance statistics to…

§ 3568. Preservation of records (a) Every domestic and foreign insurer shall preserve their business records in accordance with the rules adopted under this section. (b) The Commissioner may by rule require insurers to preserve any records relating to the business of insurance as…

§ 3569. National Association of Insurance Commissioners filing requirements (a) Each domestic, foreign, and alien insurer who is authorized to transact insurance in this State shall annually on or before March 1 of each year, or within any extension of time not to exceed 30 days …

§ 3570. Immunity In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners’ employees, and all others charged …

§ 3571. Confidentiality All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department by the National Association of Insurance Commissioners’ Insurance Regulatory Information System are confidential and may not be discl…

§ 3572. Revocation of certificate of authority The Commissioner may suspend, revoke, or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within any extension of time that the Commissioner, for good cause, may have grante…

§ 3573. Conduct of examinations (a) Upon determining that an examination should be conducted, the Commissioner or the Commissioner’s designee shall issue an examination order appointing one or more examiners to perform the examination and instructing them as to the scope of the e…

§ 3574. Examination reports (a) General description. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents or other persons examined, or as ascertained from the testimony of its officers or agents…