Title 08, Title 08: Banking and Insurance

§ 4105. Amount of insurance (a) Credit life insurance. The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insu…

§ 4106. Term The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to exis…

§ 4107. Provisions of policies and certificates; disclosure to debtors (a) All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy …

§ 4108. Filing, approval, and withdrawal of forms (a) All forms of policies or contracts, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders shall be filed with the Commissioner for approval prior to issuance or use by t…

§ 4109. Premiums and refunds (a) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the Commissioner its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, …

§ 4110. Issuance of policies All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this State only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licen…

§ 4111. Claims (a) All claims shall be promptly reported to the insurer or its designated claim representative and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. (b) All …

§ 4112. Existing insurance; choice of insurer When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance…

§ 4113. Enforcement The Commissioner may, after notice and hearing, issue such rules and regulations as he or she deems appropriate for the supervision of this chapter. Whenever the Commissioner finds that there has been a violation of this chapter or any rules or regulations iss…

§ 4114. Judicial review Any party to the proceeding affected by an order of the Commissioner shall be entitled to judicial review in the Supreme Court. (Added 1959, No. 221, § 13; amended 1995, No. 167 (Adj. Sess.), § 11; 1997, No. 161 (Adj. Sess.), § 6, eff. Jan. 1, 1998.)

§ 4115. Penalties In addition to any other penalty provided by law, any person who violates an order of the Commissioner after it has become final, and while such order is in effect, shall forfeit and pay to the State of Vermont an administrative penalty not to exceed $1,000.00, …