Title 08, Title 08: Banking and Insurance

§ 4257. Definitions As used in this chapter: (1) “Portable electronics” means electronic devices that are portable in nature, their accessories, and services related to the use of such devices. (2) “Portable electronics insurance” means insurance that may be offered on a month-to…

§ 4258. Premium billings The charges for portable electronics insurance coverage may be billed and collected by a portable electronics vendor. Any charge to a customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics shal…

§ 4259. Termination and modification requirements Notwithstanding any other provision of law, the terms for the termination or modification of a policy of portable electronics insurance shall be as set forth in the policy. (Added 2011, No. 136 (Adj. Sess.), § 9, eff. May 18, 2012…

§ 4260. Notice requirements (a) Whenever notice or correspondence with respect to a policy of portable electronics insurance is required pursuant to the policy or is otherwise required by law, it shall be in writing. Notwithstanding any other provision of law, notices and corresp…

§ 4261. Rulemaking; licensing; claims; sales The Commissioner shall adopt rules establishing a business entity limited lines producer license for the sale of portable electronics insurance as well as requirements for the sale of portable electronics insurance by a vendor and its …

§ 4361. Mutual associations authorized Employers who are subject to the requirements of 21 V.S.A. chapter 9 may, with the approval of the Commissioner, associate themselves in accordance with the law for the formation of corporations without capital stock for the purpose of estab…

§ 4362. Commissioner’s approval required The Commissioner may require the incorporators of an association formed pursuant to section 4361 of this subchapter to include in its proposed certificate of incorporation any lawful provisions for the regulation of the affairs of the asso…

§ 4363. Membership Membership in such association shall be limited to such employers as are liable for compensation to their employees under the workers’ compensation law, and such association shall have power by appropriate bylaws to provide for the admission, suspension, withdr…

§ 4364. Control of association Except as otherwise provided pursuant to this subchapter, an association shall be subject to the same rules and control as other corporations or associations taking similar risks in this State, and the Commissioner shall have jurisdiction and power …

§ 4365. Policies A policy shall not be issued by such association until membership in such number and with such numbers of employees as the Commissioner may decide will give a fair diffusion of risks shall have obligated themselves to take policies immediately upon their authoriz…

§ 4366. Officers and voting rights The affairs of such an association shall be managed by such officers and directors as may be chosen in a manner prescribed by the bylaws of the association, provided each member shall be entitled to cast at least one ballot in all elections and …

§ 4367. Power to prescribe and enforce safety rules An association formed pursuant to the provisions of this subchapter shall have power to prescribe and enforce reasonable rules for safety on the premises of its members, subject, however, to the approval of the Commissioner of L…

§ 4368. Premium rates An association formed pursuant to this subchapter shall have power to determine the premium rates for each occupation or risk insured by it and to prescribe rates of cash premiums sufficient to cover losses incurred and current cost. The premium rate on each…

§ 4369. Reserve requirements Members of an association formed pursuant to the provisions of this subchapter shall be required to pay yearly in advance cash premiums and in addition thereto an amount in negotiable notes or cash sufficient to maintain a reserve equal to that requir…

§ 4370. Assessments If an association has not sufficient funds for the payment of losses incurred, reserves, and expenses, it shall make an assessment for the amount needed to pay such losses, reserves, and expenses upon the members in proportion to their several payrolls and rat…

§ 4371. Investments The funds of such association shall be invested by the directors in the same class of securities in which the funds of insurance companies may be lawfully invested.

§ 4372. Approval of premiums, liabilities, assessments, and dividends Such association, subject to the approval of the Commissioner, may determine the premiums, contingent liabilities, assessments, penalties, and dividends of its members and enforce or administer the same.

§ 4373. Bylaws and regulations The association may also make and amend bylaws or regulations consistent with its certificate of incorporation, for the prompt, economical, and safe conduct of its affairs. All bylaws and regulations of an association, except safety rules made under…

§ 4374. Appeals to Supreme Court An association may appeal to the Supreme Court from a decision or order of the Commissioner affecting such association.

§ 4460. Statutory purposes The statutory purpose of the exemption for fraternal societies in section 4500 of this title is to support benevolent societies that provide benefits to members and to the community. (Added 2013, No. 200 (Adj. Sess.), § 18.)

§ 4461. Fraternal benefit societies defined (a) Any incorporated society, order, or supreme lodge, without capital stock, including one exempted under the provisions of subdivision 4502(a)(2) of this title, whether incorporated or not, conducted solely for the benefit of its memb…

§ 4462. Lodge system defined A society having a supreme legislative or governing body and subordinate lodges or branches by whatever name known, into which members are elected, initiated, or admitted in accordance with its constitutions, laws, ritual, and rules, which subordinate…

§ 4463. Representative form of government defined A society shall be deemed to have a representative form of government when: (1) it provides in its constitution or laws for a supreme legislative or governing body, composed of representatives elected either by the members or by d…

§ 4464. Organization The organization of a society shall be governed as follows: (1) Seven or more citizens of the United States, a majority of whom are citizens of this State, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some officer, co…

§ 4465. Corporate powers retained Any incorporated society authorized to transact business in this State on November 22, 1959 may thereafter exercise all the rights, powers, and privileges prescribed in this chapter and in its charter or articles of incorporation as far as consis…

§ 4466. Existing voluntary associations; may incorporate (a) After one year from November 22, 1959, no unincorporated or voluntary association shall be permitted to transact business in this State as a fraternal benefit society. (b) Any domestic voluntary association now authoriz…

§ 4467. Location of office; place of meeting The principal office of any domestic society shall be located in this State. The meetings of its supreme legislative or governing body may be held in any state, district, province, or territory wherein the society has at least five sub…

§ 4468. Consolidations and mergers (a) A domestic society may consolidate or merge with any other society by complying with the provisions of this section. (b) It shall file with the Commissioner of Financial Regulation: (1) a certified copy of the written contract containing in …

§ 4469. Conversion of fraternal benefit society into mutual life insurance company Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of sections 3366, 3423-3425, 3701-3711 of this title …

§ 4470. Qualifications for membership (a) A society may admit to benefit membership any person not less than 15 years of age, at his or her nearest birthday, who has furnished evidence of insurability acceptable to the society. A member who applies for additional benefits more th…

§ 4471. Articles of incorporation, constitution, and laws; amendments (a) A domestic society may amend its articles of incorporation, constitution, or laws in accordance with the provisions thereof by action of its supreme legislative or governing body at any regular or special m…

§ 4472. Institutions (a) It shall be lawful for a society to create, maintain, and operate charitable, benevolent, or educational institutions for the benefit of its members and their families and dependents and for the benefit of children insured by the society. For that purpose…

§ 4473. No personal liability The officers and members of the supreme, grand, or any subordinate body of a society shall not be personally liable for payment of any benefits provided by a society. (Added 1959, No. 197, § 13, eff. Nov. 22, 1959.)

§ 4474. Benefits (a) A society authorized to do business in this State may provide for the payment of: (1) death benefits in any form; (2) endowment benefits; (3) annuity benefits; (4) temporary or permanent disability benefits as a result of disease or accident; (5) hospital, me…

§ 4475. Benefits on lives of children (a) A society may provide for benefits on the lives of children under the minimum age for adult membership but not greater than 18 years of age at the time of application for such benefits, upon the application of an adult person who has an i…

§ 4476. Nonforfeiture benefits, cash surrender values, certificate loans, and other options (a) A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans, and such other options as its laws may permit. As to certificates issued on and after Nove…

§ 4477. Beneficiaries (a) The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws, or rules of the society. Every society by its constitution, laws, or rules may limit the scope of beneficiaries and shall p…

§ 4478. Benefits not attachable No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society, shall be liable to attachment, trustee, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or ope…

§ 4479. The contract (a) Every society authorized to do business in this State shall issue to each benefit member a certificate specifying the amount of benefits provided under the certificate. The certificate, together with any attached riders or endorsements, the charter or art…

§ 4480. Provisions; standard and prohibited (a) After one year from November 22, 1959, no life benefit certificate shall be delivered or issued for delivery in this State unless a copy of the form shall have been filed with the Commissioner of Financial Regulation. Each filing of…

§ 4481. Accident and health insurance and total and permanent disability insurance certificates; filing and approval (a) No domestic, foreign, or alien society authorized to do business in this State shall issue or deliver in this State any certificate or other evidence of any co…

§ 4482. Waiver The constitution and laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, shall have the power or authority to waive any of the provisions of the laws and constitution of the society. The provision shall be bindi…

§ 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 …

§ 4484. Annual license Societies that are now authorized to transact business in this State may continue such business until May 1, 1960. The authority of the societies, and all societies hereafter licensed, may thereafter be renewed annually, but shall terminate on the first day…

§ 4485. Foreign or alien society; admission (a) No foreign or alien society may transact business in this State without a license issued by the Commissioner of Financial Regulation. Any such society may be licensed to transact business in this State upon filing with the Commissio…

§ 4486. Injunction; liquidation; receivership of domestic society (a) When the Commissioner of Financial Regulation upon investigation finds that a domestic society: (1) has exceeded its powers; (2) has failed to comply with any provision of this chapter; (3) is not fulfilling it…