§ 3361. Requirements for license (a) A foreign or alien insurer shall not transact business in this State unless it first obtains from the Commissioner a license authorizing it to do so. Before receiving a license, it shall file with the Commissioner a certified copy of its charter and bylaws, a statement under oath of […]
§ 3362. Authority to transact various kinds of insurance business A foreign or alien insurer may transact more than one kind of insurance business, provided the charter of such corporation authorizes it to transact such different kinds of insurance business and its capital is sufficient to provide the required capital for each kind of business […]
§ 3363. Revocation of license If such insurer violates any of the laws of this State relating to insurance companies, the Commissioner may revoke its license and cause notice thereof to be published at least one week in two daily newspapers, one of general circulation in Montpelier and one of general circulation in Burlington. An […]
§ 3364. Authorization for investment purposes only Such insurer may make investments in this State without qualifying to do business in this State as a foreign corporation under the general corporation law or as a foreign or alien insurer under this article provided such insurer constitutes the Secretary of State as his or her agent […]
§ 3365. Plan of organization Such insurers admitted to do business in this State under authority of this article shall be incorporated as stock or mutual companies as defined in section 3302 of this title. Except as provided in sections 4831 through 4856 of this title, no unincorporated or joint stock association shall be admitted […]
§ 3366. Assets of companies (a)(1) A foreign or alien insurer authorized to do business in this State shall possess and thereafter maintain unimpaired paid-in capital or basic surplus of not less than $2,000,000.00 and, when first so authorized, shall possess and maintain free surplus of not less than $3,000,000.00. (2) The capital and surplus […]
§ 3367. Retaliatory provisions (a) If another state or country imposes upon or requires of a domestic insurer, association, or society, or a surety or guaranty company, or its agents doing business therein, fees, fines, penalties, deposits, obligations, or prohibitions exceeding those imposed by this State upon or required of a foreign or alien insurer, […]
§ 3368. Transacting business without certificate of authority prohibited (a) It shall be unlawful for any insurer to enter into a contract of insurance as an insurer or to transact insurance business in this State as set forth in subsection (b) of this section, without a certificate of authority from the Commissioner of Financial Regulation; […]
§ 3368a. Unauthorized and misleading transactions (a) No person shall transact insurance business in this State unless the Commissioner has issued a license or certificate of authority to such person as required by section 3361 or 3368 of this title, or by chapters 123, 125, and 139 of this title. The provisions of this section […]
§ 3369. Commissioner may enjoin unauthorized insurer Whenever the Commissioner believes, from evidence satisfactory to him or her, that any foreign or alien insurer is violating or about to violate the provisions of section 3368 of this title, the Commissioner may, through the Attorney General of this State, cause a complaint to be filed in […]
§ 3370. Service of process upon unauthorized insurer by director (a) Any act of entering into a contract of insurance as an insurer or transacting insurance business in this State as set forth in subsection (b) of section 3368 of this title, by an unauthorized foreign or alien insurer is equivalent to and shall constitute […]
§ 3371. Limits of risk (a) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders unless otherwise authorized by the Commissioner. (b) A “subject of insurance” for the purposes of […]
§ 3381. Legislative purpose and policy The purpose of this article is to subject certain insurers to the jurisdiction of courts of this State by or on behalf of insureds or beneficiaries under insurance contracts. The Legislature declares that it is a subject of concern that many residents of this State hold policies of insurance […]
§ 3382. Acts which constitute Secretary of State agent for service of process Any of the following acts in this State, effected by mail or otherwise, by an unauthorized foreign or alien insurer: (1) the issuance or delivery of contracts of insurance to residents of this State or to corporations authorized to do business therein; […]
§ 3383. Service upon the Secretary of State notice to defendant Such service of process shall be made by delivering to and leaving with the Secretary of State or some person in apparent charge of his or her office two copies thereof and the payment to him or her of such fee as is required […]
§ 3384. Service upon other agents; notice to defendant Service of process in any such action, suit, or proceeding shall in addition to the manner provided in section 3383 of this title be valid if served upon any person within this State who, in this State on behalf of such insurer, is: (1) soliciting insurance; […]
§ 3386. Effect on other modes of service Nothing in sections 3382-3384 of this title shall limit or abridge the right to serve any process, notice, or demand upon any insurer in any other manner now or hereafter permitted by law. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 6).)
§ 3387. Prerequisites to defense of action Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit or proceeding instituted against it, such unauthorized insurer shall: (1) deposit with the clerk of the court in which such action, suit, or proceeding is pending, cash or […]
§ 3388. Postponements The court in any action, suit, or proceeding, in which service is made in the manner provided in section 3383 or 3384 of this title may, in its discretion, order such postponement as may be necessary to afford the defendant reasonable opportunity to comply with the provisions of section 3387 of this […]
§ 3389. Motion to quash for improper service Nothing in section 3387 of this title is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in section 3383 or 3384 of this title on […]
