§ 3371. Limits of risk
§ 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
§ 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
§ 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; […]
§ 3365. Plan of organization
§ 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
§ 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
§ 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
§ 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; […]
§ 3361. Requirements for license
§ 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
§ 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
§ 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 […]