§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts
§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts (a) In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for […]
§ 3885. Penalties
§ 3885. Penalties A person who violates a provision of section 3879, 3880, 3881, 3882, 3883, or 3884 of this title may be subject to an administrative penalty of $2,000.00 for each violation. (Added 1995, No. 167 (Adj. Sess.), § 8a.)
§ 3911. Incorporators
§ 3911. Incorporators Sixty or more persons residing in the State of Vermont who shall each own in good faith real estate of not less than $20,000.00 in value, and collectively own in good faith insurable real estate in the State of Vermont to the value of $1,200,000.00 or more, may apply to become a […]
§ 3912. Contents of declaration
§ 3912. Contents of declaration Such declaration shall be executed and acknowledged by each of such persons and shall state their intention to form a cooperative insurance corporation for the purpose of engaging in the business of insurance, pursuant to the following provisions, shall show that such persons own in good faith real estate to […]
§ 3913. Bylaws to be filed
§ 3913. Bylaws to be filed There shall be filed with such declaration a copy of the bylaws of such corporation, together with the names and post office addresses of the officers and directors thereof for the first year, and such other information as the Commissioner shall require.
§ 3914. Statement as to applications
§ 3914. Statement as to applications At the time of such filing, or within one year thereafter, such persons, or those who have been designated as the president and the secretary of such corporation, may file with the Commissioner a sworn statement to the effect that applications for insurance in the amounts respectively indicated in […]
§ 3915. Issuance of certificate of authority
§ 3915. Issuance of certificate of authority If all the requirements of law have been complied with and the Commissioner is satisfied, after investigation, that such statement is true, he or she shall thereupon file such declaration and cause it to be recorded in his or her office in a book to be kept for […]
§ 3916. Name, status and powers
§ 3916. Name, status and powers Corporations to which certificates of authority are so issued shall be known as cooperative insurance corporations and may write the kinds of insurance enumerated in subdivisions 3301(a)(2)-(a)(8), and (a)(10) of this title, provided the corporation’s surplus shall not be less than $500,000.00 and provided that such company shall first […]
§ 3881. Notice of nonrenewal
§ 3881. Notice of nonrenewal No insurer shall refuse to renew a policy of insurance at its expiration or anniversary if written for a term of more than one year unless such insurer or its agent shall mail or deliver to the named insured at the address shown in the policy, at least 45 days’ […]
§ 3862. Minimum capital stock
§ 3862. Minimum capital stock A domestic stock fire insurance company shall not be organized with a capital stock less than $200,000.00 paid in, in cash. (Amended 1965, No. 65, eff. May 19, 1965.)