§ 3932. Definitions
§ 3932. Definitions For the purposes of this subchapter: (1) “Regular assessment” shall mean that amount charged to members, in advance or arrears, to pay ordinary losses and expenses for one year or the term of the policy and to make a contribution to surplus. (2) “Assessment cooperative insurance corporation” means a corporation meeting the […]
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation (a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00. (b) […]
§ 3925. Bylaws; compulsory provisions
§ 3925. Bylaws; compulsory provisions The bylaws of a cooperative insurance corporation to which a certificate of authority is issued shall include substantially the following provisions: (1) The corporate powers of such corporation shall be exercised by a board of directors, who shall be not less than five in number. Such directors shall be divided […]
§ 3926. Policy provisions
§ 3926. Policy provisions The policies issued by a cooperative insurance corporation shall conform to the regulations prescribed therefor by the Commissioner. Each such policy shall indicate clearly, in words prominently displayed at the top of the first page or across the page thereof, that such policy is issued on the cooperative plan; and if […]
§ 3927. Assessment cooperative insurance corporations
§ 3927. Assessment cooperative insurance corporations The following provisions shall affect such corporations doing business on the assessment plan: (1) Such corporation may issue policies of insurance as enumerated in section 3916 of this title. (2) Such corporation may classify risks covered under these types of insurance at the time of the issuance of the […]
§ 3929. Loss payment
§ 3929. Loss payment A nonassessment cooperative insurance corporation may borrow on the credit of the corporation sufficient funds to pay any loss. (Amended 1981, No. 6, § 10.)
§ 3930. Nonassessment cooperative insurance corporations to commence business
§ 3930. Nonassessment cooperative insurance corporations to commence business (a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired free surplus position of no less than $1,000,000, it may apply to the Commissioner for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval […]
§ 3931. Application of provisions
§ 3931. Application of provisions (a) All the provisions of this part, insofar as consistent with the provisions of this subchapter, shall apply to cooperative insurance corporations. (b) Cooperative fire insurance corporations formed and operated under the provisions set forth in chapter 105, subchapter 2 of this title shall be considered to be mutual insurance […]
§ 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 […]