§ 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 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 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 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 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 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 […]
§ 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 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 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 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 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 (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 (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 […]
§ 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 […]
