§ 4369. Reserve requirements
§ 4369. Reserve requirements Members of an association formed pursuant to the provisions of this subchapter shall be required to pay yearly in advance cash premiums and in addition thereto an amount in negotiable notes or cash sufficient to maintain a reserve equal to that required of other companies doing the same class of business. […]
§ 4370. Assessments
§ 4370. Assessments If an association has not sufficient funds for the payment of losses incurred, reserves and expenses, it shall make an assessment for the amount needed to pay such losses, reserves and expenses upon the members in proportion to their several payrolls and rates.
§ 4371. Investments
§ 4371. Investments The funds of such association shall be invested by the directors in the same class of securities in which the funds of insurance companies may be lawfully invested.
§ 4372. Approval of premiums, liabilities, assessments, and dividends
§ 4372. Approval of premiums, liabilities, assessments, and dividends Such association, subject to the approval of the Commissioner, may determine the premiums, contingent liabilities, assessments, penalties and dividends of its members and enforce or administer the same.
§ 4373. Bylaws and regulations
§ 4373. Bylaws and regulations The association may also make and amend bylaws or regulations consistent with its certificate of incorporation, for the prompt, economical, and safe conduct of its affairs. All bylaws and regulations of an association, except safety rules made under the provisions of section 4367 of this subchapter, shall be filed with […]
§ 4374. Appeals to Supreme Court
§ 4374. Appeals to Supreme Court An association may appeal to the Supreme Court from a decision or order of the Commissioner affecting such association.
§ 4366. Officers and voting rights
§ 4366. Officers and voting rights The affairs of such an association shall be managed by such officers and directors as may be chosen in a manner prescribed by the bylaws of the association, provided each member shall be entitled to cast at least one ballot in all elections and votes and that a member […]
§ 4367. Power to prescribe and enforce safety rules
§ 4367. Power to prescribe and enforce safety rules An association formed pursuant to the provisions of this subchapter shall have power to prescribe and enforce reasonable rules for safety on the premises of its members, subject, however, to the approval of the Commissioner of Labor. The association’s inspectors shall have free access to all […]
§ 4368. Premium rates
§ 4368. Premium rates An association formed pursuant to this subchapter shall have power to determine the premium rates for each occupation or risk insured by it and to prescribe rates of cash premiums sufficient to cover losses incurred and current cost. The premium rate on each policy shall prevail for a full year but […]
§ 4361. Mutual associations authorized
§ 4361. Mutual associations authorized Employers who are subject to the requirements of 21 V.S.A. chapter 9 may, with the approval of the Commissioner, associate themselves in accordance with the law for the formation of corporations without capital stock for the purpose of establishing and maintaining mutual associations to insure their liabilities under 21 V.S.A. […]