§ 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. […]
§ 4362. Commissioner’s approval required The Commissioner may require the incorporators of an association formed pursuant to section 4361 of this subchapter to include in its proposed certificate of incorporation any lawful provisions for the regulation of the affairs of the association and the definition of its powers and the powers of its officers, directors, […]
§ 4363. Membership Membership in such association shall be limited to such employers as are liable for compensation to their employees under the workers’ compensation law and such association shall have power by appropriate bylaws to provide for the admission, suspension, withdrawal, or expulsion of members. (Amended 1981, No. 165 (Adj. Sess.), § 1.)
§ 4364. Control of association Except as otherwise provided pursuant to this subchapter, an association shall be subject to the same rules and control as other corporations or associations taking similar risks in this State, and the Commissioner shall have jurisdiction and power over the association as provided by the insurance laws of this State. […]
§ 4365. Policies A policy shall not be issued by such association until membership in such number and with such numbers of employees as the Commissioner may decide will give a fair diffusion of risks shall have obligated themselves to take policies immediately upon their authorization, nor shall a policy be issued except such as […]
§ 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 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 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 […]
§ 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 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 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 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 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 An association may appeal to the Supreme Court from a decision or order of the Commissioner affecting such association.
