§ 4981. Definitions As used in this chapter, unless the context otherwise requires: (1) “Association” means a joint underwriting association established pursuant to this chapter. (2) “Commissioner” means the Commissioner of Financial Regulation or a designee. (3) “Property and casualty insurance” means all insurance covered under chapter 128 of this title relating to property and […]
§ 4982. Creation of Vermont joint underwriting associations (a) The Commissioner is hereby authorized, under the terms of this chapter, to establish one or more Vermont joint underwriting associations. The purpose of any such association shall be to provide insurance on a self-supporting basis without subsidy from its members. No such association formed pursuant to […]
§ 4983. Board of directors Each association established under this chapter shall operate subject to the supervision of a board of directors consisting of representatives of four of the members, who shall be elected by the members; an insurance agent licensed and writing insurance in this State, who shall be named by the Commissioner and […]
§ 4984. Plan of operation (a) Within 45 days following the creation of an association pursuant to section 4982 of this title, or such additional time as may be prescribed by the Commissioner, the board of directors of the association shall submit to the Commissioner for review and approval a proposed plan of operation consistent […]
§ 4985. Policy forms and rates (a) The Commissioner shall specify whether policy forms and the rate structure shall be on a “claims-made,” “occurrence” or other basis and coverage shall be provided by an association only on the basis specified by the Commissioner. The Commissioner may specify a “claims-made” basis only if the contract makes […]
§ 4986. Deficits (a) In the event an association suffers an underwriting deficit for any year, the board of directors shall so certify to the Commissioner. Such certification shall be subject to the review and approval of the Commissioner. As provided in the plan of operation, but in a term not to exceed one year, […]
§ 4987. Annual statements Each association shall adopt a fiscal year beginning on October 1, and shall file in the office of the Commissioner on or before the 15th day of November each year, or such other month specified in the plan, a statement as prescribed by the Commissioner. The statement shall contain matters and […]
§ 4988. Examination The Commissioner shall make an examination into the affairs of each association annually or as often as he or she deems necessary. The Commissioner shall make an order indicating the scope of the examination and may appoint as examiners one or more competent persons not employed by any insurer or interested in […]
§ 4989. Immunity Any association, the Commissioner, or any other person or organization shall be immune from civil liability for any actions taken or statements made in good faith by any of them in any report, communication, or actions concerning risks insured or to be insured by the association or during any proceedings in connection […]
§ 4990. Rules; enforcement The Commissioner may adopt reasonable rules to carry out the purposes of this chapter, and may suspend or revoke, after reasonable notice and a hearing, the certificate of authority or license to transact the business of insurance in this State of any member or other person that fails to comply with […]
§ 4991. Appeal Any member or other person aggrieved by any action or decision of an association, or of any member as a result of its participation therein, may appeal to the board of directors. The decision of the board of directors may be appealed to the Commissioner within 30 days from the date of […]
§ 4992. Termination The authority granted to the Commissioner to establish a joint underwriting association under this chapter shall continue indefinitely unless the authority is terminated by act of the General Assembly. In the event authority is so terminated, any association established prior to the termination date may continue to exist for a period of […]
