Insurance Companies Generally

What this document is

Vermont Statutes Title 8 Chapter 101 - Insurance Companies Generally (Secs. 3301-3696) is a state statute published by Vermont General Assembly (Vermont Statutes Online). It is one of the Vermont documents that insurance license exam questions are written from, including vermont property & casualty, vermont personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Vt. Stat. tit. 8, § 3541(a) (Filing and approval of forms)

  “No basic insurance policy, certificate, or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be delivered, or issued for delivery in this...”

• Vt. Stat. tit. 8, § 3541(b) (Filing and approval of forms)

  “Every such filing shall be made not less than 30 days in advance of any such delivery. At the expiration of such 30 days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the Commissioner. Approval of any such form by the...”

• Vt. Stat. tit. 8, § 3541(c) (Filing and approval of forms)

  “Any order of the Commissioner disapproving any such form or withdrawing a previous approval shall state the grounds therefor and the particulars thereof in such detail as reasonably to inform the insurer thereof. Any such withdrawal of a previously approved form shall be effective at expiration of...”

• Vt. Stat. tit. 8, § 3542 (Grounds for disapproval)

  “The Commissioner shall disapprove any form filed under this subchapter or withdraw any previous approval thereof, only on one or more of the following grounds: (1) if it is in any respect in violation of or does not comply with this act; (2) if it contains or incorporates by reference, where such...”

• Vt. Stat. tit. 8, § 3543 (Existing forms and filings)

  “Every form of insurance or annuity document or other filing referred to in section 3541 of this title lawfully in use immediately prior to July 1, 1968 may continue to be so used or be effective until the Commissioner otherwise prescribes; except, that before expiration of one year from and after...”

• Vt. Stat. tit. 8, § 3565(b) (Examination of officers and books)

  “Every company or person from whom information is sought, its officers, directors, and agents must provide to the examiners appointed by the Commissioner, timely, convenient and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all...”

• Vt. Stat. tit. 8, § 3563 (Examination of companies; fees)

  “Such an inspection and examination shall be conducted personally or by a competent person appointed by the Commissioner at least every three years and whenever determined to be prudent by the Commissioner. The Commissioner may enlarge the aforesaid three-year period to five years, provided the...”

• Vt. Stat. tit. 8, § 3368(d) (Transacting business without certificate of authority prohibited)

  “The failure of an insurer to obtain a certificate of authority shall not impair the validity of any act or contract of such insurer and shall not prevent such insurer from defending any action in any court of this State, but no insurer transacting insurance business in this State without a...”

• Vt. Stat. tit. 8, § 3368(c) (Transacting business without certificate of authority prohibited; penalty)

  “Any insurer that violates subsection (a) of this section shall be required to pay an administrative penalty of not less than $500.00 nor more than $5,000.00 for each violation.”

• Vt. Stat. tit. 8, § 3661(a)(1) (Cease and desist powers; prosecutions and penalties)

  “may issue an order to cease and desist such violation or activity. Such an order shall be subject to de novo judicial review in the Washington Superior Court, but such review shall not stay the enforcement of the Commissioner's order while under review, unless the court shall so determine after a...”

• Vt. Stat. tit. 8, § 3665a(c) (Timely payment of property and casualty insurance claims; interest)

  “If an insurer fails to pay a claim within the applicable time period set forth in subsection (b) of this section or any other time period provided by statute, it shall thereafter pay interest on the amount of the claim at the judgment rate allowed by law. Interest shall accrue from 30 days after...”

• Vt. Stat. tit. 8, § 3613 (Creation of Association)

  “For purposes of administration and assessment, the Association shall be divided into three separate accounts: (1) the workers' compensation insurance account; (2) the automobile insurance account; and (3) the account for all other insurance to which this subchapter applies.”

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Questions about this source

More Vermont sources

• Vt. Stat. Ann. tit. 8, ch. 103: Life insurance policy provisionsState statute
• Vt. Stat. tit. 8, s. 4723 - Unfair methods of competition or unfair or deceptive acts or practices prohibitedState statute
• Vt. Stat. tit. 8, s. 4724 - Unfair methods of competition or unfair or deceptive acts or practices definedState statute
• Vt. Stat. tit. 8, s. 4800 - License requirementsState statute
• Vt. Stat. tit. 8, s. 4804 - License denial, nonrenewal, or termination causesState statute
• Vermont Statutes Title 8 Chapter 107 - Health Insurance (Secs. 4011-4093)State statute
• Vermont Producer's Examination for Casualty Insurance (Series 14-42) - Exam Content OutlineCandidate handbook or exam outline
• Vermont Producer's Examination for Life, Accident, Health and HMO - Exam Content Outline (Series 14-29)Candidate handbook or exam outline