Vermont Statutes Title 8 Sec. 4696
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Terms Used In Vermont Statutes Title 8 Sec. 4696
- Joint underwriting: means a voluntary arrangement established on an ad hoc basis to provide insurance coverage pursuant to which two or more insurers separately contract with the insured at a price and under policy terms agreed upon between the insurers. See
- Market: means the statewide interaction between buyers and sellers of a particular line of insurance or product market component. See
§ 4696. Mandatory market participation
If the Commissioner finds that there is no voluntary market in which buyers of any line of property and casualty insurance may obtain such insurance, the Commissioner may initiate proceedings to establish a joint underwriting association for that market under chapter 137 of this title. (Added 1985, No. 265 (Adj. Sess.), § 2, eff. June 4, 1986.)