Vermont Statutes Title 8 Sec. 8309
Terms Used In Vermont Statutes Title 8 Sec. 8309
- Commissioner: means the Commissioner of Financial Regulation. See
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- Property and casualty insurer: means any insurance company that insures property or casualty as defined in subdivisions 3301(a)(3) and (7) of this title, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 8309. Supplemental provisions
(a) The provisions of this chapter are in addition to any other provisions of the laws of this State and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including chapter 145 of this title.
(b) The Commissioner may adopt rules necessary for the implementation of this chapter.
(c) The Commissioner may exempt from the application of this chapter any domestic property and casualty insurer that:
(1) writes direct business only in this State;
(2) writes direct annual premiums of $2,000,000.00 or less; and
(3) assumes no reinsurance in excess of five percent of direct premium written. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994; amended 2013, No. 29, § 41, eff. May 13, 2013.)