Terms Used In Vermont Statutes Title 8 Sec. 4836

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: means the attorney-in-fact of a reciprocal insurer. See
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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

§ 4836. Organization of reciprocal insurer

(a) Two or more persons may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance.

(b) The proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner when applying for a certificate of authority a declaration setting forth:

(1) the name of the insurer;

(2) the location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within this State;

(3) the kinds of insurance proposed to be transacted;

(4) the names and addresses of the original subscribers;

(5) the designation and appointment of the proposed attorney and a copy of the power of attorney;

(6) the names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm or a limited liability company;

(7) the powers of the subscribers’ advisory committee and the names and terms of office of the members thereof;

(8) that all monies paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers’ agreement;

(9) a statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six months at an adequate rate previously filed with and approved by the Commissioner;

(10) a statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by this title is on hand; and

(11) a copy of each policy, endorsement, and application form it then proposes to issue or use.

(c) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 3, eff. June 26, 1997; 2003, No. 55, § 1; 2021, No. 105 (Adj. Sess.), § 231, eff. July 1, 2022.)