Vermont Statutes Title 8 Sec. 4485
Terms Used In Vermont Statutes Title 8 Sec. 4485
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
- Society: means a fraternal benefit society. 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
§ 4485. Foreign or alien society; admission
(a) No foreign or alien society may transact business in this State without a license issued by the Commissioner of Financial Regulation. Any such society may be licensed to transact business in this State upon filing with the Commissioner of Financial Regulation:
(1) a duly certified copy of its charter or articles of incorporation;
(2) a copy of its constitution and laws, certified by its secretary or corresponding officer;
(3) a power of attorney to the Secretary of State as prescribed in section 4489 of this title;
(4) a statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the Commissioner of Financial Regulation, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the Secretary of State of this State;
(5) a certificate from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business therein;
(6) copies of its certificate forms; and
(7) such other information as he or she may deem necessary; and upon a showing that its assets are invested in accordance with the provisions of this chapter.
(b) Any foreign or alien society desiring admission to this State shall have the qualifications required of domestic societies organized under this chapter. (Added 1959, No. 197, § 25, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)