General Administration of Chapter

V.S.A. tit. 8, ch. 128, subch. 2

in effect

8 V.S.A. § 4700 Examinations

4700. Examinations (a) The Commissioner or his or her designee shall examine any insurer, pool, advisory or service organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter. (b) Every insurer, pool, advisory or service organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its experience, or the experience of its affiliated insurers including the data, statistics, or information collected or used by it in its activities. These records shall be available at all reasonable times to enable the Commissioner to determine whether the activities of any advisory or service organization, insurer, residual market mechanism, or pool comply with the provisions of this chapter. Such records shall be maintained in an office within this State or shall be made available to the Commissioner for examination or inspection at any time. (c) The necessary and reasonable cost of an examination made pursuant to this section shall be paid by the examined party upon presentation of a detailed account of such costs. (d) In lieu of any such examination, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state. Added 1983, No. 238 (Adj. Sess.), § 1.

8 V.S.A. § 4701 Consumer information

4701. Consumer information The Commissioner shall utilize, develop, or cause to be developed a consumer information system that will include representative price ranges and other relevant information to be readily available to purchasers of insurance. The development and operation of this system may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors, or in any other appropriate manner. To the extent deemed necessary and appropriate by the Commissioner, insurers, advisory or service organizations, and other persons or organizations involved in conducting the business of insurance in this State to which this section applies shall assist and cooperate in the development and utilization of a consumer information system. Added 1983, No. 238 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.

8 V.S.A. § 4702 Monitoring competition

4702. Monitoring competition In determining whether or not a competitive market exists pursuant to section 4684 of this title, the Commissioner shall monitor the degree of competition in this State. In doing so, the Commissioner shall utilize existing relevant information, analytical systems, and other sources; cause or participate in the development of new relevant information, analytical systems, and other sources; or rely on some combination thereof. Such activities may be conducted internally within the Department of Financial Regulation, in cooperation with other state insurance departments, through outside contractors or in any other appropriate manner. Added 1983, No. 238 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.

8 V.S.A. § 4703 Information and monitoring costs

4703. Information and monitoring costs To the extent deemed necessary and appropriate by the Commissioner, the costs of complying with sections 4689, 4691, 4701, and 4702 of this title shall be assessed against insurers subject to this chapter. These assessments shall be made on an equitable and practicable basis established after a hearing by regulation of the Commissioner. Added 1983, No. 238 (Adj. Sess.), § 1; amended 1987, No. 185 (Adj. Sess.), § 5, eff. May 5, 1988.

8 V.S.A. § 4704 Information to be furnished insureds; aggrieved persons

4704. Information to be furnished insureds; aggrieved persons (a) Every insurer shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, if any, furnish to any insured affected by a premium or rate utilized by it, all pertinent information as to the development and application of such premium or rate. (b) Every insurer and advisory or service organization shall provide within this State a reasonable means whereby a person aggrieved by the application of any of its filings shall be allowed to be heard, on written request, for the purpose of reviewing the manner in which the filing has been applied in connection with the insurance involved. If 25 persons are aggrieved, they may appeal in writing to the Commissioner who may call a hearing, to be held not less than 10 days after written notice to the parties, and review the filing in accordance with the provisions of this chapter and all other applicable provisions of this title. Added 1983, No. 238 (Adj. Sess.), § 1; amended 2021, No. 105 (Adj. Sess.), § 223, eff. July 1, 2022.

8 V.S.A. § 4704a Rerating after use of erroneous credit information

4704a. Rerating after use of erroneous credit information If it is determined through the reinvestigation process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that credit information relied upon by an insurer was incorrect, and if an insurer receives notice of that determination from either the consumer reporting agency or from the insured who has provided written documentation from the consumer reporting agency, within one year of the date after the insured is no longer a customer of the insurer, such insurer shall reunderwrite and rerate the consumer within 30 days after receiving the notice. After reunderwriting or rerating the insured, the insurer shall make any adjustments necessary consistent with its underwriting and rating guidelines. If an insurer determines that the insured has overpaid the premium, the insurer shall refund to the insured the amount of overpayment. Added 2005, No. 211 (Adj. Sess.), § 5.

8 V.S.A. § 4705 Dividend plans

4705. Dividend plans Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers; provided, however, this provision shall not contravene the provisions of chapter 145 of this title. A plan for the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers shall not be deemed a rating plan or system nor be conditioned upon renewal of a policy. The Commissioner is authorized to obtain information concerning dividends in such form or detail as he or she deems appropriate. Added 1983, No. 238 (Adj. Sess.), § 1; amended 1987, No. 185 (Adj. Sess.), § 6, eff. May 5, 1988.

8 V.S.A. § 4706 Penalties

4706. Penalties (a) If the Commissioner finds that any person, insurer, or advisory or service organization has violated any provision of this chapter, the Commissioner may impose an administrative penalty of not more than $2,000.00 for each violation; but if the Commissioner finds such violation to be willful, a penalty of not more than $15,000.00 for each such violation may be imposed. (b) Unintentional technical violations arising from systems or computer generated errors or failures of the same type shall be treated as a single violation for the purposes of this section. In the event of resulting overcharges that are de minimis, the insurer shall make financial restitution, including payment of interest, as determined by the Commissioner and no penalty shall be imposed under this chapter, provided that the insurer demonstrates to the satisfaction of the Commissioner that the violation was unintentional. (c) For purposes of this section, any insurer using a premium or rate for which the insurer has failed to submit a filing pursuant to section 4687 or 4688 of this title shall have committed a separate violation for each day such failure existed. (d) The Commissioner may suspend or revoke the license of any advisory or service organization or insurer failing or refusing to comply with an order of the Commissioner within the time limit prescribed by such order or any extension thereof that the Commissioner may grant. (e) The Commissioner may determine when a suspension of license shall become effective, and it shall remain in effect for the period fixed by the Commissioner, including an indefinite period, unless such suspension is modified or rescinded or until the order upon which such suspension is based is modified, rescinded, or reversed. (f) No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the Commissioner, stating the findings made after a hearing. (g) The penalties applicable under this section are in addition to any other penalties applicable under this title. Added 1983, No. 238 (Adj. Sess.), § 1; amended 1995, No. 167 (Adj. Sess.), § 18.

8 V.S.A. § 4707 Judicial review

4707. Judicial review Any party in interest aggrieved by the decision or final order of the Commissioner may appeal to a court of competent jurisdiction. Added 1983, No. 238 (Adj. Sess.), § 1.

8 V.S.A. § 4708 Severability

4708. Severability If any provision of this chapter or the application of such provision to any person or circumstance shall be held invalid by a court of competent jurisdiction, the remainder of the chapter and the application of its provisions to a person or circumstance other than that or those as to which it is held invalid, shall not be affected thereby. Added 1983, No. 238 (Adj. Sess.), § 1.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/08/128Fetched: 10/21/2026