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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

121

:
FRATERNAL BENEFIT SOCIETIES











 

§

4481. Accident and health insurance and total and permanent disability

insurance certificates; filing and approval

(a) No domestic,

foreign, or alien society authorized to do business in this State shall issue

or deliver in this State any certificate or other evidence of any contract of

accident insurance or health insurance or of any total and permanent disability

insurance contract unless and until the form thereof, together with the form of

application and all riders of endorsements for use in connection therewith, has

been filed with the Commissioner of Financial Regulation. Each filing of a

policy, contract, endorsement, rider, or certificate shall be accompanied by

payment to the Commissioner of a nonrefundable fee of $50.00 per filing

submission.

(b) The

Commissioner of Financial Regulation may from time to time make, alter, and

supersede reasonable regulations prescribing the required, optional, and

prohibited provisions in the contracts, and the regulations shall conform, as

far as practicable, to the provisions of chapter 107 of this title. Where the

Commissioner of Financial Regulation deems inapplicable, either in part or in

their entity, the provisions of the foregoing sections, he or she may prescribe

the portions or summary thereof of the contract to be printed on the

certificate issued to the member. (Added 1959, No. 197, § 21, eff. Nov. 22,

1959; amended 1989, No. 225 (Adj. Sess.), § 25; 1991, No. 166 (Adj. Sess.), §

7; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April

2, 2012.)