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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
121
:
FRATERNAL BENEFIT SOCIETIES
§
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.)