§4485. Foreign or alien society; admission

Link to law: http://legislature.vermont.gov/statutes/section/08/121/04485
Published: 2015

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The Vermont Statutes Online



Banking and Insurance






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,