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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
105
:
FIRE AND CASUALTY INSURANCE
Subchapter
002
:
COOPERATIVE FIRE INSURANCE CORPORATIONS
§
3920. Doing business as an assessment cooperative corporation or a
nonassessment cooperative corporation
(a) An
assessment cooperative corporation shall not be authorized or permitted to
begin or do business until it has bona fide applications for insurance on
property whose total aggregate dollar exposure value at risk amounts to not
less than $2,500,000.00.
(b) A
nonassessment cooperative insurance corporation is one that has received
approval of the commissioner and has met the requirements of subsections
3930(a) and (b) of this title. (Amended 1981, No. 6, § 5.)