§3920. Doing business as an assessment cooperative corporation or a nonassessment

Link to law: http://legislature.vermont.gov/statutes/section/08/105/03920
Published: 2015

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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.)