§4001. Assessments; accumulations; limitation

Link to law: http://legislature.vermont.gov/statutes/section/08/105/04001
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

105

:
FIRE AND CASUALTY INSURANCE






Subchapter

004
:
RESERVE FUND










 

§

4001. Assessments; accumulations; limitation

Domestic mutual

fire insurance companies, in any year in which the assessments required to pay

losses and expenses would not equal five percent of the face of its premium

notes, may lay assessments not to exceed five percent and carry the amount not

necessary to pay losses and expenses of such year to a surplus account for the

payment of future fire losses and expenses. Such surplus shall at no time

exceed 10 percent of the face of the premium notes then in force.
Read Entire Law on legislature.vermont.gov