Vermont § 3930 - Nonassessment cooperative insurance corporations to commence business

§ 3930. Nonassessment cooperative insurance corporations to commence business

• (a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired
  free surplus position of no less than $1,000,000, it may apply to the Commissioner
  for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval to become nonassessable. The Commissioner may apply the
  same standards for admission as are found in chapter 101 of this title applicable
  to the formation of a domestic mutual insurer. Upon the Commissioner’s acceptance
  of revised articles of incorporation, revised bylaws, and a special financial statement
  for the calendar year period ending with the last calendar quarter before the request,
  the Commissioner may allow the corporation to operate as a nonassessment cooperative
  insurance corporation. The Commissioner may require a statutory financial examination
  to be conducted at the company’s expense prior to final approval. (b) The Commissioner may prescribe additional surplus if he or she determines that the
  kind of insurance to be transacted so requires. (Added 1981, No. 6, § 11.)