Vermont § 4836 - Organization of reciprocal insurer

§ 4836. Organization of reciprocal insurer

• (a) Two or more persons may organize a domestic reciprocal insurer and make application
  to the Commissioner for a certificate of authority to transact insurance. (b) The proposed attorney shall fulfill the requirements of and shall execute and file
  with the Commissioner when applying for a certificate of authority a declaration setting
  forth: (1) the name of the insurer; (2) the location of the insurer’s principal office, which shall be the same as that of
  the attorney and shall be maintained within this State; (3) the kinds of insurance proposed to be transacted; (4) the names and addresses of the original subscribers; (5) the designation and appointment of the proposed attorney and a copy of the power of
  attorney; (6) the names and addresses of the officers and directors of the attorney, if a corporation,
  or its members, if a firm or a limited liability company; (7) the powers of the subscribers’ advisory committee and the names and terms of office
  of the members thereof; (8) that all monies paid to the reciprocal shall, after deducting therefrom any sum payable
  to the attorney, be held in the name of the insurer and for the purposes specified
  in the subscribers’ agreement; (9) a statement that each of the original subscribers has in good faith applied for insurance
  of a kind proposed to be transacted, and that the insurer has received from each such
  subscriber the full premium or premium deposit required for the policy applied for,
  for a term of not less than six months at an adequate rate previously filed with and
  approved by the Commissioner; (10) a statement of the financial condition of the insurer, a schedule of its assets, and
  a statement that the surplus as required by this title is on hand; and (11) a copy of each policy, endorsement, and application form it then proposes to issue
  or use. (c) The declaration shall be acknowledged by the attorney in the manner required for the
  acknowledgment of deeds. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 3, eff. June 26, 1997; 2003, No. 55, § 1; 2021, No. 105 (Adj. Sess.), § 231, eff. July 1, 2022.)