Vermont § 4850 - Assessments

§ 4850. Assessments

• (a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal
  insurer liable therefor under the terms of their policies by the attorney upon approval
  in advance by the subscribers’ advisory committee and the Commissioner; or by the
  Commissioner in liquidation of the insurer. (b) Each subscriber’s share of a deficiency for which an assessment is made, but not exceeding
  in any event his or her aggregate contingent liability as computed in accordance with
  section 4852 of this title, shall be computed by applying to the premium earned on the subscriber’s policy or
  policies during the period to be covered by the assessment, the ratio of the total
  deficiency to the total premiums earned during such period upon all policies subject
  to the assessment. (c) In computing the earned premiums for the purposes of this section, the gross premium
  received by the insurer for the policy shall be used as a base, deducting therefrom
  solely charges not recurring upon the renewal or extension of the policy. (d) No subscriber shall have an offset against any assessment for which he or she is liable,
  on account of any claim for unearned premium or losses payable. (Added 1971, No. 31, § 1, eff. March 31, 1971.)