Vermont § 4944 - Approval of agreements

§ 4944. Approval of agreements

• (a) No association organized under this subchapter shall receive funds from any municipality
  for the purpose of distributing, sharing, or pooling any risk until a plan for the
  operation of the association together with all contracts, agreements, and any other
  documents underlying or implementing the plan, and all amendments thereto, have been
  approved by the Commissioner of Financial Regulation. (b) The Commissioner shall adopt rules to assist in the formation of such associations
  and to expedite approval of any plan of operation. The Commissioner shall also adopt
  rules relating to the administration and operation of such associations in order to
  provide for the fiscal integrity of agreements entered into under section 4942 of this title and to provide that trade, market, and claim practices engaged in by such associations
  are equitable, fair, and consistent. In adopting such rules, the Commissioner shall
  recognize that such associations are undertaking an essential governmental function
  and that they shall not be considered insurance companies nor insurers under the laws
  of this State. (Added 1985, No. 237 (Adj. Sess.), § 1, eff. June 3, 1986; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)