§ 3304. Capital and surplus requirements
To qualify for authority to transact the business of insurance, a stock insurer seeking such authorization shall possess and thereafter maintain unimpaired paid-in capital of not less than $2,000,000.00 and, when first so authorized, shall possess and maintain free surplus of not less than $3,000,000.00. Such capital and surplus shall be in the form of cash or marketable securities, a portion of which may be held on deposit with the State Treasurer, such securities as designated by the insurer and approved by the Commissioner, in an amount and subject to such conditions determined by the Commissioner. Such conditions shall include a requirement that any interest or other earnings attributable to such cash or marketable securities shall inure to the benefit of the insurer until such time as the Commissioner determines that the deposit must be used for the benefit of the policyholders of the insurer or some other authorized public purpose relating to the regulation of the insurer. The Commissioner may prescribe additional capital or surplus for all stock insurers authorized to transact the business of insurance based upon the type, volume, and nature of insurance business transacted. The Commissioner may reduce or waive the capital and surplus amounts required by this section pursuant to a plan of dissolution for the company approved by the Commissioner. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 4); amended 1991, No. 101, § 1; 2003, No. 105 (Adj. Sess.), § 2; 2005, No. 36, § 9, eff. June 1, 2005.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 101 - Insurance Companies Generally
§ 3302. Plan of organization; incorporators
§ 3303. Mutual companies; directors, charter provisions as to
§ 3304. Capital and surplus requirements
§ 3306. Duties of Secretary of State, records
§ 3307. Consideration for stock
§ 3308. List of stockholders; certificate to transact business; liability of president and directors
§ 3308a. Reorganization formations
§ 3309. Mutual insurers to commence business; when
§ 3312. Construction with other laws
§ 3314. Annual financial statements; reports; filing fee
§ 3315. Coordinated regulation
§ 3316. Corporate governance; disclosure
§ 3361. Requirements for license
§ 3362. Authority to transact various kinds of insurance business
§ 3364. Authorization for investment purposes only
§ 3367. Retaliatory provisions
§ 3368. Transacting business without certificate of authority prohibited
§ 3368a. Unauthorized and misleading transactions
§ 3369. Commissioner may enjoin unauthorized insurer
§ 3370. Service of process upon unauthorized insurer by director
§ 3381. Legislative purpose and policy
§ 3382. Acts which constitute Secretary of State agent for service of process
§ 3383. Service upon the Secretary of State notice to defendant
§ 3384. Service upon other agents; notice to defendant
§ 3386. Effect on other modes of service
§ 3387. Prerequisites to defense of action
§ 3389. Motion to quash for improper service
§ 3421. Mutualization of stock insurer
§ 3422. Mutual insurers—Prohibitions
§ 3423. Converting mutual insurer or mutual insurance holding company
§ 3425. Procedure for consolidation
§ 3426. Effective date of merger or consolidation
§ 3428. Rights of dissenting shareholders
§ 3429. Rights of dissenting members or policyholders
§ 3430. Effect of merger or consolidation
§ 3431. Merger or consolidation between domestic and foreign insurers—Requirements
§ 3433. Certificates of fees and commissions paid
§ 3434. Fees—Penalty for receiving
§ 3437. Redomestication; approval as a domestic insurer
§ 3438. Redomestication; conversion to foreign insurer
§ 3439. Effects of redomestication
§ 3441. Formation of a mutual insurance holding company
§ 3443. Regulated as an insurance company
§ 3444. Demutualization of a mutual insurance holding company
§ 3445. Membership interest not a security
§ 3446. Filing of amended charters
§ 3461b. General limitations and diversification requirements for life and health insurers
§ 3461c. Rated credit investments
§ 3461d. Registration or filing exemption
§ 3462. Investments—Foreign insurers
§ 3463a. Valuation of investments
§ 3465. Exemption from investment limitations
§ 3467. Qualification of investments
§ 3468. Investments qualified under prior law
§ 3469. Loans to directors and officers—Restrictions
§ 3470. Mortgage loans to minors
§ 3471. Mortgages on real and personal property as liens; priorities
§ 3472. Earnings statements and income ratios—Special situations
§ 3501. Life insurance and annuities
§ 3502. Insurance—Other life insurance and annuities
§ 3503. Deposits of domestic insurer doing foreign business
§ 3541. Filing and approval of forms
§ 3542. Grounds for disapproval
§ 3543. Existing forms and filings
§ 3552. Fees assessed by the National Association of Insurance Commissioners
§ 3563. Examination of companies; fees
§ 3564. Examination of foreign insurers; expenses
§ 3565. Examination of officers and books
§ 3567. Liquor liability insurance records
§ 3568. Preservation of records
§ 3569. National Association of Insurance Commissioners filing requirements
§ 3572. Revocation of certificate of authority
§ 3573. Conduct of examinations
§ 3576. Immunity from liability
§ 3577. Requirements for actuarial opinions
§ 3578a. Annual financial reporting
§ 3581. Purpose; scope; intent
§ 3583. Risk management framework
§ 3587. Contents of ORSA summary report
§ 3611. Scope of subchapter; short title
§ 3613. Creation of Association
§ 3615. Powers and duties of Association
§ 3617. Powers and duties of Commissioner
§ 3619. Nonduplication of recovery
§ 3620. Prevention of insolvencies
§ 3621. Examination of Association
§ 3623. Recognition of assessments in rates
§ 3625. Stay of proceedings; reopening of default judgment
§ 3626. Prohibition against advertising of membership in Association
§ 3634a. Credit for reinsurance
§ 3635. Insolvency of ceding company
§ 3641. Claims, rights, title, and interests of nonresidents
§ 3642. Liability for payments to nonresidents
§ 3661. Cease and desist powers; prosecutions and penalties
§ 3662. Nonpayment of judgment; penalty
§ 3663. Minimum limitation on actions; void policy provisions
§ 3664. Forms; filing proof of loss and other documents, waiver of filing
§ 3665a. Timely payment of property and casualty insurance claims; interest
§ 3665b. Timely payment of life insurance claims and annuity death benefits; interest
§ 3666. Rules; methods of notice
§ 3671. Disclosure of information
§ 3673. Penalty for noncompliance
§ 3682. Subsidiaries of insurers
§ 3683. Acquisition of control of or merger with domestic insurer
§ 3683a. Acquisitions involving insurers not otherwise covered
§ 3684. Registration of insurers
§ 3685. Standards and management of an insurer within an insurance holding company system
§ 3687. Confidential treatment
§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities
§ 3692. Revocation, suspension, or nonrenewal of insurer’s license
§ 3696. Groupwide supervisor; internationally active insurance group