Vermont Statutes
Chapter 101 - Insurance Companies Generally
§ 3422. Mutual insurers—Prohibitions

§ 3422. Mutual insurers—Prohibitions
A domestic mutual insurer shall not merge or consolidate with a stock insurer where the surviving corporation will be a stock insurer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 2); amended 1993, No. 28, § 1, eff. May 21, 1993.)

Structure Vermont Statutes

Vermont Statutes

Title 8 - Banking and Insurance

Chapter 101 - Insurance Companies Generally

§ 3301. Purposes

§ 3301a. Insurance defined

§ 3302. Plan of organization; incorporators

§ 3303. Mutual companies; directors, charter provisions as to

§ 3304. Capital and surplus requirements

§ 3305. Petition; hearing

§ 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

§ 3310. Amendment of charter

§ 3311. Quorum

§ 3312. Construction with other laws

§ 3313. Proxies

§ 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

§ 3363. Revocation of license

§ 3364. Authorization for investment purposes only

§ 3365. Plan of organization

§ 3366. Assets of companies

§ 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

§ 3371. Limits of risk

§ 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

§ 3388. Postponements

§ 3389. Motion to quash for improper service

§ 3390. Attorney’s fees

§ 3421. Mutualization of stock insurer

§ 3422. Mutual insurers—Prohibitions

§ 3423. Converting mutual insurer or mutual insurance holding company

§ 3424. Procedure for merger

§ 3425. Procedure for consolidation

§ 3426. Effective date of merger or consolidation

§ 3427. Voting

§ 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

§ 3432. Transfer of deposits

§ 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

§ 3440. Redomestication; fees

§ 3441. Formation of a mutual insurance holding company

§ 3442. Merger of mutual insurance company into an existing mutual insurance holding company; merger and acquisition by mutual insurance holding company or subsidiary of 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

§ 3461. Definitions

§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers

§ 3461b. General limitations and diversification requirements for life and health insurers

§ 3461c. Rated credit investments

§ 3461d. Registration or filing exemption

§ 3462. Investments—Foreign insurers

§ 3463. Domestic 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

§ 3504. Pension system

§ 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

§ 3561. Annual statement

§ 3562. Time reports due

§ 3563. Examination of companies; fees

§ 3564. Examination of foreign insurers; expenses

§ 3565. Examination of officers and books

§ 3566. Penalty for refusal

§ 3567. Liquor liability insurance records

§ 3568. Preservation of records

§ 3569. National Association of Insurance Commissioners filing requirements

§ 3570. Immunity

§ 3571. Confidentiality

§ 3572. Revocation of certificate of authority

§ 3573. Conduct of examinations

§ 3574. Examination reports

§ 3575. Conflict of interest

§ 3576. Immunity from liability

§ 3577. Requirements for actuarial opinions

§ 3578a. Annual financial reporting

§ 3579. Qualified accountants

§ 3581. Purpose; scope; intent

§ 3582. Definitions

§ 3583. Risk management framework

§ 3584. ORSA requirement

§ 3585. Summary report

§ 3586. Exemption

§ 3587. Contents of ORSA summary report

§ 3588. Confidentiality

§ 3589. Sanctions

§ 3604. Offset

§ 3611. Scope of subchapter; short title

§ 3612. Definitions

§ 3613. Creation of Association

§ 3614. Board of Directors

§ 3615. Powers and duties of Association

§ 3616. Plan of operation

§ 3617. Powers and duties of Commissioner

§ 3618. Effect of paid claims

§ 3619. Nonduplication of recovery

§ 3620. Prevention of insolvencies

§ 3621. Examination of Association

§ 3622. Tax exemption

§ 3623. Recognition of assessments in rates

§ 3624. Immunity

§ 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

§ 3636. Reinsurance contract

§ 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

§ 3665c. Damages

§ 3666. Rules; methods of notice

§ 3671. Disclosure of information

§ 3672. Immunity

§ 3673. Penalty for noncompliance

§ 3681. Definitions

§ 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

§ 3686. Examination

§ 3687. Confidential treatment

§ 3688. Rules and regulations

§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities

§ 3690. Sanctions

§ 3691. Receivership

§ 3692. Revocation, suspension, or nonrenewal of insurer’s license

§ 3693. Judicial review

§ 3694. Recovery

§ 3695. Supervisory colleges

§ 3696. Groupwide supervisor; internationally active insurance group