§ 3429. Rights of dissenting members or policyholders
If not less than five percent of the members or policyholders in a mutual insurer, who did not vote in favor of such merger or consolidation at the meeting at which the agreement of merger or consolidation was adopted by the members or policyholders of such insurer, shall at any time within 30 days after the filing of the affidavit of notice of the adoption of the agreement of merger or consolidation as provided for in sections 3424 and 3425 of this title, file a petition with the Commissioner for a hearing upon the adoption of such agreement of merger or consolidation, the Commissioner shall order a hearing upon said petition and give notice fixing the time and place of such hearing, to the insurers which are parties to the merger or consolidation 15 days before the date of such hearing. The insurer whose policyholders file such petition shall give notice by mail to each member or policyholder of such insurer, at least 10 days before such hearing. At the time and place fixed in such notice, or at the time or times and place or places to which such hearing shall be adjourned, the Commissioner shall proceed with the hearing and make or order such examination into the affairs and condition of each of such insurers as he or she may deem proper. The Commissioner shall have the power to summon and compel the attendance and testimony of witnesses and the production of books and papers before him or her at such hearing. Any member or policyholder, as the case may be, of the insurer so petitioning may appear before the Commissioner and be heard with reference to said contract. If, upon such hearing being had, the Commissioner is not satisfied that the interests of the members or policyholders, as the case may be, of such insurer are properly protected, or if he or she finds that any reasonable objection exists to such contract, he or she shall revoke the approval already given, and the said agreement of merger or consolidation shall thereupon become null and void. The Commissioner shall have like power to revoke any approval of any such agreement of merger or consolidation if any officer, director, or employee of any insurer party to such agreement of merger or consolidation shall, after reasonable notice, fail or refuse to attend and testify at such hearing, or to produce any books or papers called for by said Commissioner. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 8).)
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