§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.
(b) A nonassessment cooperative insurance corporation is one that has received approval of the Commissioner and has met the requirements of subsections 3930(a) and (b) of this title. (Amended 1981, No. 6, § 5.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 105 - Fire and Casualty Insurance
§ 3861. Discrimination and rebates prohibited
§ 3864. Penalty for violation of sections 3463 and 3862
§ 3866. Returns, rate of tax, exemption
§ 3868. When loss due and payable
§ 3869. Contracts considered made in Vermont
§ 3879. Cancellation of fire and casualty insurance
§ 3880. Notice of cancellation
§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts
§ 3912. Contents of declaration
§ 3914. Statement as to applications
§ 3915. Issuance of certificate of authority
§ 3916. Name, status and powers
§ 3925. Bylaws; compulsory provisions
§ 3927. Assessment cooperative insurance corporations
§ 3930. Nonassessment cooperative insurance corporations to commence business
§ 3931. Application of provisions
§ 3962. Application to Commissioner
§ 3963. Time and place for making valuation
§ 3964. Appointment of appraisers to determine valuation
§ 3965. Appraisers’ award and expenses
§ 3966. Duration of valuation fixed
§ 3968. Penalty for violations