§ 4711. Cancellation of commercial risk insurance
(a) A notice of cancellation of a policy of commercial risk insurance as defined in this chapter but excluding farm risks, issued under this chapter shall be effective only if it is based on:
(1) nonpayment of premium;
(2) fraud or material misrepresentation affecting the policy or in the presentation of a claim under the policy, or violation of any of the terms or conditions of the policy; or
(3) substantial increase in hazard provided that cancellation for this reason shall be effective only after prior approval of the Commissioner.
(b) This section shall not apply to any policy or coverage which has been in effect less than 60 days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.
(c) This section shall not apply to nonrenewal. (Added 1985, No. 265 (Adj. Sess.), § 3; amended 2021, No. 105 (Adj. Sess.), § 224, eff. July 1, 2022.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 128 - Property and Casualty Insurance Rate Regulation
§ 4686. Rating methods or criteria
§ 4688. Filing of rates and other rating information
§ 4689. Approval or disapproval of rates
§ 4690. Licensing, operation, services, and activities of advisory or service organizations
§ 4691. Filing of records and reports; exchange of information
§ 4692. Joint underwriting; pool and residual market activities
§ 4694. Residual market mechanism status
§ 4696. Mandatory market participation
§ 4702. Monitoring competition
§ 4703. Information and monitoring costs
§ 4704. Information to be furnished insureds; aggrieved persons
§ 4704a. Rerating after use of erroneous credit information
§ 4711. Cancellation of commercial risk insurance