§ 3469 - Loans to directors and officers-Restrictions - Vermont Statutes

§ 3469. Loans to directors and officers-Restrictions

No domestic insurer shall invest in or loan upon any property, directly or indirectly, whether real or personal, in which any officer or director of such insurer has a financial interest, nor shall any such insurer make a loan of any kind to any officer or director of such insurer unless such officer or director neither participates in, nor votes at any management decision or meeting regarding such loan. This section shall not apply to policy loans or first mortgage loans on dwellings of not more than two families to be occupied by such officer as a residence, nor in circumstances where the financial interest of such officer or director is only nominal, trifling or so remote as not to give rise to a conflict of interest. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 5).)