§ 3926 - Policy provisions - Vermont Statutes

§ 3926. Policy provisions

The policies issued by a cooperative insurance corporation shall conform to the regulations prescribed therefor by the commissioner. Each such policy shall indicate clearly, in words prominently displayed at the top of the first page or across the page thereof, that such policy is issued on the cooperative plan; and if issued on an assessment plan, shall include a provision in the body of the policy to the effect that its acceptance by the person insured shall bind him or her to pay all assessments which may be levied thereon. The face of each such policy shall display in not less than 10 point bold type the following statement: "THIS POLICY MAY BE SUBJECT TO FUTURE SPECIAL ASSESSMENT OF ADDITIONAL PREMIUM UP TO A MAXIMUM OF ONE-HALF THE REGULAR ANNUAL ASSESSMENT." Each such policy shall include a copy of the bylaws of such corporation or such other matter as the commissioner shall prescribe. (Amended 1981, No. 6, § 8.)