§ 4481 - Accident and health insurance and total and permanent disability insurance certificates; filing and approval - Vermont Statutes

§ 4481. Accident and health insurance and total and permanent disability insurance certificates; filing and approval

(a) No domestic, foreign or alien society authorized to do business in this state shall issue or deliver in this state any certificate or other evidence of any contract of accident insurance or health insurance or of any total and permanent disability insurance contract unless and until the form thereof, together with the form of application and all riders of endorsements for use in connection therewith, has been filed with the commissioner of banking, insurance, securities, and health care administration. Each filing of a policy, contract, endorsement, rider or certificate shall be accompanied by payment to the commissioner of a nonrefundable fee of $50.00 per filing submission.

(b) The commissioner of banking, insurance, securities, and health care administration may from time to time make, alter and supersede reasonable regulations prescribing the required, optional and prohibited provisions in the contracts, and the regulations shall conform, as far as practicable, to the provisions of chapter 107 of this title. Where the commissioner of banking, insurance, securities, and health care administration deems inapplicable, either in part or in their entity, the provisions of the foregoing sections, he may prescribe the portions or summary thereof of the contract to be printed on the certificate issued to the member. (1959, No. 197, § 21, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1991, No. 166 (Adj. Sess.), § 7; 1995, No. 180 (Adj. Sess.), § 38(a).)