§ 4485 - Foreign or alien society; admission - Vermont Statutes

§ 4485. Foreign or alien society; admission

(a) No foreign or alien society may transact business in this state without a license issued by the commissioner of banking, insurance, securities, and health care administration. Any such society may be licensed to transact business in this state upon filing with the commissioner of banking, insurance, securities, and health care administration:

(1) a duly certified copy of its charter or articles of incorporation;

(2) a copy of its constitution and laws, certified by its secretary or corresponding officer;

(3) a power of attorney to the secretary of state as prescribed in section 4489 of this title;

(4) a statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner of banking, insurance, securities, and health care administration, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province or country, satisfactory to the secretary of state of this state;

(5) a certificate from the proper official of its home state, territory, province or country that the society is legally incorporated and licensed to transact business therein;

(6) copies of its certificate forms; and

(7) such other information as he may deem necessary; and upon a showing that its assets are invested in accordance with the provisions of this chapter.

(b) Any foreign or alien society desiring admission to this state shall have the qualifications required of domestic societies organized under this chapter. (1959, No. 197, § 25, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)