2005 Vermont Code - § 3882. — Renewal policies

§ 3882. Renewal policies

(a) If the insurer has the necessary information to issue the renewal policy, the insurer shall confirm in writing at least 45 days prior to expiration its intention to renew the policy and the premium at which the policy is to be renewed. The insured shall have the right to renew the policy at this premium.

(b) An insurer not complying with subsection (a) of this section shall grant its insured renewal coverage at the rate or premium in effect under the expiring or expired policy or at rates lawfully in effect on the expiration date, which have been approved by the commissioner. This shall be done on a pro rata basis and shall continue for 45 days after the insurer confirms renewal coverage and premium. This subsection shall not apply if the insured accepts the renewal policy. (Added 1977, No. 223 (Adj. Sess.), § 7; amended 1989, No. 171 (Adj. Sess.), § 3, eff. Sept. 1, 1990.)