2005 Vermont Code - § 3920. — Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.
(b) A nonassessment cooperative insurance corporation is one that has received approval of the commissioner and has met the requirements of subsections (a) and (b) of section 3930 of this title. (Amended 1981, No. 6, § 5.)
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
