2005 Vermont Code - § 697. — -Notice of intent not to renew policy

§ 697. -Notice of intent not to renew policy

An insurance carrier who does not intend to renew a policy of workers' compensation insurance or guarantee contract covering the liability of an employer under the provisions of this chapter, 45 days prior to the expiration of such policy or contract, shall give notice of such intention to the commissioner of labor and to the covered employer. Such notice shall be given by certified mail or certificate of mailing. An insurance carrier who fails to give such notice shall continue the policy or contract in force beyond its expiration date for 45 days from the day such notice is received by the commissioner. However, this latter provision shall not apply if, prior to such expiration date, the insurance carrier has offered to continue the insurance beyond such date by delivery of a renewal contract or otherwise or if the employer notifies the insurance carrier that he does not wish the insurance continued beyond such expiration date, or if the employer complies with the provisions of section 687 of this title, on or before the expiration of the existing insurance or guarantee contract. (Amended 1981, No. 165 (Adj. Sess.), § 1; 1989, No. 171 (Adj. Sess.), § 10, eff. Sept. 1, 1990; 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006.)