Vermont § 6057 Restrictions on insurance purchased by purchasing groups

Vermont Statutes

§ 6057 — Restrictions on insurance purchased by purchasing groups

Vermont § 6057

Title 8Title 8: Banking and Insurance

Ch. 142Chapter 142: Risk Retention Groups and Purchasing Groups

This text of Vermont § 6057 (Restrictions on insurance purchased by purchasing groups) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 6057 (2026).

Text

(a)A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.

(b)A purchasing group that obtains liability insurance from an insurer not admitted in this State or a risk retention group shall inform each of the members of such group that have a risk resident or located in this State that such risk is not protected by an insurance insolvency guaranty fund in this State in writing that such risk retention group or such insurer may not be subject to all insurance laws and regulations of this State.

(c)No purchasing grou

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(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.
(b) A purchasing group that obtains liability insurance from an insurer not admitted in this State or a risk retention group shall inform each of the members of such group that have a risk resident or located in this State that such risk is not protected by an insurance insolvency guaranty fund in this State in writing that such risk retention group or such insurer may not be subject to all insurance laws and regulations of this State.
(c) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.
(d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits that are applicable to all purchases of group insurance. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)