Vermont § 7034 Cooperation of officers, owners, and employees

Vermont Statutes

§ 7034 — Cooperation of officers, owners, and employees

Vermont § 7034

Title 8Title 8: Banking and Insurance

Ch. 145Chapter 145: Supervision, Rehabilitation, and Liquidation of Insurers

This text of Vermont § 7034 (Cooperation of officers, owners, and employees) 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, § 7034 (2026).

Text

(a)An officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer’s affairs, shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. “To cooperate” shall include the following:

(1)to reply promptly in writing to any inquiry from the Commissioner requesting such a reply; and

(2)to make available to the Commissioner any books, accounts, documents, or other records or information or property of or pertaining to the i

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(a) An officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer’s affairs, shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. “To cooperate” shall include the following:
(1) to reply promptly in writing to any inquiry from the Commissioner requesting such a reply; and
(2) to make available to the Commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in his or her possession, custody, or control.
(b) A person shall not obstruct or interfere with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding.
(c) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders.
(d) A person described in subsection (a) of this section who fails to cooperate with the Commissioner, or any person who obstructs or interferes with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding, or who violates any order the Commissioner issued validly under this chapter may:
(1) be sentenced to pay a fine not exceeding $10,000.00 or to undergo imprisonment for a term of not more than one year, or both; or
(2) after a hearing, be subject to the imposition by the Commissioner of a civil penalty not to exceed $10,000.00 and shall be subject further to the revocation or suspension of any insurance licenses issued by the Commissioner.