Vermont § 4685 Rate standards

Vermont Statutes

§ 4685 — Rate standards

Vermont § 4685

Title 8Title 8: Banking and Insurance

Ch. 128Chapter 128: Property and Casualty Insurance Rate Regulation

This text of Vermont § 4685 (Rate standards) 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, § 4685 (2026).

Text

(a)General. Rates shall not be excessive, inadequate, or unfairly discriminatory.

(b)Excessiveness.

(1)Competitive market. A rate in a competitive market is not excessive.

(2)Noncompetitive market. Rates in a noncompetitive market are excessive if they are producing or are likely to produce unreasonably high profits for the insurance provided or if expenses are unreasonably high in relation to services rendered.

(c)Inadequacy. Rates are not inadequate unless insufficient to sustain projected losses and expenses in the class or classes of business to which they apply or the use of such rates has or, if continued, will have the effect of substantially lessening competition or the tendency to create a monopoly in any market.

(d)Unfair discrimination. Unfair discrimination exists if, aft

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(a) General. Rates shall not be excessive, inadequate, or unfairly discriminatory.
(b) Excessiveness.
(1) Competitive market. A rate in a competitive market is not excessive.
(2) Noncompetitive market. Rates in a noncompetitive market are excessive if they are producing or are likely to produce unreasonably high profits for the insurance provided or if expenses are unreasonably high in relation to services rendered.
(c) Inadequacy. Rates are not inadequate unless insufficient to sustain projected losses and expenses in the class or classes of business to which they apply or the use of such rates has or, if continued, will have the effect of substantially lessening competition or the tendency to create a monopoly in any market.
(d) Unfair discrimination. Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for a class of policyholders with like loss exposures but different expenses, or like expenses but different loss exposures, provided that the rate equitably reflects the differences with reasonable accuracy. A rate is not unfairly discriminatory if it is averaged broadly among persons insured under a group, franchise, or blanket policy or a mass marketed plan. (Added 1983, No. 238 (Adj. Sess.), § 1; amended 2017, No. 134 (Adj. Sess.), § 6.)