Vermont Statutes Title 24. Municipal and County Government, § 4944. Approval of agreements

(a) No association organized under this subchapter shall receive funds from any municipality for the purpose of distributing, sharing, or pooling any risk until a plan for the operation of the association together with all contracts, agreements, and any other documents underlying or implementing the plan, and all amendments thereto, have been approved by the Commissioner of Financial Regulation.

(b) The Commissioner shall adopt rules to assist in the formation of such associations and to expedite approval of any plan of operation. The Commissioner shall also adopt rules relating to the administration and operation of such associations in order to provide for the fiscal integrity of agreements entered into under section 4942 of this title and to provide that trade, market, and claim practices engaged in by such associations are equitable, fair, and consistent. In adopting such rules, the Commissioner shall recognize that such associations are undertaking an essential governmental function and that they shall not be considered insurance companies nor insurers under the laws of this State.