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Vermont Statutes Title 8. Banking and Insurance, § 6056. Notice and registration requirements of purchasing groups

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A purchasing group intending to do business in this State shall, prior to doing business, furnish notice to the Commissioner that shall:

(1) be as provided in 15 U.S.C. § 3903(d);

(2) identify all other states in which the group intends to do business;

(3) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State; and

(4) provide such other information as may be required by the Commissioner to verify that the purchasing group is qualified under subdivision 6051(9) of this title.

(b) The purchasing group shall register with and designate the Commissioner as its agent solely for the purpose of receiving service of legal documents or process, except for any groups exempted under 15 U.S.C. § 3903(e). Service shall be effected in the manner provided in section 3383 of this title.

(c) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the Commissioner to:

(1) verify that the entity qualifies as a purchasing group;

(2) determine where the purchasing group is located; and

(3) determine appropriate tax treatment under section 6058 of this title.

(d) Any purchasing group which was doing business in this State prior to the enactment of this chapter shall, within 30 days after December 31, 1992, furnish notice to the Commissioner pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b) and (c) of this section.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 6056. Notice and registration requirements of purchasing groups - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-6056/

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