ACT NO. 135
Notice of transfer of insurance policy from insurer to affiliate
This act authorizes fire, property, and casualty insurers to transfer a policy to an equally rated insurance affiliate without providing prior notice of nonrenewal to the policyholder, provided that there is no diminution in coverage and the policyholder receives notice of the transfer within 45 days. The act also adds a new section addressing nonrenewal of automobile liability insurance, 8 V.S.A. § 4225a, which mirrors the provisions currently applicable to fire, property, and casualty insurance.
Effective Date: July 1, 2008.
The Vermont General Assembly
115 State Street