§ 1765. Liability insurance

[Subsection (a) effective until occurrence of contingency; see also contingent amendments to subsection (a).]

(a) If the Commissioner of Financial Regulation determines that lead-based paint hazards have substantially diminished the availability of liability insurance for owners of rental property or child care facilities and that a voluntary market assistance plan will not adequately restore availability, the Commissioner shall order liability insurers to provide or continue to provide liability coverage or to participate in any other appropriate remedial program as determined by the Commissioner, provided the prospective insured is otherwise in compliance with the provisions of this chapter.

[Contingent amendments to subsection (a); see also subsection (a) effective until occurrence of contingency.]

(a) If the Commissioner of Financial Regulation determines that lead hazards have substantially diminished the availability of liability insurance for owners of rental target housing or child care facilities and that a voluntary market assistance plan will not adequately restore availability, the Commissioner shall order liability insurers to provide or continue to provide liability coverage or to participate in any other appropriate remedial program as determined by the Commissioner, provided the prospective insured is otherwise in compliance with the provisions of this chapter.

(b) A determination pursuant to subsection (a) of this section shall be made by the Commissioner after a hearing held in accordance with 3 V.S.A. chapter 25. Upon a finding that emergency action is required to protect the public health, safety, or welfare, the Commissioner shall issue an appropriate summary order pending completion of administrative proceedings. No order issued under this section may be stayed pending appeal. (Added 1995, No. 165 (Adj. Sess.), § 12; amended 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2017, No. 149 (Adj. Sess.), § 2.)