§ 4163. Appointment of special deputy
§ 4163. Appointment of special deputy The Commissioner may appoint a person to serve, at the expense of the Association, as a special deputy to act for and under his or her supervision in the liquidation, rehabilitation, or conservation of any member insurer. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
§ 4164. Miscellaneous provisions
§ 4164. Miscellaneous provisions (a) Nothing in this subchapter shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (b) Records shall be kept of all negotiations and meetings in which the Association or its representatives are involved to […]
§ 4155. Definitions
§ 4155. Definitions As used in this subchapter: (1) “Account” means either of the four accounts created under section 4156 of this title. (2) “Affiliate” means affiliate as defined in section 3681 of this title. (3) “Association” means the Vermont Life and Health Insurance Guaranty Association created under section 4156 of this title. (4) “Commissioner” […]
§ 4156. Creation of the Association
§ 4156. Creation of the Association (a) There is created a nonprofit legal entity to be known as the Vermont Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance in this State. The Association shall perform its functions […]
§ 4157. Board of Directors
§ 4157. Board of Directors (a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies on the […]
§ 4151. Short title
§ 4151. Short title This subchapter shall be known and may be cited as the Vermont Life and Health Insurance Guaranty Association Act. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
§ 4152. Purpose
§ 4152. Purpose The purpose of this subchapter is to protect policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment or insolvency of the insurer issuing such policies or […]
§ 4153. Scope
§ 4153. Scope (a) This subchapter shall provide coverage for the policies and contracts specified in subsection (b) of this section: (1) To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts and except for payees and beneficiaries of structured settlement annuities as specified in subdivision (3) […]
§ 4154. Construction
§ 4154. Construction This subchapter shall be liberally construed to effect the purpose under section 4152 of this title which shall constitute an aid and guide to interpretation. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)