§ 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 […]
§ 4158. Powers and duties of the Association
§ 4158. Powers and duties of the Association In addition to the powers and duties enumerated in other sections of this subchapter: (1) If a member insurer is an impaired insurer, the Association, in its discretion and subject to any conditions imposed by the Association that do not impair the contractual obligations of the impaired […]
§ 4159. Assessments
§ 4159. Assessments (a) For the purpose of providing the funds necessary to carry out the powers and duties of the Association, the Board of Directors shall assess the member insurers, separately for each account, at such times and for such amounts as the Board finds necessary. The Board shall collect the assessment after 30 […]
§ 4160. Plan of operation
§ 4160. Plan of operation (a)(1) The Association shall submit to the Commissioner a plan of operation and any amendments to the plan necessary or suitable to ensure the fair, reasonable, and equitable administration of the Association. The plan of operation and any amendments to the plan shall become effective upon approval in writing by […]
§ 4161. Duties and powers of the Commissioner
§ 4161. Duties and powers of the Commissioner In addition to the duties and powers enumerated elsewhere in this subchapter, (1) The Commissioner shall: (A) Notify the Board of Directors of the existence of an impaired or insolvent insurer not later than three days after a determination of impairment or insolvency is made or he […]
§ 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.)