Vermont Statutes Title 8 Sec. 4176
Terms Used In Vermont Statutes Title 8 Sec. 4176
- Account: means either of the two accounts created under section 4176 of this chapter. See
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the Vermont Life and Health Insurance Guaranty Association created under section 4176 of this chapter. See
- Commissioner: means the Commissioner of Financial Regulation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- State: means a state, the District of Columbia, Puerto Rico, and a U. See
- Trustee: A person or institution holding and administering property in trust.
§ 4176. 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 or health maintenance organization business in Vermont. The Association shall perform its functions under the plan of operation established and approved under section 4180 of this chapter and shall exercise its powers through a board of directors established under section 4177 of this chapter. For purposes of administration and assessment, the Association shall maintain two accounts:
(1) The life insurance and annuity account that includes the following subaccounts:
(A) life insurance account;
(B) annuity account, which shall include annuity contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code, but shall otherwise exclude unallocated annuities; and
(C) unallocated annuity account, which shall exclude contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code.
(2) The health account.
(b) The Association shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this State. Meetings and records of the Association may be opened to the public upon majority vote of the Board of Directors of the Association. (Added 2023, No. 32, § 9, eff. July 1, 2023.)