Vermont Statutes Title 8 Sec. 6051
Terms Used In Vermont Statutes Title 8 Sec. 6051
- Commissioner: means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: means any state of the United States or the District of Columbia. See
§ 6051. Definitions
As used in this chapter:
(1) “Commissioner” means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state.
(2) “Domicile,” for purposes of determining the state in which a purchasing group is domiciled, means:
(A) for a corporation, the state in which the purchasing group is incorporated; and
(B) for an unincorporated entity, the state of its principal place of business.
(3) “Hazardous financial condition” shall have the same meaning as in 15 U.S.C. § 3901(a)(7).
(4) “Insurance” shall have the same meaning as in 15 U.S.C. § 3901(a)(1).
(5) “Liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(2).
(6) “Personal risk liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(3).
(7) “Plan of operation and feasibility study” means an analysis that presents the expected activities and results of a risk retention group as required by chapter 141 of this title.
(8) “Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred.
(9) “Purchasing group” has the same meaning as in 15 U.S.C. § 3901(a)(5).
(10) “Risk retention group” shall have the same meaning as in 15 U.S.C. § 3901(a)(4).
(11) “State” means any state of the United States or the District of Columbia. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992; amended 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)