Vermont Statutes Title 24 Sec. 4944
Terms Used In Vermont Statutes Title 24 Sec. 4944
- Association: shall mean an association, compact, or corporation, any of which shall be organized not for profit, and formed for the purpose of entering into intermunicipal insurance agreements under this subchapter. See
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Municipality: shall mean "municipality" as defined in section 4801 of this title, but shall also include the following:
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4944. Approval of agreements
(a) No association organized under this subchapter shall receive funds from any municipality for the purpose of distributing, sharing, or pooling any risk until a plan for the operation of the association together with all contracts, agreements, and any other documents underlying or implementing the plan, and all amendments thereto, have been approved by the Commissioner of Financial Regulation.
(b) The Commissioner shall adopt rules to assist in the formation of such associations and to expedite approval of any plan of operation. The Commissioner shall also adopt rules relating to the administration and operation of such associations in order to provide for the fiscal integrity of agreements entered into under section 4942 of this title and to provide that trade, market, and claim practices engaged in by such associations are equitable, fair, and consistent. In adopting such rules, the Commissioner shall recognize that such associations are undertaking an essential governmental function and that they shall not be considered insurance companies nor insurers under the laws of this State. (Added 1985, No. 237 (Adj. Sess.), § 1, eff. June 3, 1986; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)