Terms Used In Vermont Statutes > Title 8 > Chapter 208 - Effect of Merger, Share Exchange, Consolidation, Conversion, or Acquisition; Nonconforming Activities

• Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. See
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
• Board: means the State Labor Relations Board established under section 921 of this title. See
• Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
• Closed block: means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
• Collective bargaining service fee: means a fee deducted by an employer from the salary or wages of an employee who is not a member of an employee organization, and that fee is paid to the employee organization that is the exclusive bargaining agent for the bargaining unit of the employee. See
• Collective bargaining unit: means the employees of an employer, being either all of the employees, the members of a department or agency, or such other unit or units as the Board may determine are most appropriate to best represent the interests of employees. See
• Comment period: means the 60-day period starting on the date notice is issued by an assuming company under subsection 7112(h) of this chapter. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Controlling party: means a person having control of an assuming company or transferring insurer. See
• Department: means the Department of Financial Regulation. See
• Department: means the Department of Financial Regulation. See
• Domicile regulator: means the primary insurance regulatory authority of the domicile jurisdiction of a transferring insurer. See
• Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
• Employee: means a State employee as defined by subdivision (5) of this section except as the context requires otherwise. See
• Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
• Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
• Employer: means the State of Vermont, excluding the Legislative and Judiciary Departments, represented by the Governor or designee, the Office of the Defender General represented by the Defender General or designee, Vermont State Colleges represented by the Chancellor or designee, and the University of Vermont represented by the President or designee. See
• Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• Facility: means a place or places in which a resident receives continuing care. See
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
• Grievance: means an employee's, group of employees', or the employee's collective bargaining representative's expressed dissatisfaction, presented in writing, with aspects of employment or working conditions under a collective bargaining agreement or the discriminatory application of a rule or regulation, that has not been resolved to a satisfactory result through informal discussion with immediate supervisors. See
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Inward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsurer. See
• Inward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an inward reinsurance agreement as the reinsured. See
• Legacy: A gift of property made by will.
• Legacy insurance transfer: means the transfer of a closed block in accordance with the requirements of this chapter. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Non-admitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance. See
• Non-admitted insurer: means , with respect to a state, an insurer not licensed to engage in the business of insurance in such state. See
• Outward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsured. See
• Outward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an outward reinsurance agreement as the reinsurer. See
• Oversight: Committee review of the activities of a Federal agency or program.
• Party: means :

• Person: means an individual, the State of Vermont, an employee organization, partnership, corporation, a legal representative, trustee, or any other natural or legal entity whatsoever. See
• Person: means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation. See
• Person: includes one or more individuals, the State of Vermont, Vermont State Colleges, University of Vermont, Department of State's Attorneys and Sheriffs, employee organizations, labor organizations, partnerships, corporations, legal representatives, trustees, or any other natural or legal entity whatsoever. See
• plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
• Plan summary: means a written statement of the key terms and provisions of a plan as required under subdivision 7112(b)(19) of this chapter. See
• Policy: means a contract of property and casualty insurance that is neither a contract of reinsurance nor a contract of workers' compensation, health, life, or any other personal line of insurance. See
• Policyholder: means the person identified as the policyholder or first named in a policy. See
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Probate: Proving a will
• Provider: means the person who enters into a contract to provide continuing care to a resident. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reinsurance agreement: means an inward reinsurance agreement or an outward reinsurance agreement. See
• Reinsurance agreement counterparty: means an inward reinsurance agreement counterparty or an outward reinsurance counterparty. See
• Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
• Representatives: includes any individual or individuals certified by the Board to represent employees or employee organizations in collective bargaining or grievance proceedings. See
• Resident: means the individual designated in a continuing care contract as the one who is to receive continuing care. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
• State employee: means any individual employed on a permanent or limited-status basis by the State of Vermont, the Vermont State Colleges, the University of Vermont, the State's Attorneys' offices, or as a full-time deputy sheriff paid by the State pursuant to 24 V. See
• Strike: means any concerted work stoppage by employees, including concerted slowdowns, interference, or interruption of operations or services. See
• Subpoena: A command to a witness to appear and give testimony.
• sworn: shall include affirmed. See
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transferring insurer: means a non-admitted insurer that is transferring a closed block to an assuming company under a legacy insurance transfer plan. See
• Trustee: A person or institution holding and administering property in trust.