Vermont Statutes Title 8 Sec. 3613
Terms Used In Vermont Statutes Title 8 Sec. 3613
- Account: means any one of the three accounts created under section 3613 of this title. See
- Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
- 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
§ 3613. Creation of Association
There is created a nonprofit unincorporated legal entity to be known as the Vermont Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in subdivision 3612(6) of this title shall be and remain members of the Association as a condition of their authority to transact business in this State. The Association shall perform its functions under a plan of operation established and approved under section 3616 of this title and shall exercise its powers through a Board of Directors established under section 3614 of this title. For purposes of administration and assessment, the Association shall be divided into three separate accounts:
(1) the workers’ compensation insurance account;
(2) the automobile insurance account; and
(3) the account for all other insurance to which this subchapter applies. (Added 1969, No. 279 (Adj. Sess.), § 5; amended 1979, No. 18, § 8; 1981, No. 165 (Adj. Sess.), § 1.)