Vermont Statutes Title 8 Sec. 3625
Terms Used In Vermont Statutes Title 8 Sec. 3625
- Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
- Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
- Insolvent insurer: means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:
- 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
- Verdict: The decision of a petit jury or a judge.
§ 3625. Stay of proceedings; reopening of default judgment
All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this State shall be stayed for up to six months and such additional time thereafter as may be determined by the court from the date on which the insolvency is declared or an ancillary proceeding is instituted in the State, whichever is later, to permit proper defense by the Association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the Association either on its own behalf or on behalf of such insured may apply to have such judgment, order, decision, verdict, or finding set aside by the same court or administrator that made such judgment, order, decision, verdict, or finding and shall be permitted to defend against such claim on the merits. (Added 1969, No. 279 (Adj. Sess.), § 17; amended 1979, No. 18, § 17.)