Sections
Subchapter 1 Formation 3301 – 3316
Subchapter 2 Foreign and Alien Companies Licensing and Regulation 3361 – 3390
Subchapter 3 Mergers, Consolidations, Conversions, Mutualizations, Bulk Reinsurance, Subsidiaries 3421 – 3440
Subchapter 3A Mutual Insurance Holding Companies 3441 – 3446
Subchapter 4 Investments and Loans 3461 – 3472
Subchapter 5 Reserves; Deposits; Pensions 3501 – 3504
Subchapter 6 Filing of Policy Forms 3541 – 3543
Subchapter 7 Examination and Reports 3552 – 3579
Subchapter 7A Own Risk and Solvency Assessment 3581 – 3589
Subchapter 8 Reorganization; Receivership; Injunctions 3604
Subchapter 9 Property and Casualty Insurance Guaranty Association 3611 – 3626
Subchapter 10 Reinsurance of Risks 3634a – 3636
Subchapter 11 Payments to Nonresidents’ Estates 3641 – 3642
Subchapter 12 Actions and Penalties 3661 – 3666
Subchapter 12A Arson; Disclosure of Information 3671 – 3673
Subchapter 13 Holding Companies and Subsidiaries 3681 – 3696

Terms Used In Vermont Statutes > Title 8 > Chapter 101 - Insurance Companies Generally

  • Account: means any one of the three accounts created under section 3613 of this title. See
  • Active ingredient: means :

  • Admitted assets: means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. See
  • Advertisement: means any method used to call attention to a product that is intended to arouse a desire to purchase that product. See
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agency: means the Vermont Agency of Agriculture, Food and Markets. See
  • Agency: means the Agency of Agriculture, Food and Markets. See
  • Agency: means the Agency of Agriculture, Food and Markets. See
  • Agency: means the Agency of Agriculture, Food and Markets. See
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Annuity: shall mean annual payments for life derived from the accumulated contributions of a member. See
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Antidote: means the most practical immediate treatment in case of poisoning and includes first aid treatment. See
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: means the identification, classification, and analysis of all public records, regardless of physical form or characteristics, to determine their value and ultimate disposition, based upon their legal, administrative, or informational value. See
  • Appraisal: A determination of property value.
  • appraised value: when used in connection with real estate shall refer to appraisals made or examined and approved by an insurer or its agents. See
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • archival records: means public records that have continuing legal, administrative, or informational value. See
  • assessment: means a confidential, internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks. See
  • Asset-backed security: means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an admitted asset, a pool of admitted assets, or specifically divisible cash flows which are legally transferred to a trust or another special purpose bankruptcy-remote business entity, on the following conditions:

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Average final compensation: shall mean :

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
  • board: refers to the boards, commissions, and professions listed in section 122 of this subchapter and, in the case of disciplinary matters or denials of licensure, either an administrative law officer appointed under subsection 129(j) of this subchapter or the Director in advisor professions. See
  • Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
  • Brand: means a term, design, or trademark used in connection with one or more grades or formulas of fertilizer, plant amendment, plant biostimulant, soil amendment, or lime. See
  • business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See
  • Canada: means Canada, any province of Canada, or any political subdivision of Canada. See
  • Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See
  • Commercial feed: means all materials except whole seeds unmixed or physically altered entire unmixed seeds, when not adulterated within the meaning of subsection 327(a) of this title, that are distributed for use as feed or for mixing in feed. See
  • Commission: shall mean the Vermont Pension Investment Commission. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Commissioner: means the Commissioner of Financial Regulation or his or her deputies, as appropriate. See
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer: means a customer who purchases, barters for, receives delivery of, or otherwise acquires unpasteurized milk according to the requirements of this chapter. See
  • Consumer commodity: means any food, drug, device, or cosmetic and other article, product, or commodity of any other kind or class, except for drugs sold only by prescription:

  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Council: means the Livestock Care Standards Advisory Council. 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
  • Covered claim: means an unpaid claim, including a claim for unearned premiums:

  • Creditable service: shall mean service for which credit is allowed under section 458 of this title, plus service transferred under section 495 of this title. See
  • CSA organization: means a farm or group of farms each subject to regulation under the Required Agricultural Practices that as part of the business of the farm stand or CSA organization grow, raise, or produce agricultural products for consumer shareholders or subscribers who pledge or contract to buy a portion of the agricultural products of the farm or group of farms. See
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dealer: means a person who annually buys, or otherwise acquires from another person, 1,000 gallons of maple syrup or more for purposes of packaging for resale or for resale in bulk. See
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Defoliant: means any substance produced, distributed, or used for causing the foliage to drop from a plant, with or without causing abscission. See
  • Department: shall mean any department, institution, or agency of this State government. See
  • Dependent: A person dependent for support upon another.
  • Derivative instrument: means an agreement, option, instrument, or a series or combination thereof:

  • Derivative transaction: means a transaction involving the use of one or more derivative instruments. See
  • Desiccant: means any substance produced, distributed, or used for artificially accelerating the drying of plant tissues. See
  • Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
  • Director: means the Director of the Office of Professional Regulation. See
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Distribute: means to import, consign, manufacture, produce, compound, mix, or blend fertilizer or to offer for sale, sell, barter, or otherwise supply a fertilizer, a plant amendment, a plant biostimulant, a soil amendment, or lime in this State. See
  • Distribute: means to offer for sale, sell, exchange, or barter commercial feed, feed supplements, or dosage form animal health products or to supply, furnish, or otherwise provide commercial feed, feed supplements, or dosage form animal health products through any means, including sales outlets, catalogues, the telephone, the Internet, or any electronic means. See
  • Distributor: means any person who distributes commercial feeds, feed supplements, or dosage form animal health products. See
  • Distributor: means any person who distributes fertilizer, plant amendments, plant biostimulants, soil amendments, or lime. See
  • Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
  • Domestic jurisdiction: means the United States, any state of the United States, or any political subdivision of any of the foregoing. See
  • Donor: The person who makes a gift.
  • Dosage form animal health product: means any product intended to affect the structure or function of the animal's body or enhance or support the health or well-being of livestock, poultry, dogs, cats, or other domestic animals that does not provide nutritional benefit, does not require a prescription from a licensed veterinarian, is not intended for cosmetic purposes, or is exempted by the Secretary by rule. See
  • Economic poison: means :

  • Employee: includes deputy State's Attorneys, victim advocates employed by a State's Attorney pursuant to 13 V. See
  • Employee: shall mean any regular officer or employee who is employed for not less than 40 calendar weeks in a year, other than a person engaged under retainer or special agreement. See
  • Employer: shall mean any political subdivision of the State of Vermont and the Vermont National Guard as to employees thereof hired under 32 U. See
  • Enterprise risk: means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including anything that would cause the insurer's risk-based capital to fall into company action level as set forth in section 8303 of this title or would cause the insurer to be in hazardous financial condition under Department Regulation I-93-2, sections 3-4. See
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Equity interest: means any of the following that are not rated credit instruments:

  • 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
  • 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.
  • Farm stand: means a site on a farm subject to the Required Agricultural Practices where agricultural products principally produced on the farm are sold to the public. See
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Feed supplement: means a material used with another to improve the nutritive balance or performance of the total and intended to be fed undiluted as a supplement to other feeds or offered free choice with other parts of the ration separately available or further diluted and mixed to produce a complete feed. See
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • Fertilizer: means any substance containing one or more recognized plant nutrients that is used for its plant nutrient content and that is designed for use or claimed to have value in promoting plant growth or health, except unprocessed animal or vegetable manures and other products exempted by the Secretary. See
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance, or value of one or more underlying interests. See
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign jurisdiction: means a jurisdiction other than a domestic jurisdiction or Canada. See
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Formulation: means a material or mixture of materials prepared according to a particular formula. See
  • Forward: means an agreement (other than a future) to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
  • Fraud: Intentional deception resulting in injury to another.
  • Fungi: means all nonchlorophyll-bearing thallophytes (that is, all nonchlorophyll-bearing plants of a lower order than mosses and liverworts) as, for example, rusts, smuts, mildews, molds, yeast, and bacteria, except those on or in living humans or other animals. See
  • Fungicide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any fungi. See
  • Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing board: shall mean the governing body, by whatever name known, of such employer. See
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grade: means the percentage of total nitrogen, available phosphorus or phosphoric acid, and soluble potassium or potash stated in whole numbers in the same terms, order, or percentages as in the guaranteed analysis. See
  • grades: means the standards for maple syrup adopted through regulation by the Secretary. See
  • grades: means the standards for potatoes established by the U. See
  • Grantor: The person who establishes a trust and places property into it.
  • group: means an insurance holding company system that:

  • Group A members: means employees classified under subdivision (A) of subdivision (9) of this subsection (a). See
  • Group F member: means any person who is first included in the membership of the System on or after January 1, 1991, any person who was a Group E member on December 31, 1990, who was in service on that date, and any person who was a Group E member on December 31, 1990, who was absent from service on that date who returns to service on or after January 1, 1991. See
  • Grow: means :

  • Grower: means a person who is registered with the Agency to produce hemp crops. See
  • Guaranteed: means that the guarantor will perform the obligation of the obligor or will purchase the obligation to the extent of the guaranty. See
  • Guaranteed analysis: means :

  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • Guidance Manual: means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC, as may be amended from time to time. See
  • Hedging transaction: means a derivative transaction that is entered into and maintained to reduce:

  • Hemp: means the plant Cannabis sativa L. See
  • hemp-infused products: means all products with the federally defined tetrahydrocannabinol concentration level for hemp derived from, or made by, processing hemp plants or plant parts, which are prepared in a form available for commercial sale, including cosmetics, personal care products, food intended for animal or human consumption, cloth, cordage, fiber, fuel, paint, paper, construction materials, plastics, and any product containing one or more hemp-derived cannabinoids, such as cannabidiol. See
  • Herbicide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any weed. See
  • Income generation transaction: means a derivative transaction involving the writing of covered call options, covered put options, covered caps, or covered floors that is intended to generate income or enhance return. See
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Ingredient statement: means :

  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insecticide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any insects that may be present in any environment whatsoever. See
  • Insolvent insurer: means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:

  • Inspector: means any person designated by the Secretary to carry out the Secretary's duties under this chapter. See
  • Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in subdivision 3681(5) of this title. See
  • Insurer: means a company qualified and licensed to transact the business of insurance in this State and shall include a health maintenance organization, a nonprofit hospital service corporation, and a nonprofit medical service corporation, except that it shall not include:

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
  • Label: means a display of written, printed, or graphic matter upon or affixed to the container in which a commercial feed, feed supplement, or dosage form animal health product is distributed or on the invoice or delivery slip with which a commercial feed, feed supplement, or dosage form animal health product is distributed. See
  • Label: means the display of all written, printed, or graphic matter upon the immediate container or a statement accompanying a fertilizer, plant amendment, plant biostimulant, soil amendment, or lime. See
  • Label: means the written, printed, or graphic matter on, or attached to, the economic poison, or the immediate container thereof, and the outside container or wrapper of the retail package, if any there be, of the economic poison. See
  • Labeling: means all labels and other written, printed, or graphic matter upon a commercial feed, feed supplement, or dosage form animal health product or any of its containers; the wrapper accompanying the commercial feed, feed supplement, or dosage form animal health product; or advertisements, brochures, posters, electronic media, the Internet, and television and radio announcements used in promoting the sale of the commercial feed, feed supplement, or dosage form animal health product. See
  • Labeling: means all written, printed, or graphic material upon or accompanying any fertilizer, plant amendment, plant biostimulant, soil amendment, or lime, including advertisements, brochures, posters, and television and radio announcements used in promoting the sale of the fertilizer, plant amendment, plant biostimulant, soil amendment, or lime. See
  • Labeling: means all labels and other written, printed, or graphic matter:

  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • License: includes any certification, registration, permit, commission, or other official authorization to undertake a regulated activity. See
  • Licensee: includes any person to whom a license has been issued by a board or the Director. See
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • lime: means one or more of the following:

  • Listed bond mutual fund: means a mutual fund that at all times qualifies for inclusion on the "bond fund list" within the Purposes and Procedures of the NAIC Investment Analysis Office or any successor publication. See
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Livestock: means cattle, horses, sheep, swine, goats, camelids, fallow deer, red deer, reindeer, and American bison. See
  • Livestock: means cattle, calves, sheep, swine, horses, mules, goats, fallow deer, American bison, poultry, and any other animal that can or may be used in and for the preparation of meat, fiber, or poultry products. See
  • Livestock dealer: means a person who, on the person's own account or for commission, goes from place to place buying, selling, or transporting livestock either directly or through online or other remote transaction, or who operates a livestock auction or sales ring, provided that "livestock dealer" shall not mean:

  • Local retirement fund: shall mean any retirement, pension, or benefit fund partially or wholly maintained at the expense of an employer. See
  • Maple products: means only maple syrup, maple sugar, maple cream, or any other product in which the sugar content is entirely derived from pure maple sap and to which nothing has been added. See
  • Maple sap: means the unprocessed liquid derived from the maple tree (Acer). See
  • Maple sap hydrometer: means a floating instrument that measures the specific gravity of a liquid and that contains a scale designed to determine the sugar content of maple sap. See
  • Maple sugar: means the solid, crystalline produce of maple tree sap only. See
  • Maple syrup: means pure maple syrup that is the liquid derived by concentration and heat treatment of the sap of the maple tree (Acer). See
  • Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
  • Member insurer: means any person who:

  • Money market mutual fund: means a mutual fund that meets the conditions of 17 C. 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.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgage loan: means an obligation secured by a mortgage, deed of trust, trust deed, or other consensual lien on real estate. See
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
  • Mutual fund: means an investment company or, in the case of an investment company that is organized as a series company, an investment company series that, in either case, is registered with the U. See
  • NAIC: means the National Association of Insurance Commissioners. See
  • NAIC: means the National Association of Insurance Commissioners. See
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Guard employees: shall mean employees of the Vermont National Guard hired under 32 U. See
  • Nematocide: means any substance produced, distributed, or used for preventing, destroying, or repelling nematodes. See
  • Nematode: means invertebrate animals of the phylum nemathelminthes and class nematoda, that is, unsegmented round worms with elongated, fusiform, or saclike bodies covered with cuticle, and inhabiting soil, water, plants, or plants parts. See
  • Neonicotinoid pesticide: means any economic poison containing a chemical belonging to the neonicotinoid class of chemicals, including:

  • Neonicotinoid pesticide: means any economic poison containing a chemical belonging to the neonicotinoid class of chemicals. See
  • Net direct written premiums: means direct gross premiums written in this State on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • obligation: means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
  • Office: means the Office of Professional Regulation. See
  • Official sample: means a sample of feed taken by the Secretary in accordance with the provisions of subdivision 330(3) of this title. See
  • Offloaded: means removed or otherwise taken off or away from the conveyance of transport. See
  • Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend, or terminate or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Packaged maple syrup: means maple syrup packed in containers of five gallons or less. See
  • Packer: means a livestock dealer who is solely involved in the purchase of livestock for purpose of slaughter at his or her own slaughter facility. See
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Pension: shall mean annual payments for life derived from contributions by the State. See
  • percentage: means the percentage by weight. See
  • Permitted analytical variances: means those allowances for the inherent variability in sampling and laboratory analysis. See
  • Person: means individuals, groups of individuals, partnerships, limited partnerships, corporations, companies, cooperatives, and associations. See
  • Person: means any individual, partnership, unincorporated association, or corporation. See
  • Person: means any individual, partnership, association, corporation, or organized group of persons whether incorporated or not. See
  • Person: means any individual, corporation, partnership, association, or voluntary organization. See
  • Person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function. See
  • Personal consumption: means the use by a consumer of unpasteurized milk for food or to create a food product made with or from unpasteurized milk that is intended to be ingested by the consumer, members of his or her household, or any nonpaying guests. See
  • Personal property: All property that is not real property.
  • Pest: means any insect, rodent, nematode, fungus, weed, or any other form of terrestrial or aquatic plant or animal life or virus, bacteria, or other microorganisms that the Secretary declares as being injurious to health or environment. See
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plant amendment: means any substance applied to plants or seeds that is intended to improve growth, yield, product quality, reproduction, flavor, or other favorable characteristics of plants, except for fertilizer, soil amendments, agricultural liming materials, animal and vegetable manures, pesticides, plant regulators, and other materials exempted by rule adopted under this chapter. See
  • Plant biostimulant: means a substance or microorganism that, when applied to seeds, plants, or the rhizosphere, stimulates natural processes to enhance or benefit nutrient uptake, nutrient efficiency, tolerance to abiotic stress, or crop quality and yield, except for fertilizers, soil amendments, plant amendments, or pesticides. See
  • Plant regulator: means any substance produced, distributed, or used for the purposes of accelerating or retarding the rate of growth or rate of maturation, or otherwise altering the behavior of plants but shall not include substances produced, distributed, or used for plant nutrients, trace elements, nutritional chemicals, plant inoculants, and soil amendments. See
  • Potential exposure: means the amount determined in accordance with the NAIC Annual Statement Instructions. See
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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.
  • Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
  • Principal display panel: shall be construed to mean that part of a label that is so designed as most likely to be displayed, presented, shown, or examined under normal and customary conditions of display and purchase. See
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Process: includes transporting, aggregating, packaging hemp from a single grower or multiple growers, or manufacturing hemp products or hemp-infused products from hemp concentrate. See
  • Processor: means a person who annually buys, or otherwise acquires from another person, 2,500 gallons of maple syrup or more for purposes of packaging for resale, processing into associated products, or for resale in bulk. See
  • Processor: means a person who is registered with the Agency to process hemp crops. See
  • Produce farm: means any farm engaged in the growing, harvesting, packing, or holding of produce. See
  • Product: means the name of the commercial feed, feed supplement, or dosage form animal health product that identifies it as to kind, class, or specific use. See
  • Product: means the name of the fertilizer, plant amendment, plant biostimulant, soil amendment, or lime that identifies it as to kind, class, or specific use. See
  • prohibited food waste: means the following:

  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public eating place: means any person or establishment engaged in the business of preparing and selling food for the general public's consumption on premises and who is subject to the license requirement of 18 V. See
  • Qualified bank: means :

  • Qualified clearinghouse: means a clearinghouse for, and subject to the rules of, a qualified exchange or a qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction, such that the parties no longer have credit risk as to each other. See
  • Qualified exchange: means :

  • Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States, its territories, or possessions:

  • Qualified primary credit source: means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction or Canada. See
  • Quorum: The number of legislators that must be present to do business.
  • Rated credit instrument: means a contractual right to receive cash or another rated credit instrument from another entity, which instrument:

  • Reactor: means livestock or poultry that test positive to a test required under this chapter. See
  • real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Records and information management: means the efficient and systematic control of the creation, receipt, maintenance, use, and disposition of public records, including the processes for capturing and maintaining evidence of, and information about, public agency business activities and transactions in the form of public records. See
  • Registrant: means the person who registers a fertilizer, plant amendment, plant biostimulant, soil amendment, or lime under the provisions of this chapter. See
  • Registrant: means the person registering any economic poison pursuant to the provisions of this chapter. See
  • Regular interest: shall mean interest at such rate or rates as may be set from time to time by the Retirement Board in accordance with subsection 472(b) of this title. See
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Retirement Board: shall mean the Retirement Board of the State Retirement System. See
  • Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • 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
  • Secretary: means the Secretary for the Vermont Agency of Agriculture, Food and Markets or his or her designee. See
  • Secretary: means the Secretary of Agriculture, Food and Markets. See
  • Secretary: means the Secretary of Agriculture, Food and Markets. See
  • Secretary: means the Secretary of Agriculture, Food and Markets. See
  • Secretary: means the Secretary of Agriculture, Food and Markets. See
  • Secretary: means the Secretary of Agriculture, Food and Markets. See
  • Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
  • Service: shall mean service as an employee for which compensation is paid by the State. 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.
  • Shell business entity: means a business entity having no economic substance except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction. See
  • Soil amendment: means a substance or mixture of substance that is intended to improve the physical, chemical, biological, or other characteristics of the soil, or a distinct form of horticultural growing media used in lieu of soil. See
  • Special rated credit instrument: means a rated credit instrument that is:

  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summary Report: means a confidential high-level summary of an insurer or insurance group's ORSA. See
  • supervisor: means the regulatory official authorized to engage in conducting and coordinating groupwide supervision activities, as specified by the Commissioner under section 3696 of this subchapter. See
  • Suspect: means livestock or poultry that are tested under a requirement in this chapter and are not classified as testing positive or negative. See
  • SVO: means the Securities Valuation Office of the NAIC or any successor office established by the NAIC. See
  • Swap: means an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance, or value of one or more underlying interests. See
  • sworn: shall include affirmed. See
  • system: means two or more affiliated persons, one or more of which is an insurer. See
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Ton: means a net weight of 2,000 pounds avoirdupois. See
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
  • Transporter: means a livestock dealer who limits his or her activity to transporting livestock for remuneration. See
  • Treated article: means a pesticide or class of pesticides exempt under 40 C. See
  • Treated article seed: means an agricultural seed, flower seed, or vegetable seed that is a treated article pesticide. See
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • under common control with: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See
  • Underlying interest: means the assets, liabilities, other interests, or a combination thereof underlying a derivative instrument, such as any one or more securities, currencies, rates, indices, commodities, or derivative instruments. See
  • Unprocessed: means milk that has not been modified from the natural state it was in as it left the animal, other than filtering, packaging, and cooling. See
  • Use: includes all purposes for which a fertilizer, plant amendment, plant biostimulant, soil amendment, or lime is applied. See
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Verdict: The decision of a petit jury or a judge.
  • Voting security: shall include any security convertible into or evidencing a right to acquire a voting security. See
  • Warrant: means an instrument that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times outlined in the warrant agreement. See
  • Weed: means any plant that grows where not wanted. See
  • Weight: means the weight of undried material as offered for sale. See
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.