Terms Used In Vermont Statutes > Title 8 > Chapter 209 > Subchapter 4 - Reorganization or Establishment of New Financial Institution

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Adjusted risk-based capital report: means a risk-based capital report that has been adjusted by the Commissioner in accordance with subsection 8302(e) of this title. 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assuming insurer: means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. See
• Assumption reinsurance agreement: means any contract, whether or not coupled with a reinsurance or indemnity agreement, that:

• Authorized control level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Company action level risk-based capital: means , with respect to any insurer, the product of 2. See
• Contract: A legal written agreement that becomes binding when signed.
• Corrective order: means an order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required under this chapter. See
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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 insurer: means any insurance company organized in this State under chapter 101, subchapter 1 of this title, any fraternal benefit society organized in this State under chapter 121 of this title, any health maintenance organization organized in this State under chapter 139 of this title, and any entity organized in this State under chapter 123 or 125 of this title. 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}
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Fraternal benefit society: means any insurance company licensed under chapter 121 of this title. See
• Health maintenance organization: means any entity organized in the State under chapter 139 of this title. See
• 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}
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life or health insurer: means an insurance company that insures lives or health as defined in subdivisions 3301(a)(1) and (2) of this title, an entity organized in this State under chapter 123 or 125 of this title, or a licensed property and casualty insurer writing only accident and health insurance. See
• Mandatory control level risk-based capital: means , with respect to any insurer, the product of 0. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: means the National Association of Insurance Commissioners. See
• Negative trend: means , with respect to a life or health insurer or fraternal benefit society, negative trend over a period of time as determined in accordance with the trend test calculation included in the life or fraternal risk-based capital instructions. See
• Notice of transfer: means the written notice to policyholders required by subsection 8204(a) of this title. 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.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Policyholder: means any individual or entity who owns or has the right to terminate or otherwise alter the terms of a contract of insurance. See
• Property and casualty insurer: means any insurance company that insures property or casualty as defined in subdivisions 3301(a)(3) and (7) of this title, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers. See
• Regulatory action level risk-based capital: means , with respect to any insurer, the product of 1. 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.
• Risk-based capital instructions: means the risk-based capital report form and the related instructions adopted by the NAIC and approved by the Commissioner. See
• Risk-based capital level: means one of the following four levels: company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital. See
• Risk-based capital plan: means a comprehensive financial plan containing the elements specified in subsection 8303(b) of this title. See
• Risk-based capital report: means the report required in section 8302 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
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Total adjusted capital: means the sum of:

• Transferring insurer: means the insurer that transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement. See