Vermont Statutes Title 8 Sec. 3612
Terms Used In Vermont Statutes Title 8 Sec. 3612
- Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
- Commissioner: means the Commissioner of Financial Regulation. See
- 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.
- 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
- Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
- Insolvent insurer: means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:
- 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.
- 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.
- Person: means any individual, corporation, partnership, association, or voluntary organization. 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
§ 3612. Definitions
As used in this subchapter:
(1) “Account” means any one of the three accounts created under section 3613 of this title.
(2) “Association” means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title.
(3) “Commissioner” means the Commissioner of Financial Regulation.
(4) “Covered claim” means an unpaid claim, including a claim for unearned premiums:
(A) which is asserted against an insurer which becomes an insolvent insurer after the effective date of this chapter or against the insured of such an insurer; and
(B) which arises out of and is in an amount not in excess of the applicable limits of an insurance policy to which this subchapter applies; and
(C)(i) where the claimant or insured is a resident of this State at the time of the insured event; or
(ii) where the claim arises from property permanently located in this State; and
(D) which does not include a claim for services rendered to or for the insolvent insurer; and
(E) which does not include any amount due any reinsurer, insurer, insurance pool or underwriting association; provided, that claims which would be covered claims but for this subdivision may be filed directly with the receiver of the insolvent insurer and shall not be asserted against an insured of the insolvent insurer.
(5) “Insolvent insurer” means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:
(A) licensed to transact insurance in this State either at the time the policy was issued or when the insured event occurred; and
(B) against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer’s state of domicile.
(6) “Member insurer” means any person who:
(A) writes any kind of insurance to which this subchapter applies, including the exchange of reciprocal or interinsurance contracts; and
(B) is licensed to transact business in this State.
(7) “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. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.
(8) “Person” means any individual, corporation, partnership, association, or voluntary organization. (Added 1969, No. 279 (Adj. Sess.), § 4; amended 1979, No. 18, § 7; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2001, No. 95 (Adj. Sess.), § 1, eff. May 1, 2002.)