Sections
§ 6070 Application of chapter
§ 6071 Definitions
§ 6072 Licensure
§ 6073 Contract required
§ 6074 Examination authority
§ 6075 Hearing; penalties

Terms Used In Vermont Statutes > Title 8 > Chapter 142A - Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers

  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • 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.
  • 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.
  • Managing general agent: means any person who:

  • 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.
  • 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.
  • Risk retention group: means a company referred to in section 6070 of this title domiciled in this 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.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Underwrite: means the authority to accept or reject risk on behalf of the risk retention group. See