reglab/housing_qa huggingface dataset:
8 V.S.A. § 7099
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7099. Interstate priorities

§ 7099. Interstate priorities|(a) In a liquidation proceeding in this State involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where such assets are located.(b) The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.(c) The owner of a secured claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his or her security and file a claim as a general creditor, or the claim may be discharged by resort to the security in accordance with section 7080 of this title, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7100
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7100. Subordination of claims for noncooperation

§ 7100. Subordination of claims for noncooperation|If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this State any assets within his or her control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under subdivision 7081(9) of this title. (Added 1991, No. 45, § 2, eff. May 29, 1991; amended 2001, No. 71, § 15, eff. June 16, 2001.)
8 V.S.A. § 7113
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7113. Plan review

§ 7113. Plan review|(a) The Commissioner may retain an actuary to conduct an actuarial study quantifying the liabilities under insurance policies and reinsurance agreements to be transferred to the assuming company under the plan and is authorized to retain any other legal, financial, and examination services from outside the Department necessary to assist in plan review.(b) In reviewing the plan, the Commissioner shall take into account all written comments filed with respect to the plan, all evidence taken at the hearing, and any other factors the Commissioner reasonably deems relevant with respect to the plan. In all cases, the Commissioner shall make findings with respect to each of the following:  (1) the solvency of the assuming company before and after the implementation of the proposed plan; (2) the adequacy of the assuming company's proposals described in the statement required under subdivision 7112(b)(16) of this chapter; (3) the adequacy of the assuming company's consent to jurisdiction required under subdivision 7112(b)(17) of this chapter; (4) the ability of the assuming company to comply with all requirements of the policies and inward reinsurance agreements, including the capacity of the assuming company regarding the administration of claims in process on or after the effective date of the transfer; (5) whether any outward reinsurance agreement relating to any policy or policies in the closed block will be adversely affected by the transfer; (6) whether the plan materially adversely affects the interests of any party or outward reinsurance counterparty, including the interests of any policyholder or inward reinsurance counterparty who has accepted or has been deemed to have accepted the plan; (7) whether policyholders or inward reinsurance counterparties, together with their respective insurance policies and inward reinsurance agreements, have been excluded from the plan as required under subsections 7112(j) and (l) of this chapter; and (8) the fairness of the plan to all parties. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7115
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7115. Jurisdiction; appeals

§ 7115. Jurisdiction; appeals|(a) The Commissioner shall have exclusive regulatory jurisdiction with respect to the review and approval or denial of any plan.(b) Any party aggrieved by a final order of the Commissioner may appeal that order to the Vermont Supreme Court under 3 V.S.A. § 815. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7116
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7116. Fee; costs; transfer tax

§ 7116. Fee; costs; transfer tax|(a) To cover the costs of processing and reviewing a plan under this chapter, the assuming company shall pay to the Commissioner the following nonrefundable fees at the times set forth in subsections 7112(a) and 7114(a) of this chapter:  (1) an administrative fee in the amount of $30,000.00; and (2) the reasonable costs of persons retained by the Commissioner under subsection 7113(a) of this chapter.   (b) When a plan is approved, the assuming company shall pay the Commissioner a transfer tax equal to the sum of:  (1) one percent of the first $100,000,000.00 of the gross liabilities transferred, including direct and assumed unpaid claims, losses, and loss adjustment expenses with no reductions for amounts ceded; and (2) 0.5 percent of the gross liabilities transferred that exceed $100,000,000.00, including direct and assumed unpaid claims, losses, and loss adjustment expenses with no reductions for amounts ceded.   (c) All fees and payments received by the Department under subsection (a) of this section and 10 percent of the transfer tax under subsection (b) of this section shall be credited to the Insurance Regulatory and Supervision Fund under section 80 of this title. The remaining 90 percent of the transfer tax shall be deposited directly into the General Fund and reserved in the General Fund Balance Reserve established under 32 V.S.A. § 308c. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014; amended 2013, No. 179 (Adj. Sess.), § E.228, eff. Feb. 19, 2014.)
8 V.S.A. § 7117
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7117. Examinations

§ 7117. Examinations|(a) The Commissioner has the authority to order any assuming company to produce any records, books, and papers in the possession of the assuming company or its affiliates necessary to ascertain the financial condition or legality of conduct of the assuming company.(b) The Commissioner shall exercise his or her authority under subsection (a) of this section only if he or she has reason to believe the interests of the assuming company's policyholders may be adversely affected under the plan.(c) The Commissioner may retain, at the assuming company's expense, attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff reasonably necessary to assist with an examination under this section. Any persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity.(d) Each assuming company that produces records, books, and papers for examination under this section shall pay the expense of such examination. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7118
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7118. Applicable laws

§ 7118. Applicable laws|(a) Chapter 157 (transfer and novation of insurance contracts) of this title shall not apply to any legacy insurance transfer under this chapter.(b) In the event of any conflict between a provision of this chapter and any other provision of this title, such provision of this chapter shall control.(c) A proposed legacy insurance transfer shall be a "contested case" under 3 V.S.A. chapter 25, except that a "party" shall be limited as defined in subdivision 7111(16) of this chapter. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7119
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7119. Assuming company; Board; principal place of business; registered agent

§ 7119. Assuming company; Board; principal place of business; registered agent|No assuming company shall be a party to a legacy insurance transfer under this chapter unless:  (1) its board of directors or committee of managers holds at least one meeting each year in this State; (2) it maintains its principal place of business in this State; and (3) it appoints a registered agent to accept service of process and to otherwise act on its behalf in this State; provided that whenever such registered agent cannot with reasonable diligence be found at the registered office of the assuming company, the Secretary of State shall be an agent of such assuming company upon whom any process, notice, or demand may be served. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7120
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7120. Posting of plans on website

§ 7120. Posting of plans on website|The Commissioner shall require that all plans filed with the Department are posted on the Department's website, along with any other notice or other information the Commissioner deems appropriate, excluding any information designated as confidential under subsection 7112(c) of this chapter. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 7121
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 147 - Legacy Insurance Transfers|§ 7121. Regulation of assuming companies and service providers

§ 7121. Regulation of assuming companies and service providers|(a) An assuming company shall be subject to all rules adopted by the Commissioner under this chapter and also shall be subject to:  (1) chapter 145 (supervision, rehabilitation, and liquidation of insurers) of this title; (2) the market conduct and unfair trade practices provisions of chapter 129 (insurance trade practices) of this title, as deemed applicable by the Commissioner; and (3) in addition to the initial transfer tax required under subsection 7116(b) of this chapter, an annual renewal fee of $300.00.   (b) An assuming company shall not be subject to the requirements of chapter 101, subchapter 9 (Property and Casualty Insurance Guaranty Association) of this title.(c) The Commissioner may adopt rules regarding the provision of services to an assuming company by persons other than any director, officer, or employee of the assuming company with respect to the administration of policies and reinsurance agreements assumed by the assuming company under a legacy insurance transfer, including licensing or other requirements.(d) The Commissioner may adopt any other rules necessary or appropriate to carry out the provisions of this chapter. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)
8 V.S.A. § 8003
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8003. Sale or transfer of ownership

§ 8003. Sale or transfer of ownership|Any provider desiring to sell or transfer ownership of a continuing care facility shall notify the department 30 days in advance of completion of such sale or transfer. The Commissioner may revoke, after notice and hearing, and upon written findings of fact, the certificate of authority of any provider based on a substantial change in control or ownership of such provider, if such change is found not to be in the best interests of the residents of the facility:  (1) in that the facility is in danger of becoming insolvent; (2) the care of current or prospective residents is threatened; or (3) the monthly rates paid by residents would be adversely impacted. (Added 1987, No. 247 (Adj. Sess.), § 1.)
8 V.S.A. § 8004
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8004. Lien on behalf of residents; rehabilitation or liquidation

§ 8004. Lien on behalf of residents; rehabilitation or liquidation|(a) Prior to the issuance of a certificate of authority under this chapter, or at such other time as the Commissioner may determine it is in the best interests of residents of a facility, the Commissioner may file a lien on the real and personal property of the provider or facility to secure the obligations of the provider pursuant to existing and future contracts for continuing care. A lien filed under this section shall be effective for a period of ten years following such filing and may be extended by the Commissioner upon a finding that such extension is advisable for the protection of residents of the facility. The lien may be foreclosed upon the liquidation of the facility or the insolvency of the provider and in such event the proceeds thereof shall be used in full or partial satisfaction of obligations of the provider pursuant to contracts for continuing care then in effect. The lien provided for in this section shall be subordinate to the lien of any mortgage on the property of the provider used to fund the costs of acquiring, developing, or constructing and funding the reserves thereof, and may be subordinated with the written consent of the Commissioner to the claims of other persons if the Commissioner shall determine such subordination to be advisable for the efficient operation of the facility. A lien filed by the Commissioner under this section does not displace any previously perfected lien.(b) If, at any time, the Commissioner determines, after notice and an opportunity for the provider to be heard, that:  (1) a portion of a reserve fund escrow required under this chapter has been or is proposed to be released; (2) a provider has been or will be unable, in such a manner as may endanger the ability of the provider to fully perform its obligations pursuant to contracts for continuing care, to meet the most recent pro forma income or cash flow projections filed by the provider; (3) a provider has failed to maintain the reserves required under this chapter; or (4) a provider is insolvent, or in imminent danger of becoming subject to a delinquency proceeding under chapter 145 of this title or insolvent;   the Commissioner may apply to the appropriate court for an order directing or authorizing the Commissioner to seize the property of, to rehabilitate or to liquidate a provider under chapter 145 of this title.(c) In furtherance of the welfare of the persons who have previously contracted with the provider for continuing care, the proceeds of any lien obtained by the Commissioner pursuant to this section shall be distributed in the following order of priority:  (1) used on behalf of residents of a facility being liquidated; (2) used in full or partial refund of entrance fees; (3) used to pay other creditors as provided by law. (Added 1987, No. 247 (Adj. Sess.), § 1; amended 1999, No. 38, § 21, eff. May 20, 1999.)
8 V.S.A. § 8006
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8006. Termination of contract; notice

§ 8006. Termination of contract; notice|(a) A person who enters into a continuing care contract with a provider may voluntarily terminate the contract within 30 days of executing such contract, and shall receive a refund of all money paid according to the provisions of subdivision 8007(c)(1) of this title. A person may voluntarily terminate the contract at any other time subject to the applicable refund provisions of subdivisions 8007(c)(2) and (3) of this chapter.(b) If the resident dies before the occupancy date or, through illness, injury, or incapacity, is precluded from becoming a resident under the terms of the continuing care contract, the contract shall terminate.(c) A provider may terminate a contract only for good and sufficient cause. The provider shall give the resident at least 90 days' written notice prior to termination, and shall send a copy of the notice to the Department. Good and sufficient cause includes:  (1) a material failure on the part of the resident to abide by rules adopted for residents or a material breach by the resident of the continuing care contract, provided that failure to abide by the rules or contract that are caused, in whole or in part, by a diagnosable medical or psychiatric illness shall not be a basis for terminating the contract; and (2) making any material misrepresentation or omission in connection with the application forms, financial statements, or other information submitted by the resident, except that the provisions of the contract, exclusive of financial statements, shall be incontestable after it has been in force during the lifetime of the resident for a period of two years from its date of execution. (Added 1987, No. 247 (Adj. Sess.), § 1.)
8 V.S.A. § 8008
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8008. Escrow of entrance fees

§ 8008. Escrow of entrance fees|(a) In the event the facility is not in operation at the time entrance fees are paid, the entrance fees or portions thereof shall be deposited in an escrow account. Such escrowed fees shall not be released to the provider until the following conditions are satisfied:  (1) Commitments are received from persons who have entered into continuing care contracts for a minimum of 60 percent of the residential units. As used in this subdivision, "commitment" means payment of at least ten percent of the entrance fee. (2) One hundred percent of the financing for construction and operation of the facility has been arranged. As used in this subdivision, "financing" includes all funds which, when combined with entrance fees and periodic fees receivable under signed contracts, are sufficient to complete construction of the facility and to provide enough working capital to enable the facility to operate in a self-sufficient manner. (3) The provider has obtained or caused to be obtained a guaranteed maximum price contract for construction of the facility. (4) The provider has obtained or caused to be obtained all permits and regulatory approvals necessary for operation of the facility except those dependent upon completion of construction.   (b) In the case of a contract for a previously occupied residential unit, fees shall be held in escrow until 60 days prior to the occupancy date.(c) If the provider is unable to satisfy the conditions set forth in subsection (a) of this section within a reasonable period of time, the Commissioner may order that escrowed fees be released and refunded. (Added 1987, No. 247 (Adj. Sess.), § 1.)
8 V.S.A. § 8009
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8009. Reserve requirements

§ 8009. Reserve requirements|A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The Department shall approve any withdrawal or borrowing from these funds, and shall monitor repayment. (Added 1987, No. 247 (Adj. Sess.), § 1.)
8 V.S.A. § 8010
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8010. Disclosure

§ 8010. Disclosure|(a) A provider shall maintain financial records for the facility, including independently audited financial statements, and copies of all inspection reports pertaining to that facility that have been issued by any governmental agency and filed with the provider. A copy of each such report shall be retained in the facility's records for not less than five years from the date the report is filed or issued. Each facility shall also maintain all annual reports and statements that have been filed with the Department or any state, local or federal agency. The records and information required to be maintained under this section shall be available for review upon request by residents and applicants during normal business hours. Copies of these documents will be provided for a reasonable copying fee.(b) Notwithstanding the provisions of subsection (a) of this section, records, reports, or documents, which by state or federal law or regulation are deemed confidential, shall not be distributed or made available until such confidential status has expired.(c) Every provider shall prepare a summary of the most recent audited financial statement, indicating in the summary where the contents of the complete statement may be inspected. A copy of the statement shall be maintained at the facility and a copy of the summary shall be prominently displayed in the facility.(d) Proposed changes in policies, programs, and services shall be posted, and explained to residents.(e) Before entering into a contract to furnish continuing care, the provider, or the agent of the provider, shall provide the prospective resident or his or her legal representative with the following information:  (1) a copy of the continuing care contract form; (2) a summary of the provider's most recent annual financial statement; and (3) such additional information as may be required by the Department. (Added 1987, No. 247 (Adj. Sess.), § 1.)
8 V.S.A. § 8011
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 151 - Continuing Care Retirement Communities|§ 8011. Resident associations; annual resident meeting

§ 8011. Resident associations; annual resident meeting|(a) Residents of a facility have the right to self-organization and the right to engage in activities for the purpose of keeping informed on the operation of the facility, or for the purpose of other mutual aid.(b) Annually, the governing body of a facility, or its designated representative, shall hold a meeting with the residents of that facility for the purpose of discussing, at a minimum, the following subjects: income and expenditures of the facility, financial trends and issues as they apply to the facility and any proposed changes in policies, programs, or services. Upon request of the residents, a member of the board of directors, a general partner, or a principal owner shall attend such meeting. Residents shall be given at least seven days' advance notice of the annual meeting. An agenda and any materials to be distributed by the governing body at the meeting shall be posted in a conspicuous place in the facility and copies shall be available to residents upon request. (Added 1987, No. 247 (Adj. Sess.), § 1.)