reglab/housing_qa huggingface dataset:
8 V.S.A. § 4145
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 111 - Fidelity, Surety, and Annuity Companies|§ 4145. Fidelity companies may act as sole surety

§ 4145. Fidelity companies may act as sole surety|Where by law two or more sureties are required upon an obligation such company is authorized to insure, it may act as sole surety thereon and may be accepted as such by the court, or other person authorized to approve the sufficiency of such bond or undertaking. Any provisions of the laws of this State requiring sureties on bonds to be residents of this State shall not be construed to forbid the acceptance of a qualified foreign company as joint and sole surety upon any such bond.
8 V.S.A. § 4146
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 111 - Fidelity, Surety, and Annuity Companies|§ 4146. Limit of liability

§ 4146. Limit of liability|A foreign fidelity and surety company shall not incur in behalf or on account of any one person, partnership, association, or corporation a liability for an amount larger than one-tenth of its total admitted assets, after deducting from such liability amounts reinsured in other companies authorized to do business in this State, unless it shall be secured from loss thereon beyond that amount by suitable and sufficient collateral agreements of indemnity, by deposits with it in pledge, or conveyance to it in trust for its protection, of property equal in value to the excess of its liability over such limit, or, in case such liability is incurred in behalf or on account of a fiduciary holding property in a trust capacity, by such deposit or other disposition of a suitable and sufficient portion of the estate so held, that no further sale, mortgage, pledge, or other disposition can be made thereof without such company's approval except by the decree of a court having proper jurisdiction.
8 V.S.A. § 4147
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 111 - Fidelity, Surety, and Annuity Companies|§ 4147. Fiduciaries may secure surety from loss

§ 4147. Fiduciaries may secure surety from loss|A person, partnership, association or corporation holding property for the benefit of another, except when acting under wills allowed or trusts created before November 27, 1894, may make such covenants with the sureties upon his or her official bond as will enable such fiduciary to secure such sureties from loss in any manner provided by section 4145 of this title. However, if such fiduciary was appointed by the decree of any court within this State, the approval of such court shall first be obtained to such covenant.
8 V.S.A. § 4148
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 111 - Fidelity, Surety, and Annuity Companies|§ 4148. Copy of agreement to be filed and recorded

§ 4148. Copy of agreement to be filed and recorded|A copy of such covenant, duly acknowledged in the manner required for the acknowledgment of deeds of real estate, may be filed and recorded as follows: in the office of the clerk or register of the court in which such fiduciary obtained his or her appointment; or if not appointed by decree of the court, in the manner provided by law for the record of deeds of real estate, if such covenant concerns real estate, or mortgages of personal property, if such covenant concerns personal property. Such record shall be notice to and binding on all persons.
8 V.S.A. § 4149
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 111 - Fidelity, Surety, and Annuity Companies|§ 4149. Allowance of premium against estate

§ 4149. Allowance of premium against estate|Money paid to a company duly organized and authorized to act in this State in guaranteeing the fidelity of persons and in acting as surety on bonds, or to a person for acting as surety on an official bond given to the Judge of Probate, may be allowed, in his or her discretion, as a charge against the estate in which such bond is required.
8 V.S.A. § 4151
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4151. Short title

§ 4151. Short title|This subchapter shall be known and may be cited as the Vermont Life and Health Insurance Guaranty Association Act. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4152
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4152. Purpose

§ 4152. Purpose|The purpose of this subchapter is to protect policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment or insolvency of the insurer issuing such policies or contracts. To provide this protection:  (1) an association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages; (2) members of the association are subject to assessment to provide funds to carry out the purpose of this subchapter; and (3)  the Association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairment or insolvency. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)
8 V.S.A. § 4154
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4154. Construction

§ 4154. Construction|This subchapter shall be liberally construed to effect the purpose under section 4152 of this title which shall constitute an aid and guide to interpretation. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4156
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4156. Creation of the Association

§ 4156. Creation of the Association|(a) There is created a nonprofit legal entity to be known as the Vermont Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance in this State. The Association shall perform its functions under the plan of operation established and approved under section 4160 of this title and shall exercise its powers through a Board of Directors established under section 4157 of this title. For purposes of administration and assessment, the Association shall maintain four accounts:  (1) The health insurance account; (2) The life insurance account; (3) The annuity account; and (4) The unallocated annuity account which shall include unallocated annuity contracts not excluded from coverage by subsection 4153(b) of this title.   (b) The Association shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this State. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 1993, No. 55, § 5, eff. June 3, 1993.)
8 V.S.A. § 4157
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4157. Board of Directors

§ 4157. Board of Directors|(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies on the Board shall be filled for the remaining period of the term in the same manner as initial appointments. At least one of the directors shall be a person who is an officer, director, or employee of an insurance company incorporated under the laws of this State; provided, however, this provision shall not apply in the event there is no member insurer incorporated under the laws of this State.(b) In approving selections or in appointing members to the Board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.(c) Members of the Board may be reimbursed from the assets of the Association for expenses incurred by them as members of the Board of Directors but members of the Board shall not otherwise be compensated by the Association for their services. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 2001, No. 17, § 1.)
8 V.S.A. § 4160
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4160. Plan of operation

§ 4160. Plan of operation|(a)(1) The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The plan of operation and any amendments thereto shall become effective upon approval in writing by the Commissioner.  (2) If the Association fails to submit a suitable plan of operation within 180 days following April 27, 1972 or if at any time thereafter the Association fails to submit suitable amendments to the plan, the Commissioner shall, after notice and hearing, adopt such reasonable rules as are necessary or advisable to effectuate the provisions of this subchapter. Such rules shall continue in force until modified by the Commissioner or superseded by a plan submitted by the Association and approved by the Commissioner.   (b) All member insurers shall comply with the plan of operation.(c) The plan of operation shall, in addition to requirements enumerated elsewhere in this subchapter:  (1) Establish procedures for handling the assets of the Association. (2) Establish the amount and method of reimbursing members of the Board of Directors under section 4157 of this title. (3) Establish regular places and times for meetings of the Board of Directors. (4) Establish procedures for records to be kept of all financial transactions of the Association, its agents, and the Board of Directors. (5) Establish the procedures whereby selections for the Board of Directors will be made and submitted to the Commissioner. (6) Establish any additional procedures for assessments under section 4159 of this title. (7) Contain additional provisions necessary or proper for the execution of the powers and duties of the Association.   (d) The plan of operation may provide that any or all powers and duties of the Association, except those under subdivision 4158(9)(C) and section 4159 of this title, are delegated to a corporation, association, or other organization which performs or will perform functions similar to those of this Association, or its equivalent in two or more states. Such a corporation, association, or organization shall be reimbursed for any payments made on behalf of the Association and shall be paid for its performance of any function of the association. A delegation under this subsection shall take effect only with the approval of both the Board of Directors and the Commissioner, and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by this subchapter. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 2015, No. 23, § 83.)
8 V.S.A. § 4161
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4161. Duties and powers of the Commissioner

§ 4161. Duties and powers of the Commissioner|In addition to the duties and powers enumerated elsewhere in this subchapter,  (1) The Commissioner shall:  (A) Notify the Board of Directors of the existence of an impaired or insolvent insurer not later than three days after a determination of impairment or insolvency is made or he or she receives notice of impairment or insolvency. (B) Permit the Association to examine such records in his or her office as are necessary to obtain a statement of the premiums in the appropriate states for each member insurer. (C) When an impairment or insolvency is declared and the amount of the impairment or insolvency is determined, serve a demand upon the impaired or insolvent insurer to make good the impairment or insolvency within a reasonable time. Notice to the impaired or insolvent insurer shall constitute notice to its shareholders, if any. The failure of the insurer to promptly comply with such demand shall not excuse the Association from the performance of its powers and duties under this subchapter. (D) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator. If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commissioner shall be appointed conservator.  (2) The Commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. Such forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $500.00 per month. (3) Any action of the Board of Directors or the Association may be appealed to the Commissioner by any member insurer if such appeal is taken within 30 days of the action being appealed. Any final action or order of the Commissioner shall be subject to judicial review in the Supreme Court. (4) The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this subchapter. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 1995, No. 167 (Adj. Sess.), § 12; 1997, No. 161 (Adj. Sess.), § 7, eff. Jan. 1, 1998; 2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)
8 V.S.A. § 4162
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4162. Prevention of impairment or insolvency

§ 4162. Prevention of impairment or insolvency|To aid in the detection and prevention of insurer impairment or insolvency:  (1) The Board of Directors shall, upon majority vote, notify the Commissioner of any information indicating any member insurer may be unable or potentially unable to fulfill its contractual obligations. (2) The Board of Directors may, upon majority vote, request that the Commissioner order an examination of any member insurer which the Board in good faith believes may be unable or potentially unable to fulfill its contractual obligations. The Commissioner may conduct such examination. The examination may be conducted as a National Association of Insurance Commissioners examination or may be conducted by such persons as the Commissioner designates. The cost of such examination shall be paid by the Association and the examination report shall be treated as are other examination reports. In no event shall such examination report be released to the Board of Directors of the Association prior to its release to the public, but this shall not excuse the Commissioner from his or her obligation to comply with subdivision (3) of this section. The Commissioner shall notify the Board of Directors when the examination is completed. The request for an examination shall be kept on file by the Commissioner but it shall not be open to public inspection prior to the release of the examination report to the public and shall be released at that time only if the examination discloses that the examined insurer is unable or potentially unable to meet its contractual obligations. (3) The Commissioner shall report to the Board of Directors when he or she has reasonable cause to believe that any member insurer examined at the request of the Board of Directors may be unable or potentially unable to fulfill its contractual obligations. (4) The Board of Directors may, upon majority vote, make reports and recommendations to the Commissioner upon any matter germane to the solvency, liquidation, rehabilitation, or conservation of any member insurer. Such reports and recommendations shall not be considered public documents. (5) The Board of Directors may, upon majority vote, make recommendations to the Commissioner for the detection and prevention of insurer impairment or insolvency. (6) The Board of Directors shall, at the conclusion of any insurer impairment or insolvency in which the Association carried out its duties under this subchapter or exercised any of its powers under this subchapter, prepare a report on the history and causes of such impairment or insolvency, based on the information available to the Association, and submit such report to the Commissioner. (Added 1971, No. 170 (Adj. Sess.), § 2, April 27, 1972; amended 2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)
8 V.S.A. § 4163
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4163. Appointment of special deputy

§ 4163. Appointment of special deputy|The Commissioner may appoint a person to serve, at the expense of the Association, as a special deputy to act for and under his or her supervision in the liquidation, rehabilitation, or conservation of any member insurer. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4165
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4165. Examination of the Association; annual report

§ 4165. Examination of the Association; annual report|The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit to the Commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner and a report of its activities during the preceding calendar year. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4166
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4166. Tax exemptions

§ 4166. Tax exemptions|The Association shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions, except taxes levied on real property. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4167
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4167. Tax write-offs of certificates of contribution

§ 4167. Tax write-offs of certificates of contribution|(a) Unless a longer period has been allowed by the Commissioner, a member insurer shall at its option have the right to show a certificate of contribution as an asset in the form approved by the Commissioner pursuant to subsection 4159(g) of this title, at percentages of the original face amount approved by the Commissioner, for calendar years as follows:  (1) 100 percent for the calendar year of issuance; (2) 80 percent for the first calendar year after the year of issuance; (3) 60 percent for the second calendar year after the year of issuance; (4) 40 percent for the third calendar year after the year of issuance; (5) 20 percent for the fourth calendar year after the year of issuance; (6) 0 percent for the fifth calendar year after the year of issuance and thereafter.   (b) The insurer may offset the amount written off by it in a calendar year under subsection (a) of this section, against its premium tax liability to this State accrued with respect to business transacted in such year.(c) Any sums acquired by refund, pursuant to subsection 4159(f) of this title, from the Association which have theretofore been written off by contributing insurers and offset against premium taxes as provided in subsection (b) of this section, and is not then needed for purposes of this subchapter, shall be paid by the insurer to the Commissioner and by him or her deposited with the State Treasurer for credit to the General Fund. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4168
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4168. Immunity

§ 4168. Immunity|There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the Association or its agents or employees, members of the Board of Directors, or the Commissioner or his or her representatives for any action taken by them in the performance of their powers and duties under this chapter. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)
8 V.S.A. § 4169
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4169. Stay of proceedings; reopening default judgments

§ 4169. Stay of proceedings; reopening default judgments|All proceedings in which the impaired or insolvent insurer is a party in any court in this State shall be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the Association on any matters germane to its powers or duties. As to a judgment under any decision, order, verdict, or finding based on the default, the Association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)
8 V.S.A. § 4181
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4181. Purpose; creation of Association; coverage

§ 4181. Purpose; creation of Association; coverage|(a) The purpose of this subchapter is to protect members of health care plans who reside in this State, and their beneficiaries, payees, and assignees against failure in the performance of contractual obligations due to the impairment or insolvency of the health maintenance organization operating such health care plans. Nonresident members of such health care plans shall be protected by this Association if:  (1) they reside in states which have associations similar to the Association created by this subchapter; (2) they are not eligible for coverage by such association; (3) the organization which operated such health care plan never held a license or certificate of authority in such states; and (4) such organization was domiciled in this State.   (b) In order to provide the protection intended by this subchapter:  (1) an association of health maintenance organizations is created to enable the guaranty of payment of benefits and of continuation of coverages; (2) members of the Association are subject to assessment to provide funds to carry out the purpose of this subchapter; and (3) the Association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of health maintenance organization impairments and insolvencies.   (c) This subchapter shall provide coverage to the persons specified in subsection (a) of this section for direct individual contract, group contracts and certificates issued under such contracts, or any other evidence of coverage, each of which provides coverage under a health care plan, and has been issued by any organization holding a certificate of authority under chapter 139 of this title, but not for any business of such organization not transacted under its certificate of authority as a health maintenance organization. (Added 1993, No. 30, § 15, eff. May 21, 1993.)
8 V.S.A. § 4182
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4182. Construction

§ 4182. Construction|This subchapter shall be liberally construed to effect its purposes under section 4181 of this title, which shall constitute an aid and guide to interpretation. (Added 1993, No. 30, § 15, eff. May 21, 1993.)