8 V.S.A. § 4155
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 112 - Life and Health Insurance Guaranty Association|§ 4155. Definitions

§ 4155. Definitions|As used in this subchapter:  (1) "Account" means either of the four accounts created under section 4156 of this title. (2) "Affiliate" means affiliate as defined in section 3681 of this title. (3) "Association" means the Vermont Life and Health Insurance Guaranty Association created under section 4156 of this title. (4) "Commissioner" means the Commissioner of Financial Regulation of this State. (5) "Contractual obligation" means any obligation under covered policies. (6) "Covered policy" means any policy, contract, or certificate within the scope of this subchapter under section 4153 of this title. (7) "Impaired insurer" means a member insurer which, after the effective date of this subchapter, is not an insolvent insurer and who is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. (8) "Insolvent insurer" means a member insurer which, after the effective date of this subchapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. (9) "Member insurer" means any person authorized to transact in this State any kind of insurance to which this subchapter applies under section 4153 of this title. (10) "Premiums" means amounts received on covered policies or contracts less premiums, considerations, and deposits returned thereon, and less dividends and experience credits thereon. "Premiums" does not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under subsection 4153(b) of this title except that assessable premium shall not be reduced on account of subdivisions 4153(b)(2)(C), relating to interest limitations, and 4158(8) of this title, relating to limitations with respect to any one individual, any one participant, and any one contract holder; provided that "premiums" shall not include any premiums in excess of $5,000,000.00 on any unallocated annuity contract not issued under a governmental retirement plan established under Section 401, subsection 403(b) or Section 457 of the United States Internal Revenue Code. (11) "Person" means any individual, corporation, partnership, association, or voluntary organization. (12) "Resident" means any person who resides in this State on the date of entry of a court order that determines a member insurer to be an impaired insurer or of a court order that determines a member insurer to be an insolvent insurer, and to whom contractual obligations are owed. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. (13) "Moody's Corporate Bond Yield Average" means the Monthly Average Corporates as published by Moody's Investors Service, Inc., or any successor thereto. (14) "Supplemental contract" means any agreement entered into for the distribution of policy or contract proceeds. (15) "Unallocated annuity contract" means any annuity contract or group annuity certificate which is not issued to and owned by an individual except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate and shall include guaranteed investment contracts, guaranteed interest contracts, guaranteed accumulation contracts, deposit administration contracts, and unallocated funding agreements. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 1989, No. 225 (Adj. Sess.), § 25; 1993, No. 55, §§ 2-4, eff. June 3, 1993; 1995, No. 180 (Adj. Sess.), § 38; 2009, No. 137 (Adj. Sess.), §§ 7c, 7e, eff. May 29, 2010; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)