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Vermont Statutes Title 8. Banking and Insurance, § 3612. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 3612. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-3612/

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