§ 4176.
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/vt/title-8/chapter-112/4176A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4176. 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 or health maintenance organization business in Vermont. The Association shall perform its functions under the plan of operation established and approved under section 4180 of this chapter and shall exercise its powers through a board of directors established under section 4177 of this chapter. For purposes of administration and assessment, the Association shall maintain two accounts:
(1)The life insurance and annuity account that includes the following subaccounts:
(A)life insurance account;
(B)annuity account, which shall include annuity contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code, but shall otherwise exclude unallocated annuities; and
(C)unallocated annuity account, which shall exclude contracts owned by a governmental retirement plan, or its trustee, established under section 401, 403(b), or 457 of the U.S. Internal Revenue Code.
(2)The health account.
(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. Meetings and records of the Association may be opened to the public upon majority vote of the Board of Directors of the Association. (Added 2023, No. 32, § 9, eff. July 1, 2023.)