Vermont § 4175 - Definitions As used in this chapter:

§ 4175. Definitions As used in this chapter:

• (1) “Account” means either of the two accounts created under section 4176 of this chapter. (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 4176 of this chapter. (4) “Authorized assessment” or the term “authorized” when used in the context of assessments
  means a resolution by the Board of Directors has been passed whereby an assessment
  will be called immediately or in the future from member insurers for a specified amount.
  An assessment is authorized when the resolution is passed. (5) “Benefit plan” means a specific employee, union, or association of natural persons
  benefit plan. (6) “Called assessment” or the term “called” when used in the context of assessments means
  that a notice has been issued by the Association to member insurers requiring that
  an authorized assessment be paid within the time frame set forth within the notice.
  An authorized assessment becomes a called assessment when notice is mailed by the
  Association to member insurers. (7) “Commissioner” means the Commissioner of Financial Regulation. (8) “Contractual obligation” means any obligation under a policy or contract, or certificate
  under a group policy or contract, or portion thereof, for which coverage is provided
  under section 4173 of this chapter. (9) “Covered contract” or “covered policy” means a policy or contract, or portion of a
  policy or contract, for which coverage is provided under section 4173 of this chapter. (10) “Extra-contractual claims” includes, for example, claims relating to bad faith in
  the payment of claims, punitive or exemplary damages, or attorneys’ fees and costs. (11) “Health benefit plan” means any hospital or medical expense policy or certificate,
  or health maintenance organization subscriber contract, or any other similar health
  contract. “Health benefit plan” does not include: (A) accident only insurance; (B) credit insurance; (C) dental only insurance; (D) vision only insurance; (E) Medicare Supplement insurance; (F) benefits for long-term care, home health care, community-based care, or any combination
  thereof; (G) disability income insurance; (H) coverage for on-site medical clinics; or (I) specified disease, hospital confinement indemnity, or limited benefit health insurance
  if the types of coverage do not provide coordination of benefits and are provided
  under separate policies or certificates. (12) “Impaired insurer” means a member insurer that, after the effective date of this chapter,
  is not an insolvent insurer and who is placed under an order of rehabilitation or
  conservation by a court of competent jurisdiction. (13) “Insolvent insurer” means a member insurer that, after the effective date of this
  chapter, is placed under an order of liquidation by a court of competent jurisdiction
  with a finding of insolvency. (14) “Member insurer” means any insurer or health maintenance organization licensed or
  that holds a certificate of authority to transact in this State any kind of insurance
  or health maintenance organization business for which coverage is provided under section
  4173 of this chapter and includes an insurer or health maintenance organization whose
  license or certificate of authority in this State may have been suspended, revoked,
  not renewed, or voluntarily withdrawn, but does not include: (A) a hospital or medical service organization, whether for-profit or nonprofit; (B) a fraternal benefit society; (C) a mandatory State pooling plan; (D) a mutual assessment company or other person that operates on an assessment basis; (E) an insurance exchange; (F) an organization that has a certificate or license limited to the issuance of charitable
  gift annuities under section 3718a of this title; or (G) an entity similar to any of the above. (15) “Moody’s Corporate Bond Yield Average” means the Monthly Average Corporates as published
  by Moody’s Investors Service, Inc., or any successor thereto. (16) “Owner” of a policy or contract and “policyholder,” “policy owner,” and “contract
  owner” mean the person who is identified as the legal owner under the terms of the
  policy or contract or who is otherwise vested with legal title to the policy or contract
  through a valid assignment completed in accordance with the terms of the policy or
  contract and properly recorded as the owner on the books of the member insurer. The
  terms owner, contract owner, policyholder, and policy owner do not include persons
  with a mere beneficial interest in a policy or contract. (17) “Person” means any individual, corporation, limited liability company, partnership,
  association, governmental body or entity, or voluntary organization. (18) “Plan sponsor” means: (A) the employer in the case of a benefit plan established or maintained by a single employer; (B) the employee organization in the case of a benefit plan established or maintained
  by an employee organization; or (C) in the case of a benefit plan established or maintained by two or more employers or
  jointly by one or more employers and one or more employee organizations, the association,
  committee, joint board of trustees, or other similar group of representatives of the
  parties who establish or maintain the benefit plan. (19) “Premiums” mean amounts or considerations, by whatever name called, received on covered
  policies or contracts, less returned premiums, considerations, and deposits, and less
  dividends and experience credits. “Premiums” does not include amounts or considerations
  received for policies or contracts or for the portions of any policies or contracts
  for which coverage is not provided under subsection 4173