Vermont § 4176 - Creation of the Association

§ 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.)