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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 112 : Life and Health Insurance Guaranty Association

(Cite as: 8 V.S.A. § 4172)
  • § 4172. Purpose

    The purpose of this chapter is to protect, subject to certain limitations, the persons specified in subsection 4173(a) of this chapter against failure in the performance of contractual obligations under life, health, and annuity policies, plans, and contracts specified in subsection 4173(b) of this chapter, due to the impairment or insolvency of the member insurer that issued such policies, plans, or contracts. To provide this protection:

    (1) an association of member insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;

    (2) members of the Association are subject to assessment to provide funds to carry out the purpose of this chapter; and

    (3) the Association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairment or insolvency. (Added 2023, No. 32, § 9, eff. July 1, 2023.)