The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
(Cite as: 8 V.S.A. § 4992)
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§ 4992. Termination
The authority granted to the Commissioner to establish a joint underwriting association
under this chapter shall continue indefinitely unless the authority is terminated
by act of the General Assembly. In the event authority is so terminated, any association
established prior to the termination date may continue to exist for a period of one
year from the date it commences underwriting activities. All obligations incurred
by the association or by policyholders during this period shall be honored and binding
until discharged, and any association shall remain in effect for the purpose of discharging
any obligations incurred. The plan of operation shall provide for the orderly dissolution
of the association at its termination. Upon termination of the association and the
discharge of all its liabilities and at any such other time as may be specified in
the plan, any excess funds of the association shall be distributed to the policyholders
of the association in an equitable manner as set forth in the plan of operation. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986; amended 1987, No. 20; 1987, No. 185 (Adj. Sess.), § 7, eff. May 5, 1988; 1989, No. 113, § 3.)