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 142 : Risk Retention Groups and Purchasing Groups
(Cite as: 8 V.S.A. § 6051)-
§ 6051. Definitions
As used in this chapter:
(1) “Commissioner” means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state.
(2) “Domicile,” for purposes of determining the state in which a purchasing group is domiciled, means:
(A) for a corporation, the state in which the purchasing group is incorporated; and
(B) for an unincorporated entity, the state of its principal place of business.
(3) “Hazardous financial condition” shall have the same meaning as in 15 U.S.C. § 3901(a)(7).
(4) “Insurance” shall have the same meaning as in 15 U.S.C. § 3901(a)(1).
(5) “Liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(2).
(6) “Personal risk liability” shall have the same meaning as in 15 U.S.C. § 3901(a)(3).
(7) “Plan of operation and feasibility study” means an analysis that presents the expected activities and results of a risk retention group as required by chapter 141 of this title.
(8) “Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred.
(9) “Purchasing group” has the same meaning as in 15 U.S.C. § 3901(a)(5).
(10) “Risk retention group” shall have the same meaning as in 15 U.S.C. § 3901(a)(4).
(11) “State” means any state of the United States or the District of Columbia. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992; amended 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
