The Vermont Statutes Online
The Statutes below include the actions of the 2024 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 157 : Transfer and Assumption of Insurance Contracts
(Cite as: 8 V.S.A. § 8206)-
§ 8206. Effect of consent
If a policyholder consents or is deemed to have consented to the transfer pursuant to section 8205 of this title or if the transfer is effected under subsection 8207(b) of this title, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks. (Added 1993, No. 235 (Adj. Sess.), § 7.)
