The Vermont Statutes Online
Banking and Insurance
LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
HEALTH MAINTENANCE ORGANIZATION GUARANTY ASSOCIATION
As defined in
"Association" means the Vermont Health Maintenance Organization
Guaranty Association created under this subchapter.
"Commissioner" means the Commissioner of Financial Regulation of this
"Contractual obligation" means any obligation under covered health
care plan certificates.
"Covered person" means any member or person who is entitled to the
protection of the Association as described in section 4181 of this title.
"Covered health care plan certificate" means any health care plan
certificate, contract, or other evidence of coverage within the scope of this
"Fund" means the Fund created under section 4184 of this title.
"Impaired organization" means a member organization deemed by the
Commissioner after May 21, 1993 to be unable or potentially unable to fulfill
its contractual obligations, and not an insolvent organization.
"Insolvent organization" means a member organization which becomes
insolvent and is placed under a final order of liquidation or rehabilitation by
a court of competent jurisdiction.
organization" means any person who holds a certificate of authority under
chapter 139 of this title, and includes any person whose certificate of authority
has been suspended, revoked, or nonrenewed.
"Premiums" means direct gross premiums or subscriptions received on
covered health care plan certificates.
"Person" means any individual, corporation, partnership, association,
or voluntary organization.
"Resident" means any person who resides in this State at the time the
organization is determined to be impaired or insolvent and to whom contractual
obligations are owed. A person may be a resident of only one state. In the case
of a person other than a natural person, residence shall be its principal place
of business. (Added 1993, No. 30, § 15, eff. May 21, 1993; amended 1995, No.
180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)