§ 8202 - Scope - Vermont Statutes

§ 8202. Scope

(a) The requirements of this chapter apply to any insurer authorized to transact business in this state who contracts to assume or transfer the obligations or risks on contracts of insurance, including annuities, pursuant to an assumption reinsurance agreement.

(b) This chapter does not apply to:

(1) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for insurance obligations or risks under the contracts of insurance that are subject to the reinsurance agreement;

(2) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;

(3) The transfer of contracts of insurance pursuant to a merger or consolidation of two or more insurers to the extent that those transactions are regulated by statute;

(4) Any insurer subject to a judicial order of liquidation or rehabilitation;

(5) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to subchapter 9 of chapter 101 or chapter 112 of this title; or

(6) The transfer of liabilities from one insurer to another under a single group policy upon the written request of the group policyholder. (Added 1993, No. 235 (Adj. Sess.), § 7.)