Vermont § 8206 Effect of consent

Vermont Statutes

§ 8206 — Effect of consent

Vermont § 8206

Title 8Title 8: Banking and Insurance

Ch. 157Chapter 157: Transfer and Assumption of Insurance Contracts

This text of Vermont § 8206 (Effect of consent) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 8206 (2026).

Text

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.)

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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.)