The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
Subchapter
003
:
MERGERS, CONSOLIDATIONS, CONVERSIONS, MUTUALIZATIONS, BULK REINSURANCE, SUBSIDIARIES
(Cite as: 8 V.S.A. § 3432)
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§ 3432. Transfer of deposits
If the state in which a foreign, new, surviving, or accepting insurer is incorporated
or organized shall require the maintenance with any official of such state of a deposit
of the legal reserve on the policies so assumed and such foreign insurer shall maintain
such deposit, then the State Treasurer is authorized to deliver to the proper custodian
of such funds in the state in that the said foreign insurer is incorporated or organized,
such deposits as he or she may hold pertaining to the policies so assumed by the new,
surviving, or accepting insurer. If a surviving, new, or accepting domestic insurer
assumes all or a substantial number of the risks of a foreign insurer incorporated
in a state that requires the maintenance with a state official of a deposit of the
legal reserve on policies so assumed, then the State Treasurer is hereby authorized
to receive from such official such deposits as he or she may hold pertaining to the
policies so assumed. The amount of deposit to be maintained from time to time for
each policy on which liability is assumed shall be at least equal to the amount that
would be required in the state where such deposit has theretofore been maintained. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 11).)