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. § 3439)
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§ 3439. Effects of redomestication
Upon redomestication in accordance with section 3437 of this title, the foreign or alien insurer shall become a domestic insurer organized under the
laws of this State and have all the rights, privileges, immunities, and powers, and
be subject to all applicable laws, duties, and liabilities, of domestic insurers of
the same type. Such domestic insurer shall thereupon and thereafter possess all rights
that obtained prior to the redomestication to the extent permitted by the laws of
this State, and thenceforth be responsible and liable for all the liabilities and
obligations that obtained prior to the redomestication. The certificate of authority,
agents, appointments and licenses, rates, and other items that the Commissioner of
insurance allows, in his or her discretion, that are in existence at the time any
insurer licensed to transact the business of insurance in this State transfers its
corporate domicile to this or any other state or jurisdiction by redomestication,
shall continue in full force and effect upon such transfer if such insurer remains
duly qualified to transact the business of insurance in this State. All transferring
insurers qualified in this State shall notify the Commissioner of the transfer of
domicile and shall provide the Commissioner such information and documentation as
the Commissioner may request. All outstanding policies of any transferring insurer
shall remain in full force and effect. (Added 1991, No. 41, § 3.)