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
005
:
RESERVES; DEPOSITS; PENSIONS
(Cite as: 8 V.S.A. § 3503)
-
§ 3503. Deposits of domestic insurer doing foreign business
(a) A domestic insurer may deposit with the Treasurer of this State or with the comptroller
or chief financial officer of another state or country funds or securities of the
insurer that the laws of such state or country require to enable such insurer to establish
agencies or prosecute the business of insurance within such state or country. The
Treasurer of this State shall safely keep such securities so deposited with him or
her for the benefit of the policyholders of the insurer, but it may receive interest
or dividends from the securities, or exchange them for others of equal value.
(b) If such insurer discontinues doing business in such other states or countries, it
may at any time bring an action in the Superior Court against the State of Vermont,
provided such deposit is made with the Treasurer of this State, to enforce, administer,
or terminate the trust created by such deposit. The process in such action shall be
served on the State Treasurer and the Commissioner, who shall appear and answer on
behalf of the State. On proof by such company that it has paid or made sufficient
provision for the payment of all liabilities arising from business written or transacted
in such other states and countries, the court may make such orders and decrees for
the payment or return of such funds or securities, or any part thereof, as shall protect
the rights of all interested parties and the State Treasurer shall comply therewith. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 1).)