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Searching 2018 Special Session

The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 145 : SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS

Subchapter 001 : GENERAL PROVISIONS

(Cite as: 8 V.S.A. § 7033)
  • § 7033. Injunctions and orders

    (a) A receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:

    (1) the transaction of further business;

    (2) the transfer of property;

    (3) interference with the receiver or with a proceeding under this chapter;

    (4) waste of the insurer's assets;

    (5) dissipation and transfer of bank accounts;

    (6) the institution or further prosecution of any actions or proceedings;

    (7) the obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets or its policyholders;

    (8) the levying of execution against the insurer, its assets or its policyholders;

    (9) the making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer;

    (10) the withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or

    (11) any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this chapter.

    (b) The receiver may apply to a court outside the State for the relief described in subsection (a) of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)