The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 8 : Banking and Insurance
Chapter 145 : Supervision, Rehabilitation, and Liquidation of Insurers
Subchapter 001 : General Provisions
(Cite as: 8 V.S.A. § 7036)-
§ 7036. Condition on release from delinquency proceedings
An insurer subject to delinquency proceedings, whether formal or informal, shall not:
(1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(3) be returned to the control of its shareholders or private management; or
(4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
