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
:
FORMAL PROCEEDINGS
(Cite as: 8 V.S.A. § 7059)
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§ 7059. Dissolution of insurer
The Commissioner may petition for an order dissolving the corporate existence of a
domestic insurer or the U.S. branch of an alien insurer domiciled in this State at
the time the Commissioner applies for a liquidation order. The court shall order dissolution
of the corporation upon petition by the Commissioner upon or after the granting of
a liquidation order. If the dissolution has not previously been ordered, it shall
be effected by operation of law upon the discharge of the liquidator if the insurer
is insolvent but may be ordered by the court upon the discharge of the liquidator
if the insurer is under a liquidation order for some other reason. (Added 1991, No. 45, § 2, eff. May 29, 1991; amended 2021, No. 105 (Adj. Sess.), § 255, eff. July 1, 2022.)