Vermont Statutes Title 8 Sec. 3432
Terms Used In Vermont Statutes Title 8 Sec. 3432
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 3432. Transfer of deposits
If the state in which a foreign, new, surviving, or accepting insurer is incorporated or organized shall require the maintenance with any official of such state of a deposit of the legal reserve on the policies so assumed and such foreign insurer shall maintain such deposit, then the State Treasurer is authorized to deliver to the proper custodian of such funds in the state in which the said foreign insurer is incorporated or organized, such deposits as he or she may hold pertaining to the policies so assumed by the new, surviving, or accepting insurer. If a surviving, new, or accepting domestic insurer assumes all or a substantial number of the risks of a foreign insurer incorporated in a state which requires the maintenance with a state official of a deposit of the legal reserve on policies so assumed, then the State Treasurer is hereby authorized to receive from such official such deposits as he or she may hold pertaining to the policies so assumed. The amount of deposit to be maintained from time to time for each policy on which liability is assumed shall be at least equal to the amount which would be required in the state where such deposit has theretofore been maintained. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 11).)