Vermont Statutes Title 8 Sec. 3437
Terms Used In Vermont Statutes Title 8 Sec. 3437
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
§ 3437. Redomestication; approval as a domestic insurer
Any foreign or alien insurer may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type, and by filing with the Secretary of State its articles of association, charter, or other organization document, together with appropriate amendments thereto adopted in accordance with the laws of this State bringing such articles of association, charter, or other organizational document into compliance with the laws of this State, along with a certificate of general good issued by the Commissioner. Said domestic insurer shall be entitled to the necessary or appropriate certificates and licenses to continue its business and to transact business in this State, and shall be subject to the authority and jurisdiction of this State. In connection with any such redomestication, the Commissioner may waive any and all requirements for public hearings, including those relating to the amendment of an insurer’s articles of association and that required by section 3305 of this title. No insurer redomesticating into this State need merge, consolidate, transfer assets, or otherwise engage in any other reorganization, other than as specified in this section. (Added 1991, No. 41, § 1.)