Vermont Statutes Title 8 Sec. 7091
Terms Used In Vermont Statutes Title 8 Sec. 7091
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Commissioner of Financial Regulation. See
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Domiciliary state: means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Foreign country: means any other jurisdiction not in any state. See
- insolvent: means :
- Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. See
- Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See
- State: means any state, district, or territory of the United States and the Panama Canal Zone. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 7091. Conservation of property of foreign or alien insurers found in this State
(a) If a domiciliary liquidator has not been appointed, the Commissioner may apply to the Superior Court of Washington County by verified petition for an order directing the Commissioner to act as conservator to conserve the property of an alien insurer not domiciled in this State or a foreign insurer on any one or more of the following grounds:
(1) any of the grounds established by section 7051 of this title;
(2) any of the insurer’s property has been sequestered by official action in its domiciliary state, or in any other state;
(3) enough of the insurer’s property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
(4)(A) the insurer’s certificate of authority to do business in this State has been revoked or none was ever issued; and
(B) there are residents of this State with outstanding claims or outstanding policies.
(b) When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given such notice and time to respond to the order as is reasonable under the circumstances.
(c) The court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which the principal business of the company is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.
(d) The conservator may at any time petition for and the court may grant an order under section 7092 of this title to liquidate assets of a foreign or alien insurer under conservation or, if appropriate, for an order under section 7094 of this title, to be appointed ancillary receiver.
(e) The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied, all costs, including reasonable attorney’s fees, shall be assessed against such party. (Added 1991, No. 45, § 2, eff. May 29, 1991; amended 2021, No. 105 (Adj. Sess.), § 261, eff. July 1, 2022.)