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Vermont Statutes Title 8. Banking and Insurance, § 7056. Grounds for liquidation

Current as of January 01, 2024 | Updated by FindLaw Staff

The Commissioner may petition the Superior Court of Washington County for an order directing the Commissioner to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis of one or more of the following grounds:

(1) one or more grounds for an order of rehabilitation under section 7051 of this title exist, whether or not there has been a prior order directing the rehabilitation of the insurer; or

(2) the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 7056. Grounds for liquidation - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-7056/

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