Vermont Statutes Title 8. Banking and Insurance, § 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:

(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.