Vermont Statutes Title 8. Banking and Insurance, § 8305. Authorized control level event

(a) The following are deemed to be authorized control level events and subject to the requirements of this section:

(b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner shall take such actions as he or she deems necessary to protect policyholders and creditors of the insurer, including those actions permitted under section 8304 and chapter 145 of this title. In the event the Commissioner seeks an order under chapter 145 of this title, the authorized control level event shall be deemed sufficient grounds for the Commissioner's order, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in that chapter. In the event the Commissioner takes actions under this subsection pursuant to an adjusted risk based capital report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of section 7041 of this title pertaining to summary proceedings.