Vermont Statutes Title 8 Sec. 7036
Terms Used In Vermont Statutes Title 8 Sec. 7036
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Guaranty association: means the Vermont Property and Casualty Insurance Guaranty Association created in accordance with the provisions of chapter 101, subchapter 9 of this title, the Vermont Life and Health Insurance Guaranty Association created in accordance with the provisions of chapter 112 of this title, and any other similar entity now or hereafter created by the General Assembly of this State for the payment of claims of insolvent insurers. See
- 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
§ 7036. Condition on release from delinquency proceedings
An insurer subject to delinquency proceedings, whether formal or informal, shall not:
(1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(3) be returned to the control of its shareholders or private management; or
(4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association. (Added 1991, No. 45, § 2, eff. May 29, 1991.)