Vermont Statutes Title 8 Sec. 7119
Terms Used In Vermont Statutes Title 8 Sec. 7119
- Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
- Legacy: A gift of property made by will.
- Party: means :
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 7119. Assuming company; Board; principal place of business; registered agent
No assuming company shall be a party to a legacy insurance transfer under this chapter unless:
(1) its board of directors or committee of managers holds at least one meeting each year in this State;
(2) it maintains its principal place of business in this State; and
(3) it appoints a registered agent to accept service of process and to otherwise act on its behalf in this State, provided that whenever such registered agent cannot with reasonable diligence be found at the registered office of the assuming company, the Secretary of State shall be an agent of such assuming company upon whom any process, notice, or demand may be served. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)