Vt. Stat. Ann. tit. 8, § 7056
Grounds for liquidation
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
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:
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
(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. Added 1991, No. 45, § 2, eff. May 29, 1991.
(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.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.