2011 Vermont Code
Title 08 Banking and Insurance
Chapter 101 INSURANCE COMPANIES GENERALLY
§ 3387 Prerequisites to defense of action
§ 3387. Prerequisites to defense of action
Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit or proceeding instituted against it, such unauthorized insurer shall:
(1) Deposit with the clerk of the court in which such action, suit or proceeding is pending, cash or securities or file with such clerk a bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed by the court sufficient to secure the payment of any final judgment which may be rendered in such action; or
(2) Procure a certificate of authority to transact the business of insurance in this state. (1967, No. 344 (Adj. Sess.), { 1 (ch. 1, subch. 3, { 7).)
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