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2013 Vermont Statutes
Title 08 Banking and Insurance
Chapter 145 SUPERVISION,REHABILITATION,AND LIQUIDATION OF INSURERS
§ 7056 Grounds for liquidation


8 V.S.A. § 7056 What's This?

7056. Grounds for liquidation

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

(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.)

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