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2025 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 101 - Insurance Companies Generally
§ 3387. Prerequisites to defense of action
Universal Citation:
8 VT Stats § 3387
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§ 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 that may be rendered in such action; or
(2) procure a certificate of authority to transact the business of insurance in this State. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 3, § 7).)
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