Vermont § 7036 Condition on release from delinquency proceedings

Vermont Statutes

§ 7036 — Condition on release from delinquency proceedings

Vermont § 7036

Title 8Title 8: Banking and Insurance

Ch. 145Chapter 145: Supervision, Rehabilitation, and Liquidation of Insurers

This text of Vermont § 7036 (Condition on release from delinquency proceedings) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 7036 (2026).

Text

An insurer subject to delinquency proceedings, whether formal or informal, shall not:

(1)be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;

(2)be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;

(3)be returned to the control of its shareholders or private management; or

(4)have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repaymen

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An insurer subject to delinquency proceedings, whether formal or informal, shall not:
(1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(3) be returned to the control of its shareholders or private management; or
(4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association.