§7096. Claims of nonresidents against insurers domiciled in this State

Link to law: http://legislature.vermont.gov/statutes/section/08/145/07096
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

145

:
SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS






Subchapter

004
:
INTERSTATE RELATIONS










 

§

7096. Claims of nonresidents against insurers domiciled in this State

(a) In a

liquidation proceeding begun in this State against an insurer domiciled in this

State, claimants residing in foreign countries or in states not reciprocal

states must file claims in this State, and claimants residing in reciprocal

states may file claims either with the ancillary receivers, if any, in their

respective states, or with the domiciliary liquidator. Claims must be filed on

or before the last date fixed for the filing of claims in the domiciliary

liquidation proceeding.

(b) Claims

belonging to claimants residing in reciprocal states may be proved either in

the liquidation proceeding in this State as provided in this chapter, or in

ancillary proceedings, if any, in the reciprocal states. If notice of the

claims and opportunity to appear and be heard is afforded the domiciliary

liquidator of this State as provided in subsection 7097(b) of this title with

respect to ancillary proceedings, the final allowance of claims by the courts

in ancillary proceedings in reciprocal states shall be conclusive as to amount

and as to priority against special deposits or other security located in such

ancillary states, but shall not be conclusive with respect to priorities

against general assets under section 7081 of this title. (Added 1991, No. 45, §

2, eff. May 29, 1991.)
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