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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.)