§3432. Transfer of deposits

Link to law: http://legislature.vermont.gov/statutes/section/08/101/03432
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

101

:
INSURANCE COMPANIES GENERALLY






Subchapter

003
:
MERGERS, CONSOLIDATIONS, CONVERSIONS, MUTUALIZATIONS, BULK REINSURANCE, SUBSIDIARIES










 

§

3432. Transfer of deposits

If the state in

which a foreign, new, surviving or accepting insurer, is incorporated or

organized, shall require the maintenance with any official of such state of a

deposit of the legal reserve on the policies so assumed and such foreign

insurer shall maintain such deposit, then the state treasurer is authorized to

deliver to the proper custodian of such funds in the state in which the said

foreign insurer is incorporated or organized, such deposits as he or she may

hold pertaining to the policies so assumed by the new, surviving or accepting

insurer. If a surviving, new or accepting domestic insurer assumes all or a

substantial number of the risks of a foreign insurer incorporated in a state

which requires the maintenance with a state official of a deposit of the legal

reserve on policies so assumed, then the state treasurer is hereby authorized

to receive from such official such deposits as he or she may hold pertaining to

the policies so assumed. The amount of deposit to be maintained from time to

time for each policy on which liability is assumed shall be at least equal to

the amount which would be required in the state where such deposit has

theretofore been maintained. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4,

§ 11).)
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