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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

145

:
SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS






Subchapter

003
:
FORMAL PROCEEDINGS










 

§

7059. Dissolution of insurer

The Commissioner

may petition for an order dissolving the corporate existence of a domestic

insurer or the United States branch of an alien insurer domiciled in this State

at the time he or she applies for a liquidation order. The Court shall order

dissolution of the corporation upon petition by the Commissioner upon or after

the granting of a liquidation order. If the dissolution has not previously been

ordered, it shall be effected by operation of law upon the discharge of the

liquidator if the insurer is insolvent but may be ordered by the Court upon the

discharge of the liquidator if the insurer is under a liquidation order for

some other reason. (Added 1991, No. 45, § 2, eff. May 29, 1991.)