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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
101
:
INSURANCE COMPANIES GENERALLY
Subchapter
005
:
RESERVES; DEPOSITS; PENSIONS
§
3503. Deposits of domestic insurer doing foreign business
(a) A domestic
insurer may deposit with the treasurer of this state or with the comptroller or
chief financial officer of another state or country funds or securities of the
insurer which the laws of such state or country require to enable such insurer
to establish agencies or prosecute the business of insurance within such state
or country. The treasurer of this state shall safely keep such securities so
deposited with him or her for the benefit of the policyholders of the insurer,
but it may receive interest or dividends from the securities, or exchange them
for others of equal value.
(b) If such
insurer discontinues doing business in such other states or countries, it may
at any time bring an action in the superior court against the State of Vermont,
provided such deposit is made with the treasurer of this state, to enforce,
administer or terminate the trust created by such deposit. The process in such
action shall be served on the state treasurer and the commissioner, who shall
appear and answer on behalf of the state. On proof by such company that it has
paid or made sufficient provision for the payment of all liabilities arising
from business written or transacted in such other states and countries, the
court may make such orders and decrees for the payment or return of such funds
or securities, or any part thereof, as shall protect the rights of all
interested parties and the state treasurer shall comply therewith. (1967, No.
344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 1).)