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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

112

:
LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION






Subchapter

001
:
LIFE AND HEALTH INSURANCE COMPANIES










 

§

4169. Stay of proceedings; reopening default judgments

All proceedings

in which the impaired or insolvent insurer is a party in any court in this

State shall be stayed 60 days from the date an order of liquidation,

rehabilitation, or conservation is final to permit proper legal action by the

Association on any matters germane to its powers or duties. As to a judgment

under any decision, order, verdict, or finding based on the default, the

Association may apply to have such judgment set aside by the same court that

made such judgment and shall be permitted to defend against such suit on the

merits. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended

2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)