§7033. Injunctions and orders

Link to law: http://legislature.vermont.gov/statutes/section/08/145/07033
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

145

:
SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS






Subchapter

001
:
GENERAL PROVISIONS










 

§

7033. Injunctions and orders

(a) A receiver

appointed in a proceeding under this chapter may at any time apply for, and any

court of general jurisdiction may grant, restraining orders, preliminary and

permanent injunctions, and other orders as may be deemed necessary and proper

to prevent:

(1) the

transaction of further business;

(2) the transfer

of property;

(3) interference

with the receiver or with a proceeding under this chapter;

(4) waste of the

insurer's assets;

(5) dissipation

and transfer of bank accounts;

(6) the

institution or further prosecution of any actions or proceedings;

(7) the

obtaining of preferences, judgments, attachments, garnishments, or liens

against the insurer, its assets or its policyholders;

(8) the levying

of execution against the insurer, its assets or its policyholders;

(9) the making

of any sale or deed for nonpayment of taxes or assessments that would lessen

the value of the assets of the insurer;

(10) the

withholding from the receiver of books, accounts, documents, or other records

relating to the business of the insurer; or

(11) any other

threatened or contemplated action that might lessen the value of the insurer's

assets or prejudice the rights of policyholders, creditors, or shareholders, or

the administration of any proceeding under this chapter.

(b) The receiver

may apply to a court outside the State for the relief described in subsection

(a) of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
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