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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










 

§

3439. Effects of redomestication

Upon

redomestication in accordance with section 3437 of this title, the foreign or

alien insurer shall become a domestic insurer organized under the laws of this

state and have all the rights, privileges, immunities and powers, and be

subject to all applicable laws, duties and liabilities, of domestic insurers of

the same type. Such domestic insurer shall thereupon and thereafter possess all

rights that obtained prior to the redomestication to the extent permitted by

the laws of this state, and thenceforth be responsible and liable for all the

liabilities and obligations that obtained prior to the redomestication. The

certificate of authority, agents, appointments and licenses, rates, and other

items that the commissioner of insurance allows, in his or her discretion,

which are in existence at the time any insurer licensed to transact the

business of insurance in this state transfers its corporate domicile to this or

any other state or jurisdiction by redomestication, shall continue in full

force and effect upon such transfer if such insurer remains duly qualified to

transact the business of insurance in this state. All transferring insurers

qualified in this state shall notify the commissioner of the transfer of domicile

and shall provide the commissioner such information and documentation as the

commissioner may request. All outstanding policies of any transferring insurer

shall remain in full force and effect. (Added 1991, No. 41, § 3.)