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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
141
:
CAPTIVE INSURANCE COMPANIES
Subchapter
004
:
SPECIAL PURPOSE FINANCIAL INSURANCE COMPANIES
§
6048e. Changes in plan of operation; voluntary dissolution or cessation of
business
(a) Any change
in the special purpose financial insurance company's plan of operation shall
require prior approval of the Commissioner.
(b) Any
transaction or series of transactions shall be subject to the prior approval of
the Commissioner if such transaction or series of transactions:
(1) is
undertaken to dissolve a special purpose financial insurance company; or
(2) results in
the termination of all or any part of a special purpose financial insurance
company's business; but no prior approval of the Commissioner shall be required
for any transaction or series of transactions described in this subdivision (2)
if such transaction or series of transactions is done in accordance with a
document or agreement described in the special purpose financial insurance
company's plan of operation and if the Commissioner is notified in advance of
such transaction or series of transactions.
(c) A special
purpose financial insurance company shall notify the Commissioner in advance of
any change in the legal ownership of any security issued by the special purpose
financial insurance company. (Added 2007, No. 49, § 17; amended 2013, No. 29, §
56, eff. May 13, 2013.)