§6048e. Changes in plan of operation; voluntary dissolution or cessation of business

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06048e
Published: 2015

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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.)
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