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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










 

§

3437. Redomestication; approval as a domestic insurer

Any foreign or

alien insurer may become a domestic insurer by complying with all of the

requirements of law relative to the organization and licensing of a domestic

insurer of the same type, and by filing with the secretary of state its

articles of association, charter or other organization document, together with

appropriate amendments thereto adopted in accordance with the laws of this

state bringing such articles of association, charter or other organizational

document into compliance with the laws of this state, along with a certificate

of general good issued by the commissioner. Said domestic insurer shall be

entitled to the necessary or appropriate certificates and licenses to continue

its business and to transact business in this state, and shall be subject to

the authority and jurisdiction of this state. In connection with any such

redomestication, the commissioner may waive any and all requirements for public

hearings, including those relating to the amendment of an insurer's articles of

association and that required by section 3305 of this title. No insurer

redomesticating into this state need merge, consolidate, transfer assets or

otherwise engage in any other reorganization, other than as specified in this

section. (Added 1991, No. 41, § 1.)