§ 7056. Grounds for liquidation
The Commissioner may petition the Superior Court of Washington County for an order directing the Commissioner to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis of one or more of the following grounds:
(1) one or more grounds for an order of rehabilitation under section 7051 of this title exist, whether or not there has been a prior order directing the rehabilitation of the insurer; or
(2) the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers
§ 7032. Jurisdiction and venue
§ 7033. Injunctions and orders
§ 7034. Cooperation of officers, owners, and employees
§ 7035. Continuation of delinquency proceedings
§ 7036. Condition on release from delinquency proceedings
§ 7041. Commissioner’s summary orders and supervision proceedings
§ 7043. Confidentiality of hearings
§ 7051. Grounds for rehabilitation
§ 7053. Powers and duties of the rehabilitator
§ 7054. Actions by and against rehabilitator
§ 7055. Termination of rehabilitation
§ 7056. Grounds for liquidation
§ 7058. Continuance of coverage
§ 7059. Dissolution of insurer
§ 7061. Notice to creditors and others
§ 7063. Actions by and against liquidator
§ 7064. Collection and list of assets
§ 7065. Fraudulent transfers prior to petition
§ 7066. Fraudulent transfer after petition
§ 7067. Voidable preferences and liens
§ 7068. Claims of holders of void or voidable rights
§ 7072. Recovery of premiums owed
§ 7073. Domiciliary liquidator’s proposal to distribute assets
§ 7077. Special provisions for third party claims
§ 7080. Secured creditor’s claims
§ 7081. Priority of distribution
§ 7082. Liquidator’s recommendations to the Court
§ 7083. Distribution of assets
§ 7084. Unclaimed and withheld funds
§ 7085. Termination of proceedings
§ 7087. Disposition of records during and after termination of liquidation
§ 7088. External audit of the receiver’s books
§ 7091. Conservation of property of foreign or alien insurers found in this State
§ 7092. Liquidation of property of foreign or alien insurers found in this State
§ 7093. Domiciliary liquidators in other states
§ 7094. Ancillary formal proceedings
§ 7095. Ancillary summary proceedings
§ 7096. Claims of nonresidents against insurers domiciled in this State
§ 7097. Claims of residents against insurers domiciled in reciprocal states