§ 7036 - Condition on release from delinquency proceedings - Vermont Statutes

§ 7036. Condition on release from delinquency proceedings

An insurer subject to delinquency proceedings, whether formal or informal, shall not:

(1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;

(2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;

(3) be returned to the control of its shareholders or private management; or

(4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association. (Added 1991, No. 45, § 2, eff. May 29, 1991.)