§ 8162 - -Foreign corporations - Vermont Statutes

§ 8162. -Foreign corporations

When a foreign insurance, surety or guaranty company or an agent thereof fails to make returns or to pay the taxes as required in this chapter, the commissioner shall notify the commissioner of banking, insurance, securities, and health care administration thereof, who shall thereupon revoke the license of such company and its agents to do business in this state. Notice in writing of such revocation shall be mailed by the commissioner of banking, insurance, securities, and health care administration to such company addressed to its principal office or place of business in the United States and to the commissioner of taxes. In the discretion of the commissioner of banking, insurance, securities, and health care administration, such notice may be sent by mail or otherwise to any or all of the agents of such company residing in this state. The license of foreign loan, mortgage or investment companies in like manner and for like causes shall be revoked by the commissioner of banking, insurance, securities, and health care administration and like notice thereof shall be given by such commissioner. (Amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)