Vermont § 3443 - Regulated as an insurance company

§ 3443. Regulated as an insurance company

• (a) A stock insurance company resulting from the reorganization of a domestic mutual insurance
  company shall be regulated as a stock insurance company under this title and shall
  have all the rights, privileges, immunities, and powers of the former mutual insurance
  company and shall be subject to all the duties and liabilities of an insurer organized
  under this title. (b) The Commissioner shall retain jurisdiction over a mutual insurance holding company
  and any stock insurance holding company to ensure that policyholder interests are
  protected. A mutual insurance holding company and any stock insurance holding company
  are deemed to be insurers subject to chapter 145 of this title. A mutual insurance
  holding company and any stock insurance holding company shall automatically be a party
  to any proceeding under chapter 145 of this title involving a stock insurance company
  reorganized under this subchapter. In any proceeding under chapter 145 of this title
  involving a reorganized stock insurance company, the assets of the mutual insurance
  holding company and any stock insurance holding company are deemed to be assets of
  the estate of the reorganized insurance company for purposes of satisfying the claims
  of the reorganized insurance company’s policyholders. A mutual insurance holding company
  shall not dissolve or liquidate without the approval of the Commissioner or as ordered
  by the Superior Court pursuant to chapter 145 of this title. The Commissioner shall
  have jurisdiction over a stock insurance holding company as if it were a mutual insurance
  holding company. (c) Acquisitions and investments by mutual insurance holding companies, including those
  acquisitions pursuant to subsection 3442(b) of this title, shall be subject to the procedures and standards prescribed by chapter 101, subchapter
  13 of this title. Mutual insurance holding companies and stock insurance holding companies
  shall be considered a domestic insurer for purposes of such acquisition. (Added 1995, No. 167 (Adj. Sess.), § 29a; amended 1999, No. 86 (Adj. Sess.), § 5, eff. April 27, 2000.)