Vermont § 4595 - Change in control; material transactions; redomestication; establishment or acquisition of control of insurance company subsidiary

§ 4595. Change in control; material transactions; redomestication; establishment or acquisition of control of insurance company subsidiary

• (a)(1) No corporation permitted to engage in business under this chapter shall merge or consolidate
  with, sell, transfer, or exchange more than a 10-percent interest in the corporation
  or its assets to, or sell, transfer, or exchange more than 10 percent of its subscribers
  to, or otherwise transfer or commit more than a 10-percent interest in itself to,
  any other person, whether accomplished through one transaction or a series of transactions,
  without the Commissioner’s prior written approval. (2) No corporation permitted to engage in business under this chapter shall transfer its
  domicile to any other state or jurisdiction without the prior written approval of
  the Commissioner. (3) A corporation permitted to engage in business under this chapter shall obtain the
  Commissioner’s written approval prior to establishing or acquiring control of a for-profit
  or not-for-profit entity that is authorized to engage in the business of insurance
  under chapter 101 or chapter 139 of this title or the insurance law of any other U.S.
  jurisdiction. For purposes of this subdivision, “control” shall have the same meaning
  as in subdivision 3681(3) of this title. In addition to any other investment limitations established pursuant to this title,
  investments in entities authorized to engage in the business of insurance under chapter
  101 or 139 of this title or the insurance law of any other U.S. jurisdiction shall
  be limited to 25 percent of total assets of the nonprofit medical services corporation
  in the aggregate; provided, however, that this limitation shall exclude investments
  in existence on May 1, 2004.