Vermont § 6034d - Sale, transfer, or assignment of protected cells

§ 6034d. Sale, transfer, or assignment of protected cells

• (a) Subject to the prior written approval of the Commissioner, on application of the sponsor
  and with the prior consent of each participant of the affected protected cell or as
  otherwise permitted pursuant to a participation agreement, or the consent of the affected
  incorporated protected cell, a sponsored captive insurance company or a sponsored
  captive insurance company licensed as a special purpose financial insurance company
  may sell, transfer, assign, and otherwise convey a protected cell or incorporated
  protected cell together with all of the protected cell’s assets, rights, benefits,
  obligations, and liabilities to a new or existing sponsored captive insurance company
  or sponsored captive insurance company licensed as a special purpose financial insurance
  company, pursuant to a plan or plans of operation approved by the Commissioner. (b) Any such sale, transfer, assignment, or conveyance shall be deemed for all purposes
  to be a continuation of the protected cell’s existence together with all of its assets,
  rights, benefits, obligations, and liabilities, as a protected cell of the transferee. (c) Any such sale, transfer, assignment, or conveyance shall not be construed to limit
  any rights or protections applicable to the transferred protected cell or incorporated
  protected cell and the transferor sponsored captive insurance company or sponsored
  captive insurance company licensed as a special purpose financial insurance company
  under this subchapter or under section 6048n of this title, as applicable, that existed immediately prior to any such sale, transfer, assignment,
  or conveyance. (Added 2015, No. 74 (Adj. Sess.), § 4, eff. April 13, 2016; amended 2019, No. 110 (Adj. Sess.), § 5, eff. June 15, 2020.)