Vermont § 6048e - Changes in plan of operation; voluntary dissolution or cessation of business

§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business

• (a) Any change in the special purpose financial insurance company’s plan of operation
  shall require prior approval of the Commissioner. (b) Any transaction or series of transactions shall be subject to the prior approval of
  the Commissioner if such transaction or series of transactions: (1) is undertaken to dissolve a special purpose financial insurance company; or (2) results in the termination of all or any part of a special purpose financial insurance
  company’s business; but no prior approval of the Commissioner shall be required for
  any transaction or series of transactions described in this subdivision (2) if such
  transaction or series of transactions is done in accordance with a document or agreement
  described in the special purpose financial insurance company’s plan of operation and
  if the Commissioner is notified in advance of such transaction or series of transactions. (c) A special purpose financial insurance company shall notify the Commissioner in advance
  of any change in the legal ownership of any security issued by the special purpose
  financial insurance company. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 56, eff. May 13, 2013.)