Vermont § 7094 - Ancillary formal proceedings
Full text of Vermont Vermont Statutes Online § 7094 — Ancillary formal proceedings, with citation guidance and answers to common questions.
§ 7094. Ancillary formal proceedings
- (a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this
State, the Commissioner may file a petition with the Superior Court of Washington
County requesting appointment as ancillary receiver in this State if the Commissioner
finds that: (1) there are sufficient assets of the insurer located in this State to justify the appointment
of an ancillary receiver; or (2) the protection of creditors or policyholders in this State so requires. (b) The court may issue an order appointing an ancillary receiver in whatever terms it
shall deem appropriate. The filing or recording of the order with the Superior Court
of Washington County or the town clerk of the town in which its principal office or
place of business is located; or, in the case of real estate, with the town clerk
of the town where the property is located, shall impart the same notice as a deed,
bill of sale, or other evidence of title duly filed or recorded with that town clerk
would have imparted. (c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary
receiver appointed in this State may, whenever necessary, aid and assist the domiciliary
liquidator in recovering assets of the insurer located in this State. The ancillary
receivers shall, as soon as practicable, liquidate from their respective securities
those special deposit claims and secured claims that are proved and allowed in the
ancillary proceedings in this State, and shall pay the necessary expenses of the proceedings.
The ancillary receiver shall promptly transfer all remaining assets, books, accounts,
and records to the domiciliary liquidator. Subject to this section, the ancillary
receiver and his or her deputies shall have the same powers and be subject to the
same duties with respect to the administration of assets as a liquidator of an insurer
domiciled in this State. (d) When a domiciliary liquidator has been appointed in this State, ancillary receivers
appointed in reciprocal states shall have, as to assets and books, accounts, and other
records in their respective states, corresponding rights, duties, and powers to those
provided in subsection (c) of this section for ancillary receivers appointed in this
State. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
Frequently Asked Questions About Vermont § 7094
What does Vermont Statutes Online § 7094 cover?
Section 7094 ("Ancillary formal proceedings") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 7094?
A common citation format is "Vermont Statutes Online § 7094" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 7094 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.