reglab/housing_qa huggingface dataset:
8 V.S.A. § 7042
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7042. Court's seizure order

§ 7042. Court's seizure order|(a) The Commissioner may file in the Superior Court of Washington County a petition alleging, with respect to a domestic insurer:  (1) that there exist grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter; (2) that the interests of policyholders, creditors, or the public will be endangered by delay; and (3) the contents of an order deemed necessary by the Commissioner.   (b) Upon filing a petition under subsection (a) of this section, the Court may issue forthwith, ex parte and without a hearing, an order directing the Commissioner to take possession and control of all or a part of the property, books, accounts, documents, and other records of an insurer, and of the premises occupied by it for transaction of its business; and enjoining the insurer and its officers, managers, agents, and employees from disposing of its property and from transacting its business except with the written consent of the Commissioner.(c) The Court shall specify in the order issued under subsection (b) of this section its duration, which shall be such time as the Court deems necessary for the Commissioner to ascertain the condition of the insurer. On motion of either party or on its own motion, the Court may from time to time hold such hearings as it deems desirable after such notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The Court shall vacate the seizure order if the Commissioner fails to commence a formal proceeding under this chapter after having had a reasonable opportunity to do so. An order of the Court pursuant to a formal proceeding under this chapter shall vacate the seizure order.(d) Entry of a seizure order under this section shall not constitute an anticipatory breach of any contract of the insurer.(e) An insurer subject to an ex parte order under this section may petition the Court at any time after the issuance of the order for a hearing and review of the order. The Court shall hold a hearing and review the order not more than 30 days after the request. A hearing under this subsection may be held privately in chambers and it shall be so held if the insurer proceeded against so requests.(f) If, at any time after the issuance of such an order, it appears to the Court that a person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the Court may order that notice be given. An order that notice be given shall not stay the effect of any order previously issued by the Court. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7043
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7043. Confidentiality of hearings

§ 7043. Confidentiality of hearings|Administrative and judicial proceedings under sections 7041 and 7042 of this title, all records of the insurer, other documents, and all Department files and Court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential except as is necessary to obtain compliance with orders of the Commissioner or the Court, unless the Superior Court of Washington County, after privately hearing arguments from the parties in chambers, shall order otherwise; or unless the insurer requests that the matter be made public. Until a Court order permitting the matter to be made public issues, or the issuer requests that the matter be made public, all papers filed with the Superior Court of Washington County shall be held in a confidential file. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7052
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7052. Rehabilitation orders

§ 7052. Rehabilitation orders|(a) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this State, shall appoint the Commissioner and his or her successors in office the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insurer, and to administer them under the general supervision of the Court. The filing or recording of the order with the Clerk of the Superior Court of Washington County or town clerk of the town in which the principal business of the company is conducted, or the town in which its principal office or place of business 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. The order to rehabilitate the insurer shall by operation of law vest title to all assets of the insurer in the rehabilitator.(b) Any order issued under this section shall require accounting to the Court by the rehabilitator. Accountings shall be at such intervals as the Court specifies in this order, but no less frequently than semiannually. Each accounting shall include a report concerning the rehabilitator's opinion as to the likelihood that a plan under subsection 7053(d) of this title will be prepared by the rehabilitator and the timetable for doing so.(c) Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer nor shall it be grounds for retroactive revocation or retroactive cancellation of any contracts of the insurer, unless such revocation or cancellation is done by the rehabilitator pursuant to section 7053 of this chapter. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7054
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7054. Actions by and against rehabilitator

§ 7054. Actions by and against rehabilitator|(a) A court in this State before which an action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for 90 days and such additional time as is necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The rehabilitator shall take such action respecting the pending litigation as he or she deems necessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this State and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.(b) A statute of limitations or defense of laches shall not run with respect to any action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. An action by or against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the order of rehabilitation is entered or the petition is denied. The rehabilitator may, upon an order for rehabilitation, within one year or such other longer time as applicable law may permit, institute an action or proceeding on behalf of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which such order is entered. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7055
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7055. Termination of rehabilitation

§ 7055. Termination of rehabilitation|(a) Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the Commissioner may petition the Superior Court of Washington County for an order of liquidation. A petition under this subsection shall have the same effect as a petition under section 7056 of this title. The Court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition but may order payment from the estate of the insurer of costs and other expenses of defense only if the directors make a showing to the satisfaction of the Court that they incurred such expenses in good faith and with a reasonable belief that they would prevail.(b) The protection of the interests of insureds, claimants, and the public requires the timely performance of all insurance policy obligations. If the payment of policy obligations is suspended in substantial part for a period of six months at any time after the appointment of the rehabilitator and the rehabilitator has not filed an application for approval of a plan under subsection 7053(d) of this title, the rehabilitator shall petition the Court for an order of liquidation on grounds of insolvency.(c) The rehabilitator may at any time petition the Superior Court of Washington County for an order terminating rehabilitation of an insurer. The Court shall also permit the directors of the insurer to petition the Court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition only if the directors make a showing to the satisfaction of the Court that they incurred such expenses in good faith and with a reasonable belief that they would prevail. If the Court upon a petition or upon its own motion finds that rehabilitation has been accomplished and that grounds for rehabilitation under section 7051 of this title no longer exist, it shall order that the insurer be restored to possession of its property and the control of the business. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7056
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7056. Grounds for liquidation

§ 7056. Grounds for liquidation|The Commissioner may petition the Superior Court of Washington County for an order directing the Commissioner to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis of one or more of the following grounds:  (1) one or more grounds for an order of rehabilitation under section 7051 of this title exist, whether or not there has been a prior order directing the rehabilitation of the insurer; or (2) the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7058
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7058. Continuance of coverage

§ 7058. Continuance of coverage|(a) All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:  (1) a period of 30 days from the date of entry of the liquidation orders; (2) the expiration of the policy coverage; (3) the date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy; (4) the liquidator has effected a transfer of the policy obligation pursuant to subdivision 7060(a)(9) of this title; or (5) the date proposed by the liquidator and approved by the Court to cancel coverage.   (b) An order of liquidation under section 7057 of this title shall terminate coverages at the time specified in subsection (a) of this section for purposes of any other statute.(c) Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.(d) Policies of life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (a) and (b) of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7059
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7059. Dissolution of insurer

§ 7059. Dissolution of insurer|The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this State at the time he or she applies for a liquidation order. The Court shall order dissolution of the corporation upon petition by the Commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the Court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7061
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7061. Notice to creditors and others

§ 7061. Notice to creditors and others|(a) Unless the Court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:  (1) by first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business; (2) by first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation; (3) by first class mail to all insurance agents of the insurer; (4) by first class mail to all persons known or reasonably expected to have claims against the insurer including all policyholders, at their last known address as indicated by the records of the insurer; and (5) by publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.   (b) Notice to potential claimants under subsection (a) of this section shall require claimants to file with the liquidator their claims together with proper proofs thereof under section 7075 of this title, on or before a date the liquidator shall specify in the notice. Although an earlier date may be set by the liquidator, the last day to file claims shall be no later than 18 months following the order of liquidation. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall have a duty to keep the liquidator informed of any changes of address.(c)(1) Notice under subsection (a) of this section to agents of the insurer and to potential claimants who are policyholders shall include, where applicable, notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.  (2) The liquidator shall promptly provide to the guaranty associations such information concerning the identities and addresses of such policyholders and their policy coverages as may be within the liquidator's possession or control, and otherwise cooperate with guaranty associations to assist them in providing to such policyholders timely notice of the guaranty associations' coverage of policy benefits, including, as applicable, coverage of claims and continuation or termination of coverages.   (d) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7062
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7062. Duties of agents

§ 7062. Duties of agents|(a) Every person who receives notice in the form prescribed in section 7061 of this title that an insurer which he or she represents as an agent is the subject of a liquidation order, shall within 30 days of such notice provide to the liquidator (in addition to the information he or she may be required to provide pursuant to section 7034 of this title) the information in the agent's records related to any policy issued by the insurer through the agent, and, if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through an agent under contract to him or her, including the name and address of such sub-agent. A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in his or her possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.(b) An agent who fails to give notice or file a report of compliance as required in subsection (a) of this section may be subject to payment of a penalty of not more than $1,000.00 and may have his or her license suspended, after a hearing held by the Commissioner. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7063
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7063. Actions by and against liquidator

§ 7063. Actions by and against liquidator|(a) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this State, no action shall be brought against the insurer or liquidator, whether in this State or elsewhere, nor shall any such existing actions be maintained or further presented after issuance of such order. The courts of this State shall give full faith and credit to injunctions against actions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, when such injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states. Whenever, in the liquidator's judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside this State, he or she may intervene in the action. The liquidator may defend any action in which he or she intervenes under this section at the expense of the estate of the insurer.(b) The liquidator may, upon or after an order for liquidation, within two years or such time in addition to two years as applicable law may permit, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which such order is entered. Where, by agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and where in any such case the period had not expired at the date of the filing of the petition; the liquidator may, for the benefit of the estate, take any such action or do any such act, required of or permitted to the insurer, within a period of 180 days subsequent to the entry of an order for liquidation, or within such further period as is shown to the satisfaction of the Court not to be unfairly prejudicial to the other party.(c) A statute of limitation or defense of laches shall not run with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. An action against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the petition is denied. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7064
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7064. Collection and list of assets

§ 7064. Collection and list of assets|(a) As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the Superior Court of Washington County and one copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.(b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.(c) A submission to the Court for disbursement of assets in accordance with section 7073 of this title fulfills the requirements of subsection (a) of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)