§ 7056.
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/vt/title-8/chapter-145/7056A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.)