Insurers contemplating transactions regarding a transfer & assumption of insurance contracts wherein a novation of existing or in-force contracts is intended, must seek the prior approval of the Commissioner per 8 V.S.A. §8204(e-g) with reference to 8 V.S.A. §8204(h)(1-4) and have all of the related forms approved prior to use per 8 V.S.A. §8204(a), (h)(5) and/or §8207(d-e).
Certain transactions are excluded as reflected in 8 V.S.A. §8202(b) and §8207(b): mergers, liquidations or rehabilitations, guarantee association transactions, and troubled companies.