Procedures for Merger Transactions for Licensed Foreign Insurers
If the merger is between two companies that are licensed in Vermont, written notice that identifies the effective date and the companies involved and who will survive is required, along with amended articles/bylaws. The non-surviving company must return its current Vermont license.
For mergers between a company that is licensed in Vermont and one that is not:
If the Vermont licensed company survives, provide transaction details. If the company that is not licensed in Vermont survives, it needs to apply for a license in order to do business in Vermont. The merged company’s current Vermont license must be returned.
In either case above, if the merged company changes its name, the procedures for a name change apply.