§6046. Examination of branch captives

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06046
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

141

:
CAPTIVE INSURANCE COMPANIES






Subchapter

003
:
BRANCH CAPTIVE INSURANCE COMPANIES










 

§

6046. Examination of branch captives

(a) The

examination of a branch captive insurance company pursuant to section 6008 of

this title shall be of branch business and branch operations only, so long as

the branch captive insurance company provides annually to the Commissioner a

certificate of compliance, or its equivalent, issued by or filed with the

licensing authority of the jurisdiction in which the branch captive insurance

company is formed, and demonstrates to the Commissioner's satisfaction that it

is operating in sound financial condition in accordance with all applicable

laws and regulations of such jurisdiction.

(b) As a

condition of licensure, the alien captive insurance company shall grant

authority to the Commissioner for examination of the affairs of the alien

captive insurance company in the jurisdiction in which the alien captive

insurance company is formed. (Added 2003, No. 55, § 9.)
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