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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.)