§6042. Definitions

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06042
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










 

§

6042. Definitions

As used in this

subchapter, unless the context requires otherwise:

(1) "Alien

captive insurance company" means any insurance company formed to write

insurance business for its parents and affiliates and licensed pursuant to the

laws of an alien jurisdiction which imposes statutory or regulatory standards

in a form acceptable to the Commissioner on companies transacting the business

of insurance in such jurisdiction.

(2) "Branch

business" means any insurance business transacted by a branch captive

insurance company in this State.

(3) "Branch

captive insurance company" means any alien captive insurance company

licensed by the Commissioner to transact the business of insurance in this

State through a business unit with a principal place of business in this State.

(4) "Branch

operations" means any business operations of a branch captive insurance

company in this State. (Added 2003, No. 55, § 9.)
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