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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
141
:
CAPTIVE INSURANCE COMPANIES
Subchapter
001
:
GENERAL PROVISIONS
§
6019. Rules for controlled unaffiliated business
The Commissioner
may adopt rules establishing standards to ensure that a parent or its
affiliated company, or an industrial insured or its affiliated company, is able
to exercise control of the risk management function of any controlled
unaffiliated business to be insured by a pure captive insurance company or an
industrial insured captive insurance company, respectively; provided, however,
that, until such time as rules under this section are adopted, the Commissioner
may approve the coverage of such risks by a pure captive insurance company or
an industrial insured captive insurance company. (Added 1997, No. 49, § 16,
eff. June 26, 1997; amended 2003, No. 55, § 7; 2007, No. 49, § 13.)