§6019. Rules for controlled unaffiliated business

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06019
Published: 2015

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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.)
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