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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
141
:
CAPTIVE INSURANCE COMPANIES
Subchapter
001
:
GENERAL PROVISIONS
§
6007. Reports and statements
(a) Captive
insurance companies shall not be required to make any annual report except as
provided in this chapter.
(b) Prior to
March 1 of each year, and prior to March 15 of each year in the case of pure
captive insurance companies or industrial insured captive insurance companies,
each captive insurance company shall submit to the Commissioner a report of its
financial condition, verified by oath of two of its executive officers. Each
captive insurance company shall report using generally accepted accounting
principles, unless the Commissioner requires, approves, or accepts the use of
statutory accounting principles or other comprehensive basis of accounting, in
each case with any appropriate or necessary modifications or adaptations
thereof required or approved or accepted by the Commissioner for the type of
insurance and kinds of insurers to be reported upon, and as supplemented by
additional information required by the Commissioner. Except as otherwise
provided, each risk retention group shall file its report in the form required
by subsection 3561(a) of this title, and each risk retention group shall comply
with the requirements set forth in section 3569 of this title. The Commissioner
shall by rule propose the forms in which pure captive insurance companies,
association captive insurance companies, and industrial insured captive
insurance companies shall report. Subdivision 6002(c)(3) of this title shall
apply to each report filed pursuant to this section, except that such
subdivision shall not apply to reports filed by risk retention groups.
(c) Any pure
captive insurance company or an industrial insured captive insurance company
may make written application for filing the required report on a fiscal
year-end. If an alternative reporting date is granted:
(1) the annual
report is due 75 days after the fiscal year-end; and
(2) in order to
provide sufficient detail to support the premium tax return, the pure captive
insurance company or industrial insured captive insurance company shall file
prior to March 15 of each year for each calendar year-end, pages 1, 2, 3, and 5
of the "Captive Annual Statement; Pure or Industrial Insured,"
verified by oath of two of its executive officers. (Added 1981, No. 28; amended
1991, No. 101, § 19; 1993, No. 40, § 5, eff. June 3, 1993; 1993, No. 235 (Adj.
Sess.), § 9f, eff. June 21, 1994; 1997, No. 49, § 12, eff. June 26, 1997; 1997,
No. 100 (Adj. Sess.), § 3, eff. April 16, 1998; 1999, No. 38, § 9, eff. May 20,
1999; 2001, No. 71, § 12, eff. June 16, 2001; 2003, No. 55, § 7; 2007, No. 49, §
10; 2009, No. 42, § 17, eff. May 27, 2009; 2009, No. 137 (Adj. Sess.), § 21,
eff. May 29, 2010; 2011, No. 78 (Adj. Sess.), § 38, eff. April 2, 2012.)