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§6007. Reports and statements


Published: 2015

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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.)