§6005. Dividends

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06005
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

141

:
CAPTIVE INSURANCE COMPANIES






Subchapter

001
:
GENERAL PROVISIONS










 

§

6005. Dividends

No captive

insurance company may pay a dividend out of, or other distribution with respect

to, capital or surplus without the prior approval of the Commissioner. Approval

of an ongoing plan for the payment of dividends or other distributions shall be

conditioned upon the retention, at the time of each payment, of capital or

surplus in excess of amounts specified by, or determined in accordance with

formulas approved by, the Commissioner. Notwithstanding the provisions of 11B

V.S.A. chapter 13, a captive insurance company organized under the provisions

of Title 11B may make such distributions as are in conformity with its purposes

and approved by the Commissioner. (Added 1981, No. 28; amended 1993, No. 40, §

4, eff. June 3, 1993; 1993, No. 235 (Adj. Sess.), § 9e; 1997, No. 49, § 10,

eff. June 26, 1997; 1999, No. 38, § 7, eff. May 20, 1999; 2003, No. 55, § 7.)
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