Print
The Vermont Statutes Online
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.)