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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
141
:
CAPTIVE INSURANCE COMPANIES
Subchapter
003
:
BRANCH CAPTIVE INSURANCE COMPANIES
§
6041. Establishment of a branch captive
(a) A branch
captive may be established in this State in accordance with the provisions of
this chapter. In addition to the general provisions of this chapter, the
provisions of this subchapter shall apply to branch captive insurance
companies.
(b) No branch
captive insurance company shall do any insurance business in this State unless
it maintains the principal place of business for its branch operations in this
State and it appoints a principal representative in this State who is a
resident of this State. As used in this subsection, principal representative
shall mean a person designated as such by the branch captive insurance company
as its principal representative on such forms and with such information as required
by the Commissioner. The provisions of subsection 6006(f) of this title shall
not apply to branch captives formed in this State. (Added 2003, No. 55, § 9;
amended 2013, No. 29, § 51, eff. May 13, 2013.)