§6041. Establishment of a branch captive

Link to law: http://legislature.vermont.gov/statutes/section/08/141/06041
Published: 2015

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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.)
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