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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

141

:
CAPTIVE INSURANCE COMPANIES






Subchapter

002
:
SPONSORED CAPTIVE INSURANCE COMPANIES










 

§

6035. Qualification of sponsors

A sponsor of a

sponsored captive insurance company may be any person approved by the

Commissioner in the exercise of his or her discretion, based on a determination

that the approval of such person as a sponsor is consistent with the purposes

of this chapter. In evaluating the qualifications of a proposed sponsor, the

Commissioner shall consider the type and structure of the proposed sponsor

entity, its experience in financial operations, financial stability and strength,

business reputation, and such other facts deemed relevant by the Commissioner.

A risk retention group shall not be a sponsor of a sponsored captive insurance

company. (Added 1999, No. 38, § 18, eff. May 20, 1999; amended 1999, No. 80

(Adj. Sess.), § 2, eff. April 11, 2000; 2003, No. 55, § 9; 2005, No. 122 (Adj.

Sess.), § 6; 2007, No. 49, § 16; 2011, No. 21, § 24; 2011, No. 78 (Adj. Sess.),

§ 39, eff. April 2, 2012.)