Captive Laws

Vermont statutes online

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

For actions of the 2021-2022 legislative session See Bill H.515 pages 24-30.

Title 8: Banking and Insurance

Chapter 141: Captive Insurance Companies

Subchapter 1: General Provisions

•    § 6001 Definitions
•    § 6002 Licensing; authority

•    § 6003 Names of companies

•    § 6004 Minimum capital and surplus; letter of credit

•    § 6005 Dividends

•    § 6006 Formation of captive insurance companies in this State

•    § 6007 Reports and statements

•    § 6008 Examinations and investigations

•    § 6009 Grounds and procedures for suspension or revocation of license

•    § 6010 Legal investments

•    § 6011 Reinsurance

•    § 6012 Rating organizations; memberships

•    § 6013 Exemption from compulsory associations

•    § 6014 Tax on premiums collected

•    § 6015 Rules and regulations

•    § 6016 Laws applicable

•    § 6017 Captive Insurance Regulatory and Supervision Fund

•    § 6018 Delinquency

•    § 6019 Rules for controlled unaffiliated business

•    § 6020 Conversion to or merger with reciprocal insurer

•    §§ 6021-6023 Recodified. 2003, No. 55, { 8, eff. June 30, 2003.

•    § 6024 Dormant captive insurance companies

Subchapter 2: Sponsored Captive Insurance Companies

•    § 6031 Formation
•    § 6032 Definitions

•    § 6033 Supplemental application materials

•    § 6034 Protected cells

•    § 6034a Incorporated protected cells

•    § 6034b Protected cell conversion into an incorporated protected cell

•    § 6034c Sale, transfer, or assignment of protected cells

•    § 6034d Protected cell conversion

•    § 6035 Qualification of sponsors

•    § 6036 Participants in sponsored captive insurance companies

•    § 6037 Investments by sponsored captive insurance companies

•    § 6038 Delinquency of sponsored captive insurance companies

•    § 6039 Claimant recourse

​Subchapter 3: Branch Captive Insurance Companies

•    § 6041 Establishment of a branch captive insurance company
•    § 6042 Definitions

•    § 6043 Security required

[Section 6043 shall apply to branch captive companies formed before January 1, 2009]

   § 6043 Security required

[Section 6043 shall apply only to branch captive companies formed on and after January 1, 2009]

•    § 6044 Repealed. 2017, No. 90 (Adj. Sess.), { 5, eff. March 8, 2018.
•    § 6045 Branch captive reports

•    § 6046 Examination of branch captives

•    § 6047 Taxation of branch captives

​Subchapter 4: Special Purpose Financial Insurance Companies

•    § 6048a Applicable law
•    § 6048b Existing licenses

•    § 6048c Definitions

•    § 6048d Licensing; authority

•    § 6048e Changes in plan of operation; voluntary dissolution or cessation of business

•    § 6048f Formation

•    § 6048g Minimum capital and surplus

•    § 6048h Securities

•    § 6048i Permitted reinsurance

•    § 6048j Disposition of assets; investments

•    § 6048k Annual report; books and records

•    § 6048l License suspension and revocation

•    § 6048m Delinquency

•    § 6048n Sponsored captives

•    § 6048o Confidentiality

​Subchapter 5: Affiliated Reinsurance Companies

•    § 6049a Applicable law
•    § 6049b Definitions

•    § 6049c Licensing; authority

•    § 6049d Formation

•    § 6049e Minimum capital and surplus

•    § 6049f Permitted reinsurance

•    § 6049g Disposition of assets; investments

•    § 6049h Annual report; books and records

•    § 6049i Insurance holding company systems

•    § 6049j Corporate governance; disclosure

•    § 6049k Own risk and solvency assessment

•    § 6049l Requirements for actuarial opinions

•    § 6049m Confidentiality

Full Text of Chapter

Chapter 142: Risk Retention Groups And Purchasing Groups

•    § 6050 Purpose

•    § 6051 Definitions

•    § 6052 Risk retention groups chartered in this State

•    § 6053 Risk retention groups not chartered in this State

•    § 6054 Compulsory associations

•    § 6055 Purchasing groups; Exemption from certain laws

•    § 6056 Notice and registration requirements of purchasing groups

•    § 6057 Restrictions on insurance purchased by purchasing groups

•    § 6058 Purchasing group taxation

•    § 6059 Administrative and procedural authority regarding risk retention groups and purchasing groups

•    § 6060 Duties of agent or brokers to obtain license

•    § 6061 Binding effect of orders issued in United States District Court

Full Text of Chapter

Chapter 142A: Risk Retention Group Managing General Agents, Reinsurance Intermediaries, And Producer Controlled Insurers

•    § 6070 Application of chapter

•    § 6071 Definitions

•    § 6072 Licensure

•    § 6073 Contract required

•    § 6074 Examination authority

•    § 6075 Hearing; penalties

​Full Text of Chapter