Captive Laws

CAPTIVE INSURANCE

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.

The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. They expect them to be updated by November 1st.

For actions of the 2023-2024 legislative session see Bill H.659 and Vermont prioritizes quality regulation in legislature as yearly tradition.

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