Vermont Statutes Title 8 Sec. 6041
Terms Used In Vermont Statutes Title 8 Sec. 6041
- Branch captive insurance company: means any alien captive insurance company licensed by the Commissioner to transact the business of insurance in this State through a business unit with a principal place of business in this State. See
- Branch operations: means any business operations of a branch captive insurance company in this State. See
- Captive insurance company: means any pure captive insurance company, association captive insurance company, sponsored captive insurance company, industrial insured captive insurance company, agency captive insurance company, risk retention group, affiliated reinsurance company, or special purpose financial insurance company formed or licensed under the provisions of this chapter. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 6041. Establishment of a branch captive insurance company
(a) A branch captive insurance company 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:
(1) maintains the principal place of business for its branch operations in this State; and
(2) appoints a principal representative in this State who is a resident of this State; and
(3) designates the Commissioner as its agent of such branch captive insurance company upon whom any process, notice, or demand may be served.
(c) As used in this section, 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.
(d) The provisions of subsection 6006(f) of this title shall not apply to branch captive insurance companies formed in this State. (Added 2003, No. 55, § 9; amended 2013, No. 29, § 51, eff. May 13, 2013; 2017, No. 90 (Adj. Sess.), § 4, eff. March 8, 2018.)