Vermont Statutes Title 8 Sec. 6049d
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Terms Used In Vermont Statutes Title 8 Sec. 6049d
- Affiliated reinsurance company: means a company licensed by the Commissioner pursuant to this subchapter to reinsure risks ceded by one or more ceding insurers that are affiliated companies. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Organizational documents: means the affiliated reinsurance company's articles of incorporation and bylaws and such other documents as shall be approved by the Commissioner. See
§ 6049d. Formation
(a) An affiliated reinsurance company may be incorporated as a stock insurer with its capital divided into shares, or in such other organizational form as may be approved by the Commissioner.
(b) An affiliated reinsurance company’s organizational documents shall limit the affiliated reinsurance company’s authority to the transaction of the business of insurance or reinsurance and to those activities that the affiliated reinsurance company conducts to accomplish its purposes as expressed in this subchapter. (Added 2017, No. 134 (Adj. Sess.), § 10.)