§ 6007. Reports and statements
(a) Captive insurance companies shall not be required to make any annual report except
as provided in this chapter.
(b) Prior to March 1 of each year, and prior to March 15 of each year in the case of pure
captive insurance companies, association captive insurance companies, sponsored captive
insurance companies, industrial insured captive insurance companies, or agency captive
insurance companies, each captive insurance company shall submit to the Commissioner
a report of its financial condition, verified by oath of two of its executive officers
or, in the case of a captive insurance company formed as a limited liability company
or as a reciprocal insurer, of two individuals authorized by the governing board.
Each captive insurance company shall report using generally accepted accounting principles,
statutory accounting principles, or international financial reporting standards unless
the Commissioner requires, approves, or accepts the use of any other comprehensive
basis of accounting, in each case with any appropriate or necessary modifications
or adaptations thereof required or approved or accepted by the Commissioner for the
type of insurance and kinds of insurers to be reported upon, and as supplemented by
additional information required by the Commissioner. As used in this section, statutory
accounting principles shall mean the accounting principles codified in the NAIC Accounting
Practices and Procedures Manual. Upon application for admission, a captive insurance
company shall select, with explanation, an accounting method for reporting. Any change
in a captive insurance company’s accounting method shall require prior approval. Except
as otherwise provided, each risk retention group shall file its report in the form
required by subsection 3561(a) of this title, and each risk retention group shall
comply with the requirements set forth in section 3569 of this title. The Commissioner
shall by rule propose the forms in which pure captive insurance companies, association
captive insurance companies, sponsored captive insurance companies, and industrial
insured captive insurance companies shall report. Subdivision 6002(c)(3) of this title
shall apply to each report filed pursuant to this section, except that such subdivision
shall not apply to reports filed by risk retention groups.
(c) Any pure captive insurance company, association captive insurance company, sponsored
captive insurance company, industrial insured captive insurance company, or agency
captive insurance company may make written application for filing the required report
on a fiscal year-end. If an alternative reporting date is granted:
(1) the annual report is due 75 days after the fiscal year-end; and
(2) in order to provide sufficient detail to support the premium tax return, the captive
insurance company shall file prior to March 15 of each year for each calendar year-end,
the premium schedule of the “Vermont Captive Insurance Company Annual Report.” (Added 1981, No. 28; amended 1991, No. 101, § 19; 1993, No. 40, § 5, eff. June 3, 1993; 1993, No. 235 (Adj. Sess.), § 9f, eff. June 21, 1994; 1997, No. 49, § 12, eff. June 26, 1997; 1997, No. 100 (Adj. Sess.), § 3, eff. April 16, 1998; 1999, No. 38, § 9, eff. May 20, 1999; 2001, No. 71, § 12, eff. June 16, 2001; 2003, No. 55, § 7; 2007, No. 49, § 10; 2009, No. 42, § 17, eff. May 27, 2009; 2009, No. 137 (Adj. Sess.), § 21, eff. May 29, 2010; 2011, No. 78 (Adj. Sess.), § 38, eff. April 2, 2012; 2015, No. 74 (Adj. Sess.), § 1, eff. April 13, 2016; 2017, No. 12, § 1, eff. May 1, 2017; 2017, No. 90 (Adj. Sess.), § 2, eff. March 8, 2018; 2021, No. 25, § 23, eff. May 12, 2021; 2021, No. 139 (Adj. Sess.), § 13, eff. May 27, 2022; 2023, No. 110 (Adj. Sess.), § 17, eff. July 1, 2024; 2025, No. 23, § 9, eff. July 1, 2025.)