The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
GENERAL PROVISIONS
(Cite as: 8 V.S.A. § 6009)
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§ 6009. Grounds and procedures for suspension or revocation of license
(a) The license of a captive insurance company may be suspended or revoked by the Commissioner
for any of the following reasons:
(1) insolvency or impairment of capital or surplus;
(2) failure to meet the requirements of section 6004 of this title;
(3) refusal or failure to submit an annual report, as required by this chapter, or any
other report or statement required by law or by lawful order of the Commissioner;
(4) failure to comply with the provisions of its own charter, bylaws, or other organizational
document;
(5) failure to submit to or pay the cost of examination or any legal obligation relative
thereto, as required by this chapter;
(6) use of methods that, although not otherwise specifically prohibited by law, nevertheless
render its operation detrimental or its condition unsound with respect to the public
or to its policyholders; or
(7) failure otherwise to comply with the laws of this State.
(b) If the Commissioner finds, upon examination, hearing, or other evidence, that any
captive insurance company has violated any provision of subsection (a) of this section,
the Commissioner may suspend or revoke such company’s license if the Commissioner
deems it in the best interests of the public and the policyholders of such captive
insurance company, notwithstanding any other provision of this title. (Added 1981, No. 28; amended 1997, No. 49, § 14, eff. June 26, 1997; 1999, No. 38, § 11, eff. May 20, 1999; 2003, No. 55, § 7.)