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
002
:
SPONSORED CAPTIVE INSURANCE COMPANIES
(Cite as: 8 V.S.A. § 6034f)
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§ 6034f. Annual report; books and records
(a) For purposes of subsection 6007(b) of this chapter:
(1) Each sponsored captive insurance company shall annually file with the Commissioner
such financial reports as the Commissioner requires, which shall include accounting
statements detailing the financial experience of each protected cell.
(2) Unless otherwise approved in advance by the Commissioner, a sponsored captive insurance
company shall maintain its books, records, documents, accounts, vouchers, and agreements
in this State. A sponsored captive insurance company shall make its books, records,
documents, accounts, vouchers, and agreements available for inspection by the Commissioner
at any time. A sponsored captive insurance company shall keep its books and records
in such manner that its financial condition, affairs, and operations can be readily
ascertained and so that the Commissioner may readily verify its financial statements
and determine its compliance with this chapter.
(3) Unless otherwise approved in advance by the Commissioner, all original books, records,
documents, accounts, vouchers, and agreements shall be preserved and kept available
in this State for the purpose of examination and inspection and until such time as
the Commissioner approves the destruction or other disposition of such books, records,
documents, accounts, vouchers, and agreements. If the Commissioner approves the keeping
of the items listed in this subdivision outside this State, the sponsored captive
insurance company shall maintain in this State a complete and true copy of each such
original. Books, records, documents, accounts, vouchers, and agreements may be photographed,
reproduced on film, or stored and reproduced electronically. (Added 2021, No. 139 (Adj. Sess.), § 17, eff. May 27, 2022.)