The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 8 : Banking and Insurance
Chapter 141 : Captive Insurance Companies
Subchapter 003 : BRANCH CAPTIVE INSURANCE COMPANIES
(Cite as: 8 V.S.A. § 6041)-
§ 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, including subdivision 6002(c)(3) 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;
(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; 2023, No. 110 (Adj. Sess.), § 14, eff. July 1, 2024.)
