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The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 141 : CAPTIVE INSURANCE COMPANIES

Subchapter 005 : AFFILIATED REINSURANCE COMPANIES

(Cite as: 8 V.S.A. § 6049b)
  • § 6049b. Definitions

    As used in this subchapter:

    (1) "Affiliated reinsurance company" means a company licensed by the Commissioner pursuant to this subchapter to reinsure risks ceded by a ceding insurer that is its parent or affiliate.

    (2) "Ceding insurer" means an insurance company approved by the Commissioner and licensed or otherwise authorized to transact the business of insurance or reinsurance in its state or country of domicile, which cedes risk to an affiliated reinsurance company pursuant to a reinsurance contract.

    (3) "Organizational documents" means the affiliated reinsurance company's articles of incorporation and bylaws and such other documents as shall be approved by the Commissioner.

    (4) "Reinsurance contract" means a contract between an affiliated reinsurance company and a ceding insurer pursuant to which the affiliated reinsurance company agrees to provide reinsurance to the ceding insurer. (Added 2017, No. 134 (Adj. Sess.), § 10.)