reglab/housing_qa huggingface dataset:
8 V.S.A. § 6048e
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business

§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business|(a) Any change in the special purpose financial insurance company's plan of operation shall require prior approval of the Commissioner.(b) Any transaction or series of transactions shall be subject to the prior approval of the Commissioner if such transaction or series of transactions:  (1) is undertaken to dissolve a special purpose financial insurance company; or (2) results in the termination of all or any part of a special purpose financial insurance company's business; but no prior approval of the Commissioner shall be required for any transaction or series of transactions described in this subdivision (2) if such transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial insurance company's plan of operation and if the Commissioner is notified in advance of such transaction or series of transactions.   (c) A special purpose financial insurance company shall notify the Commissioner in advance of any change in the legal ownership of any security issued by the special purpose financial insurance company. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 56, eff. May 13, 2013.)
8 V.S.A. § 6048f
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048f. Formation

§ 6048f. Formation|(a) A special purpose financial insurance company may be incorporated as a stock insurer with its capital divided into shares and held by its stockholders, or it may be organized as a manager-managed limited liability company.(b) A special purpose financial insurance company's organizational documents shall limit the special purpose financial insurance company's authority to transact the business of insurance or reinsurance to those activities that the special purpose financial insurance company conducts to accomplish its purposes as expressed in this subchapter. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 57.)
8 V.S.A. § 6048g
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048g. Minimum capital and surplus

§ 6048g. Minimum capital and surplus|A special purpose financial insurance company shall not be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of not less than $5,000,000.00. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 58.)
8 V.S.A. § 6048h
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048h. Securities

§ 6048h. Securities|(a) A special purpose financial insurance company may:  (1) subject to the prior approval of the Commissioner, account for the proceeds of a surplus note issued by the special purpose financial insurance company as surplus; and (2) submit for prior approval of the Commissioner periodic written requests for authorization to make payments of interest on and repayments of principal of surplus notes and other debt obligations issued by the special purpose financial insurance company, provided that the Commissioner shall not approve such payment if the Commissioner determines that such payment would jeopardize the ability of the special purpose financial insurance company or any other person to fulfill his or her respective obligations pursuant to the special purpose financial insurance company securitization agreements, the reinsurance contract, or any related transaction. In lieu of approval of periodic written requests for authorization to make payments of interest on and repayments of principal of surplus notes and other debt obligations issued by the special purpose financial insurance company, the Commissioner may approve a formula or plan, which shall be included in the special purpose financial insurance company's plan of operation as amended from time to time, for payment of interest, principal, or both with respect to such surplus notes and debt obligations.   (b) In addition to the provisions of section 6005 of this chapter, no dividend or distribution may be declared or paid by a special purpose financial insurance company if such dividend or distribution would jeopardize the ability of the special purpose financial insurance company or any other person to fulfill the company's or other person's respective obligations pursuant to the special purpose financial insurance company securitization agreements, the reinsurance contract, or any related transaction.(c) A special purpose financial insurance company security shall not be subject to regulation as an insurance or reinsurance contract. An investor in such a security or a holder of such a security shall not be considered to be transacting the business of insurance in this State solely by reason of having an interest in the security. The underwriter's placement or selling agents and their partners, commissioners, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization by a special purpose financial insurance company shall not be considered to be insurance producers or brokers or to be conducting business as an insurance or reinsurance company or as an insurance agency, brokerage, intermediary, advisory, or consulting business solely by virtue of their underwriting activities in connection with such securitization. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 59, eff. May 13, 2013.)
8 V.S.A. § 6048j
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048j. Disposition of assets; investments

§ 6048j. Disposition of assets; investments|(a) The assets of a special purpose financial insurance company shall be preserved and administered by or on behalf of the special purpose financial insurance company to satisfy the liabilities and obligations of the special purpose financial insurance company incident to the reinsurance contract, the insurance securitization, and other related agreements.(b) In the special purpose financial insurance company securitization, the security offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of such insurance securitization will be used to fund the special purpose financial insurance company's obligations to the ceding insurer.(c) A special purpose financial insurance company shall not be subject to any restriction on investments other than the following:  (1) a special purpose financial insurance company shall not make a loan to any person other than as permitted under its plan of operation or as otherwise approved in advance by the Commissioner; and (2) the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the special purpose financial insurance company unless the investment is otherwise approved in its plan of operation or in an order issued to the special purpose financial insurance company pursuant to subsection 6048d(b) of this chapter, as either is amended from time to time. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 61, eff. May 13, 2013.)
8 V.S.A. § 6048k
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048k. Annual report; books and records

§ 6048k. Annual report; books and records|(a) For purposes of subsection 6007(b) of this chapter:  (1) The Commissioner shall, by rule or order, establish the form and content of the annual report to be filed by a special purpose financial insurance company; and (2) A special purpose financial insurance company shall report using statutory accounting principles, unless the Commissioner requires, approves, or accepts the use of generally accepted accounting principles or other comprehensive basis of accounting, in each case with any appropriate or necessary modifications or adaptations required or approved or accepted by the Commissioner and as supplemented by additional information required by the Commissioner.   (b) A special purpose financial insurance company may make written application to file its annual report on a fiscal-year basis. If an alternative reporting date is granted, the Commissioner shall establish the due date and content of any filing required by the special purpose financial insurance company in addition to its annual report.(c) Unless otherwise approved in advance by the Commissioner, a special purpose financial insurance company shall maintain its books, records, documents, accounts, vouchers, and agreements in this State. A special purpose financial insurance company shall make its books, records, documents, accounts, vouchers, and agreements available for inspection by the Commissioner at any time. A special purpose financial 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.(d) 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 subsection outside this State, the special purpose financial 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 2007, No. 49, § 17; amended 2009, No. 42, § 27, eff. May 27, 2009; 2013, No. 29, § 62, eff. May 13, 2013.)
8 V.S.A. § 6048l
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6048l. License suspension and revocation

§ 6048l. License suspension and revocation|(a) The Commissioner shall notify a special purpose financial insurance company not less than 30 days before suspending or revoking its license pursuant to section 6009 of this chapter, which notice shall state the basis for such suspension or revocation. The special purpose financial insurance company shall be afforded the opportunity for a hearing pursuant to the provisions of the Vermont Administrative Procedure Act, 3 V.S.A. chapter 25.(b) Notwithstanding subsection (a) of this section and 3 V.S.A. § 814(c), no prior notice or hearing shall be required if the grounds for suspension or revocation of a special purpose financial insurance company's license pursuant to section 6009 of this chapter relate primarily to the financial condition or soundness of the special purpose financial insurance company or to a deficiency in its assets.(c) For purposes of this subchapter, reference to section 6004 in subdivision 6009(a)(2) of this title shall be construed also as a reference to section 6048g of this subchapter. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 63, eff. May 13, 2013.)
8 V.S.A. § 6049a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049a. Applicable law

§ 6049a. Applicable law|(a) An affiliated reinsurance company shall be subject to the provisions of this subchapter and to the provisions of subchapter 1 of this chapter. In the event of any conflict between the provisions of this subchapter and the provisions of subchapter 1 of this chapter, the provisions of this subchapter shall control.(b) An affiliated reinsurance company shall be subject to all applicable rules adopted pursuant to section 6015 of this chapter that are in effect as of the effective date of this subchapter and those that are adopted after the effective date of this subchapter. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049b
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049b. Definitions

§ 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 one or more ceding insurers that are affiliated companies. Subject to the prior approval of the Commissioner, not more than 10 percent of the risks reinsured may be ceded by ceding insurers that are not affiliated companies. (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; amended 2019, No. 110 (Adj. Sess.), § 11A, eff. June 15, 2020.)
8 V.S.A. § 6049c
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049c. Licensing; authority

§ 6049c. Licensing; authority|(a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer. An affiliated reinsurance company may cede the risks assumed under a reinsurance contract to another reinsurer, subject to the prior approval of the Commissioner.(b) In conjunction with the issuance of a license to an affiliated reinsurance company, the Commissioner may issue an order that includes any provisions, terms, and conditions regarding the organization, licensing, and operation of the affiliated reinsurance company that are deemed appropriate by the Commissioner and that are not inconsistent with the provisions of this chapter.(c) To qualify for a license, an affiliated reinsurance company shall be subject, in addition to the requirements of subsection 6002(c) of this chapter, to the following:  (1) The information submitted to the Commissioner pursuant to subdivision 6002(c)(1)(B) of this chapter shall include:  (A) the source and form of the affiliated reinsurance company's capital and surplus; (B) the investment policy of the affiliated reinsurance company, which shall provide for a diversified investment portfolio both as to type and issue and shall include a requirement for liquidity and for the reasonable preservation, administration, and management of such assets with respect to the risks associated with any reinsurance transactions.  (2) The application shall include copies of all agreements and documentation, including reinsurance agreements, described in subdivision (1) of this subsection (c) unless otherwise approved by the Commissioner and any other statements or documents required by the Commissioner to evaluate the affiliated reinsurance company's application for licensure.   (d) Subdivision 6002(c)(3) of this chapter shall apply to all information submitted pursuant to subsection (c) of this section and to any order issued to the affiliated reinsurance company pursuant to subsection (b) of this section. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049d
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049d. Formation

§ 6049d. Formation|(a) An affiliated reinsurance company may be incorporated as a stock insurer with its capital divided into shares, or in such other organizational form as may be approved by the Commissioner.(b) An affiliated reinsurance company's organizational documents shall limit the affiliated reinsurance company's authority to the transaction of the business of insurance or reinsurance and to those activities that the affiliated reinsurance company conducts to accomplish its purposes as expressed in this subchapter. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049e
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049e. Minimum capital and surplus

§ 6049e. Minimum capital and surplus|An affiliated reinsurance company shall not be issued a license unless it possesses and thereafter maintains unimpaired paid-in capital and surplus of not less than $5,000,000.00. The Commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of reinsurance business transacted. Except as otherwise provided in this section, the provisions of chapter 159 of this title, Risk Based Capital for Insurers, shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049f
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049f. Permitted reinsurance

§ 6049f. Permitted reinsurance|(a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer, pursuant to a reinsurance contract. An affiliated reinsurance company shall not issue a contract of insurance or a contract for assumption of risk or indemnification of loss other than such reinsurance contract.(b) The reinsurance contract shall contain all provisions reasonably required or approved by the Commissioner, which requirements shall take into account the laws applicable to the ceding insurer regarding the ceding insurer's taking credit for the reinsurance provided under such reinsurance contract.(c) An affiliated reinsurance company may cede risks assumed through a reinsurance contract to one or more reinsurers through the purchase of reinsurance, subject to the prior approval of the Commissioner. Except as otherwise provided in this section, the provisions of chapter 101, subchapter 10 of this title, reinsurance of risks, shall apply in full to an affiliated reinsurance company.(d) Unless otherwise approved in advance by the Commissioner, a reinsurance contract shall not contain any provision for payment by the affiliated reinsurance company in discharge of its obligations under the reinsurance contract to any person other than the ceding insurer or any receiver of the ceding insurer.(e) An affiliated reinsurance company shall notify the Commissioner immediately of any action by a ceding insurer or any other person to foreclose on or otherwise take possession of collateral provided by the affiliated reinsurance company to secure any obligation of the affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049g
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049g. Disposition of assets; investments

§ 6049g. Disposition of assets; investments|(a) The assets of an affiliated reinsurance company shall be preserved and administered by or on behalf of the affiliated reinsurance company to satisfy the liabilities and obligations of the affiliated reinsurance company incident to the reinsurance contract and other related agreements.(b) The Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the affiliated reinsurance company unless the investment is otherwise approved in its plan of operation or in an order issued to the affiliated reinsurance company pursuant to subsection 6049c of this chapter. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049h
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049h. Annual report; books and records

§ 6049h. Annual report; books and records|(a) For the purposes of subsection 6007(b) of this chapter:  (1) Each affiliated reinsurance company shall file its report in the form required by subsection 3561(a) of this title, and each affiliated reinsurance company shall comply with the requirements set forth in section 3569 of this title. (2) An affiliated reinsurance company shall report using statutory accounting principles in accordance with the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. Reporting shall be in such general form and context, as approved by, and shall contain any other information required by, the National Association of Insurance Commissioners, with any useful or necessary modifications or adaptions 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.   (b) Unless otherwise approved in advance by the Commissioner, an affiliated reinsurance company shall maintain its books, records, documents, accounts, vouchers, and agreements in this State. An affiliated reinsurance company shall make its books, records, documents, accounts, vouchers, and agreements available for inspection by the Commissioner at any time. An affiliated reinsurance 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.(c) 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 outside this State of the items listed in this subsection, the affiliated reinsurance 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.(d) The provisions of sections 3578a (annual financial reporting) and 3579 (qualified accountants) of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10; amended 2019, No. 3, § 8, eff. April 18, 2019.)
8 V.S.A. § 6049i
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049i. Insurance holding company systems

§ 6049i. Insurance holding company systems|Except as otherwise provided in this section, the provisions of chapter 101, subchapter 13 of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049j
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049j. Corporate governance; disclosure

§ 6049j. Corporate governance; disclosure|Except as otherwise provided in this section, the provisions of section 3316 of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049k
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049k. Own risk and solvency assessment

§ 6049k. Own risk and solvency assessment|Except as otherwise provided in this section, the provisions of chapter 101, subchapter 7A (own risk and solvency assessment) of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
8 V.S.A. § 6049l
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 141 - Captive Insurance Companies|§ 6049l. Requirements for actuarial opinions

§ 6049 l . Requirements for actuarial opinions|Except as otherwise provided in this section, the provisions of chapter 101, section 3577 (requirements for actuarial opinions) of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)