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2011 Vermont Code
Title 08 Banking and Insurance
Chapter 141 CAPTIVE INSURANCE COMPANIES
§ 6031 Formation


8 VT Stats § 6031. (2011 through Adj Sess) What's This?

§ 6031. Formation

(a) One or more sponsors may form a sponsored captive insurance company under this chapter. In addition to the general provisions of this chapter, the provisions of this subchapter shall apply to sponsored captive insurance companies.

(b) A sponsored captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a mutual corporation, as a nonprofit corporation with one or more members, or as a manager-managed limited liability company. (Added 2003, No. 55, { 9; amended 2005, No. 122 (Adj. Sess.), { 5; 2009, No. 137 (Adj. Sess.), { 23, eff. May 29, 2010.)

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