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2011 Vermont Code
Title 08 Banking and Insurance
Chapter 141 CAPTIVE INSURANCE COMPANIES
§ 6035 Qualification of sponsors


8 VT Stats § 6035. (2011 through Adj Sess) What's This?

§ 6035. Qualification of sponsors

A sponsor of a sponsored captive insurance company may be any person approved by the commissioner in the exercise of his or her discretion, based on a determination that the approval of such person as a sponsor is consistent with the purposes of this chapter. In evaluating the qualifications of a proposed sponsor, the commissioner shall consider the type and structure of the proposed sponsor entity, its experience in financial operations, financial stability and strength, business reputation, and such other facts deemed relevant by the commissioner. A risk retention group shall not be either a sponsor or a participant of a sponsored captive insurance company. (Added 1999, No. 38, { 18, eff. May 20, 1999; amended 1999, No. 80 (Adj. Sess.), { 2, eff. April 11, 2000; 2003, No. 55, { 9; 2005, No. 122 (Adj. Sess.), { 6; 2007, No. 49, { 16; 2011, No. 21, { 24.)

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