§ 6041.
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/vt/title-8/chapter-141/6041A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.)