Vermont § 6007 - Reports and statements

§ 6007. Reports and statements

• (a) Captive insurance companies shall not be required to make any annual report except
  as provided in this chapter. (b) Prior to March 1 of each year, and prior to March 15 of each year in the case of pure
  captive insurance companies, association captive insurance companies, sponsored captive
  insurance companies, industrial insured captive insurance companies, or agency captive
  insurance companies, each captive insurance company shall submit to the Commissioner
  a report of its financial condition, verified by oath of two of its executive officers
  or, in the case of a captive insurance company formed as a limited liability company
  or as a reciprocal insurer, of two individuals authorized by the governing board.
  Each captive insurance company shall report using generally accepted accounting principles,
  statutory accounting principles, or international financial reporting standards unless
  the Commissioner requires, approves, or accepts the use of any other comprehensive
  basis of accounting, in each case with any appropriate or necessary modifications
  or adaptations 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. As used in this section, statutory
  accounting principles shall mean the accounting principles codified in the NAIC Accounting
  Practices and Procedures Manual. Upon application for admission, a captive insurance
  company shall select, with explanation, an accounting method for reporting. Any change
  in a captive insurance company’s accounting method shall require prior approval. Except
  as otherwise provided, each risk retention group shall file its report in the form
  required by subsection 3561(a) of this title, and each risk retention group shall
  comply with the requirements set forth in section 3569 of this title. The Commissioner
  shall by rule propose the forms in which pure captive insurance companies, association
  captive insurance companies, sponsored captive insurance companies, and industrial
  insured captive insurance companies shall report. Subdivision 6002(c)(3) of this title
  shall apply to each report filed pursuant to this section, except that such subdivision
  shall not apply to reports filed by risk retention groups. (c) Any pure captive insurance company, association captive insurance company, sponsored
  captive insurance company, industrial insured captive insurance company, or agency
  captive insurance company may make written application for filing the required report
  on a fiscal year-end. If an alternative reporting date is granted: (1) the annual report is due 75 days after the fiscal year-end; and (2) in order to provide sufficient detail to support the premium tax return, the captive
  insurance company shall file prior to March 15 of each year for each calendar year-end,
  the premium schedule of the “Vermont Captive Insurance Company Annual Report.” (Added 1981, No. 28; amended 1991, No. 101, § 19; 1993, No. 40, § 5, eff. June 3, 1993; 1993, No. 235 (Adj. Sess.), § 9f, eff. June 21, 1994; 1997, No. 49, § 12, eff. June 26, 1997; 1997, No. 100 (Adj. Sess.), § 3, eff. April 16, 1998; 1999, No. 38, § 9, eff. May 20, 1999; 2001, No. 71, § 12, eff. June 16, 2001; 2003, No. 55, § 7; 2007, No. 49, § 10; 2009, No. 42, § 17, eff. May 27, 2009; 2009, No. 137 (Adj. Sess.), § 21, eff. May 29, 2010; 2011, No. 78 (Adj. Sess.), § 38, eff. April 2, 2012; 2015, No. 74 (Adj. Sess.), § 1, eff. April 13, 2016; 2017, No. 12, § 1, eff. May 1, 2017; 2017, No. 90 (Adj. Sess.), § 2, eff. March 8, 2018; 2021, No. 25, § 23, eff. May 12, 2021; 2021, No. 139 (Adj. Sess.), § 13, eff. May 27, 2022; 2023, No. 110 (Adj. Sess.), § 17, eff. July 1, 2024; 2025, No. 23, § 9, eff. July 1, 2025.)