Vermont § 6032 - Definitions As used in this subchapter:

§ 6032. Definitions As used in this subchapter:

• (1) “General account” means all assets and liabilities of the sponsored captive insurance
  company not attributable to a protected cell. (2) “Incorporated protected cell” means a protected cell that, subject to the approval
  of the Commissioner, is formed as any type of entity permissible under Vermont law,
  separate from the sponsored captive insurance company of which it is a part. (3) “Participant” means an entity as defined in section 6036 of this title, and any affiliates thereof, that are insured by a sponsored captive insurance company,
  where the losses of the participant are limited through a participant contract to
  such participant’s pro rata share of the assets of one or more protected cells identified
  in such participant contract. (4) “Participant contract” means a contract by which a sponsored captive insurance company
  insures the risks of a participant and limits the losses of each such participant
  to its pro rata share of the assets of one or more protected cells identified in such
  participant contract. (5) “Protected cell” means a separate account established by a sponsored captive insurance
  company formed or licensed under the provisions of this chapter, in which assets are
  maintained for one or more participants in accordance with the terms of one or more
  participant contracts to fund the liability of the sponsored captive insurance company
  assumed on behalf of such participants as set forth in such participant contracts,
  and shall include an “incorporated protected cell” as defined in this section. (6) “Sponsor” means any entity that meets the requirements of section 6035 of this title and is approved by the Commissioner to provide all or part of the capital and surplus
  required by applicable law and to organize and operate a sponsored captive insurance
  company. (7) “Sponsored captive insurance company” means any captive insurance company: (A) in which the minimum capital and surplus required by applicable law is provided by
  one or more sponsors; (B) that is formed or licensed under the provisions of this chapter; (C) that insures the risks only of its participants or, subject to Commissioner approval,
  other parties unaffiliated with a participant as defined in subsection 6036