Vermont § 6049c - Licensing; authority
Full text of Vermont Vermont Statutes Online § 6049c — Licensing; authority, with citation guidance and answers to common questions.
§ 6049c. Licensing; authority
- (a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer.
An affiliated reinsurance company may cede the risks assumed under a reinsurance contract
to another reinsurer, subject to the prior approval of the Commissioner. (b) In conjunction with the issuance of a license to an affiliated reinsurance company,
the Commissioner may issue an order that includes any provisions, terms, and conditions
regarding the organization, licensing, and operation of the affiliated reinsurance
company that are deemed appropriate by the Commissioner and that are not inconsistent
with the provisions of this chapter. (c) To qualify for a license, an affiliated reinsurance company shall be subject, in addition
to the requirements of subsection 6002(c) of this chapter, to the following: (1) The information submitted to the Commissioner pursuant to subdivision 6002(c)(1)(B)
of this chapter shall include: (A) the source and form of the affiliated reinsurance company’s capital and surplus; (B) the investment policy of the affiliated reinsurance company, which shall provide for
a diversified investment portfolio both as to type and issue and shall include a requirement
for liquidity and for the reasonable preservation, administration, and management
of such assets with respect to the risks associated with any reinsurance transactions. (2) The application shall include copies of all agreements and documentation, including
reinsurance agreements, described in subdivision (1) of this subsection (c) unless
otherwise approved by the Commissioner and any other statements or documents required
by the Commissioner to evaluate the affiliated reinsurance company’s application for
licensure. (d) Subdivision 6002(c)(3) of this chapter shall apply to all information submitted pursuant
to subsection (c) of this section and to any order issued to the affiliated reinsurance
company pursuant to subsection (b) of this section. (Added 2017, No. 134 (Adj. Sess.), § 10.)
Frequently Asked Questions About Vermont § 6049c
What does Vermont Statutes Online § 6049c cover?
Section 6049c ("Licensing; authority") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 6049c?
A common citation format is "Vermont Statutes Online § 6049c" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 6049c apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.