Vermont § 6049f - Permitted reinsurance
Full text of Vermont Vermont Statutes Online § 6049f — Permitted reinsurance, with citation guidance and answers to common questions.
§ 6049f. Permitted reinsurance
- (a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer,
pursuant to a reinsurance contract. An affiliated reinsurance company shall not issue
a contract of insurance or a contract for assumption of risk or indemnification of
loss other than such reinsurance contract. (b) The reinsurance contract shall contain all provisions reasonably required or approved
by the Commissioner, which requirements shall take into account the laws applicable
to the ceding insurer regarding the ceding insurer’s taking credit for the reinsurance
provided under such reinsurance contract. (c) An affiliated reinsurance company may cede risks assumed through a reinsurance contract
to one or more reinsurers through the purchase of reinsurance, subject to the prior
approval of the Commissioner. Except as otherwise provided in this section, the provisions
of chapter 101, subchapter 10 of this title, reinsurance of risks, shall apply in
full to an affiliated reinsurance company. (d) Unless otherwise approved in advance by the Commissioner, a reinsurance contract shall
not contain any provision for payment by the affiliated reinsurance company in discharge
of its obligations under the reinsurance contract to any person other than the ceding
insurer or any receiver of the ceding insurer. (e) An affiliated reinsurance company shall notify the Commissioner immediately of any
action by a ceding insurer or any other person to foreclose on or otherwise take possession
of collateral provided by the affiliated reinsurance company to secure any obligation
of the affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)
Frequently Asked Questions About Vermont § 6049f
What does Vermont Statutes Online § 6049f cover?
Section 6049f ("Permitted reinsurance") 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 § 6049f?
A common citation format is "Vermont Statutes Online § 6049f" (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 § 6049f 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.