21-043 Code Vt. R. 21-020-043-X
This regulation establishes reserve requirements, separate accounts and the form of the annual statement required of any captive insurance company that issues annuity contracts (which may have life or other benefits that constitute a subsidiary or incidental part of the entire contract).
This regulation is promulgated under the authority of 8 V.S.A. Sections 75 and 6015.
This regulation shall apply to any captive insurance company formed or licensed under the provisions of chapter 141 of title 8 of the Vermont Statutes issuing annuity contracts (which may have life or other benefits that constitute a subsidiary or incidental part of the entire contract).
Any captive insurance company that issues contracts that provide variable benefits shall establish separate accounts. Such accounts shall be subject to the requirements of 8 V.S.A. section 3855.
A captive insurance company that issues annuity contracts shall maintain reserves that are actuarially sufficient to support the liabilities provided by the contracts.
A captive insurance company that issues annuity contracts shall submit its annual report in the form of the annual statement approved by the National Association of Insurance Commissioners for life insurers, as modified or supplemented by the commissioner.
If any provision of this regulation or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of such provisions to other persons or circumstances shall not be affected thereby.
This regulation shall be effective on 12/31/99.
21-043 Code Vt. R. 21-020-043-X