Legislation Title 8 Vermont Statutes Annotated Chapter
141
Supervisory Jurisdiction Commissioner of Banking, Insurance and
Securities
Application to VT Department of Banking, Insurance and
Securities
Data includes Application for Admission, Certificate of
Incorporation, Articles of Association and
by-laws, feasibility study prepared by
actuary, statement of benefit to Vermont,
biographical affidavits on officers and
directors, list of service providers and
details of service fees, detailed plan of
operation (five year projections)
Reporting Requirements Audited financial statements, report of
evaluation of internal controls,
certification of loss and expense reserves,
captive annual statement
Restriction on Business Personal lines are prohibited
Capitalisation Pure captive (capital and surplus)
US $250,000
Association captive
(stock capital and surplus) US $750,000
Association captive (mutual) US $750,000
Industrial insured (mutual) US $500,000
Minimum Solvency None specified
Fees US $200 application fee plus $3,200 captive
advisory board review fee
Annual Costs US $300 annual licence
Currency US dollars
Taxation Varying premium taxes from 0.225% to 0.4%
Location USA, mainland
Administration Established infrastructure
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.