Vermont § 6009 Grounds and procedures for suspension or revocation of license

Vermont Statutes

§ 6009 — Grounds and procedures for suspension or revocation of license

Vermont § 6009

Title 8Title 8: Banking and Insurance

Ch. 141Chapter 141: Captive Insurance Companies

This text of Vermont § 6009 (Grounds and procedures for suspension or revocation of license) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 6009 (2026).

Text

(a)The license of a captive insurance company may be suspended or revoked by the Commissioner for any of the following reasons:

(1)insolvency or impairment of capital or surplus;

(2)failure to meet the requirements of section 6004 of this title;

(3)refusal or failure to submit an annual report, as required by this chapter, or any other report or statement required by law or by lawful order of the Commissioner;

(4)failure to comply with the provisions of its own charter, bylaws, or other organizational document;

(5)failure to submit to or pay the cost of examination or any legal obligation relative thereto, as required by this chapter;

(6)use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound

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(a) The license of a captive insurance company may be suspended or revoked by the Commissioner for any of the following reasons:
(1) insolvency or impairment of capital or surplus;
(2) failure to meet the requirements of section 6004 of this title;
(3) refusal or failure to submit an annual report, as required by this chapter, or any other report or statement required by law or by lawful order of the Commissioner;
(4) failure to comply with the provisions of its own charter, bylaws, or other organizational document;
(5) failure to submit to or pay the cost of examination or any legal obligation relative thereto, as required by this chapter;
(6) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or
(7) failure otherwise to comply with the laws of this State.
(b) If the Commissioner finds, upon examination, hearing, or other evidence, that any captive insurance company has violated any provision of subsection (a) of this section, the Commissioner may suspend or revoke such company’s license if the Commissioner deems it in the best interests of the public and the policyholders of such captive insurance company, notwithstanding any other provision of this title.