§ 3366 - Assets of companies - Vermont Statutes

§ 3366. Assets of companies

Such insurer authorized to do business in this state shall possess and thereafter maintain unimpaired paid-in capital or basic surplus of not less than $2,000,000.00 and, when first so authorized, shall possess and maintain free surplus of not less than $3,000,000.00. Such capital and surplus shall be in the form of cash or marketable securities, a portion of which may be held on deposit with the state treasurer, such securities as designated by the insurer and approved by the commissioner, in an amount and subject to such conditions determined by the commissioner. Such conditions shall include a requirement that any interest or other earnings attributable to such cash or marketable securities shall inure to the benefit of the insurer until such time as the commissioner determines that the deposit must be used for the benefit of the policyholders of the insurer or some other authorized public purpose relating to the regulation of the insurer. The commissioner may prescribe additional capital or surplus for all insurers authorized to transact the business of insurance based upon the type, volume, and nature of insurance business transacted. The commissioner may reduce or waive the capital and surplus amounts required by this section pursuant to a plan of dissolution for the company approved by the commissioner. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 6); amended 2003, No. 105 (Adj. Sess.), § 4; 2005, No. 36, § 10, eff. June 1, 2005.)