An act relating to captive insurance companies

Section 1 (8 V.S.A. 6010(d)): The prohibition on risk retention group loans and investments was narrowed. The House version banned loans/investments to 'its parent company or its parent company's members or affiliates.' The enacted version bans only loans/investments to 'its members or affiliates of its members,' removing the explicit prohibition on lending to the parent company itself and to the parent company's other affiliates that are not RRG members.

Section 2 (8 V.S.A. 6007): A subsection numbering error from the House version (where a subsection was labeled '(c)(e)') was corrected in the enacted version to proper sequential lettering.

Section 1(d) changed the target of the loan/investment prohibition for risk retention groups from 'its members or affiliates of its members' to 'its parent company or its parent company's members or affiliates.' This shifts the restriction from direct member relationships to the parent company relationship, which could affect which transactions are prohibited depending on the corporate structure.

Section 1 (8 V.S.A. 6010(d)): The prohibition on risk retention group loans and investments was narrowed. The unofficial version banned loans to the RRG's own members or affiliates of its members. The official version limits the ban to loans to the RRG's parent company or the parent company's members or affiliates, meaning an RRG can now lend to its own members as long as those members are not also members of the parent company.

Section 3 (8 V.S.A. 6034i(a)): The phrase 'under oath or affirmation' was changed to 'under oath,' removing the option for a non-religious affirmation in place of an oath when filing the protected cell funding certification.

The official version adds the list of introducing representatives, committee referral line, and subject/statement of purpose block that were not present in the unofficial version. Page count increased from 5 to 10 due to formatting differences in the official layout.

The prohibition on risk retention group loans and investments was narrowed. As introduced, it barred loans/investments in the parent company, its members, and its affiliates. As passed, it only bars loans/investments in the members and their affiliates, removing the parent company itself from the prohibition.

The certifying statement that a protected cell must file within 30 days of commencing business may now be made 'under oath or affirmation' rather than 'under oath' alone, providing an alternative for those who object to taking an oath.