Formation (a) A special purpose financial insurance company may be incorporated as a stock insurer with its capital divided into shares and held by its stockholders, or it may be organized as a manager-managed limited liability company. (b) A special purpose financial insurance company’s organizational documents shall limit the special purpose financial insurance company’s authority to transact the business of insurance or reinsurance to those activities that the special purpose financial insurance company conducts to accomplish its purposes as expressed in this subchapter. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 57.)
Vermont Legal Code