This regulation establishes reserve requirements and the form of the annual report required of a captive insurance company that reinsures life insurance policies, including term, universal and variable life policies, and related guarantees and riders (collectively, "Life Insurance Policies").
This regulation establishes reserve requirements, separate accounts and the form of the annual statement required of any captive insurance company that issues annuity contracts (which may have life or other benefits that constitute a subsidiary or incidental part of the entire contract).
The purpose of this regulation is to set forth the financial and reporting requirements, which the commissioner deems necessary for the regulation of captive insurance companies, as authorized by the Captive Insurance Company Act, 8 V.S.A., Section 6015.
What do I do if our Company had an audit adjustment last year?
Option 1: The NAIC Annual Statement Instructions state that corrections of errors in previously filed information should be reported as an adjustment to surplus in the current year with an appropriate identifying title as a write-in item for the Aggregate Write-ins for Gains or Losses to Surplus.
