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Form E-702 Irrevocable Letter of Credit - Captive Insurance Company - Vermont
What Is Form E-702?
This is a legal form that was released by the Vermont Department of Financial Regulation - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is a Form E-702?
A: Form E-702 is an Irrevocable Letter of Credit.
Q: What is an Irrevocable Letter of Credit?
A: An Irrevocable Letter of Credit is a financial instrument issued by a bank that guarantees payment to a designated beneficiary.
Q: What is a Captive Insurance Company?
A: A Captive Insurance Company is an insurance company that is wholly owned and controlled by its insureds.
Q: What is the purpose of a Captive Insurance Company?
A: The purpose of a Captive Insurance Company is to provide insurance coverage for risks faced by its parent company or affiliated companies.
Q: What is the relevance of Vermont?
A: Vermont is a popular jurisdiction for establishing Captive Insurance Companies.
Q: Why would a Captive Insurance Company use an Irrevocable Letter of Credit?
A: A Captive Insurance Company may use an Irrevocable Letter of Credit to provide an additional layer of financial security and assurance to policyholders.
Form Details:
- Released on January 1, 2019;
- The latest edition provided by the Vermont Department of Financial Regulation;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of Form E-702 by clicking the link below or browse more documents and templates provided by the Vermont Department of Financial Regulation.
