Vermont Statutes Title 8 Sec. 7116
Terms Used In Vermont Statutes Title 8 Sec. 7116
- Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Department: means the Department of Financial Regulation. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
§ 7116. Fee; costs; transfer tax
(a) To cover the costs of processing and reviewing a plan under this chapter, the assuming company shall pay to the Commissioner the following nonrefundable fees at the times set forth in subsections 7112(a) and 7114(a) of this chapter:
(1) an administrative fee in the amount of $30,000.00; and
(2) the reasonable costs of persons retained by the Commissioner under subsection 7113(a) of this chapter.
(b) When a plan is approved, the assuming company shall pay the Commissioner a transfer tax equal to the sum of:
(1) one percent of the first $100,000,000.00 of the gross liabilities transferred, including direct and assumed unpaid claims, losses, and loss adjustment expenses with no reductions for amounts ceded; and
(2) 0.5 percent of the gross liabilities transferred that exceed $100,000,000.00, including direct and assumed unpaid claims, losses, and loss adjustment expenses with no reductions for amounts ceded.
(c) All fees and payments received by the Department under subsection (a) of this section and 10 percent of the transfer tax under subsection (b) of this section shall be credited to the Insurance Regulatory and Supervision Fund under section 80 of this title. The remaining 90 percent of the transfer tax shall be deposited directly into the General Fund and reserved in the General Fund Balance Reserve established under 32 V.S.A. § 308c. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014; amended 2013, No. 179 (Adj. Sess.), § E.228, eff. Feb. 19, 2014.)