Vermont Statutes Title 8 Sec. 4183
Terms Used In Vermont Statutes Title 8 Sec. 4183
- Account: means either of the two accounts created under section 4176 of this chapter. See
- Association: means the Vermont Life and Health Insurance Guaranty Association created under section 4176 of this chapter. See
- Commissioner: means the Commissioner of Financial Regulation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Member insurer: means any insurer or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance or health maintenance organization business for which coverage is provided under section 4173 of this chapter and includes an insurer or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:
- State: means a state, the District of Columbia, Puerto Rico, and a U. See
§ 4183. Credits for assessments paid
(a) A member insurer may offset against its premium tax liability to Vermont an assessment described in subsection 4179(h) of this chapter to the extent of 20 percent of the amount of the assessment for each of the five calendar years following the year in which the assessment was paid. In the event a member insurer should cease doing business, all uncredited assessments may be credited against its premium tax liability for the year it ceases doing business.
(b) A member insurer that is exempt from taxes referenced in subsection (a) of this section may recoup its assessments by a surcharge on its premiums in a sum reasonably calculated to recoup the assessments over a reasonable period of time, as approved by the Commissioner. Amounts recouped shall not be considered premiums for any other purpose, including the computation of gross premium tax, the medical loss ratio, or agent commission. If a member insurer collects excess surcharges, the insurer shall remit the excess amount to the Association, and the excess amount shall be applied to reduce future assessments in the appropriate account.
(c) Any sums acquired by refund, pursuant to subsection 4179(f) of this chapter, from the Association that have been written off by contributing insurers and offset against premium taxes as provided in subsection (a) of this section, and are not then needed for purposes of this chapter, shall be paid by the insurer to the Commissioner, who shall deposit them with the State Treasurer for credit to the General Fund. (Added 2023, No. 32, § 9, eff. July 1, 2023.)