§ 6017. Captive Insurance Regulatory and Supervision Fund
(a)(1) There is hereby created a fund to be known as the Captive Insurance Regulatory and
Supervision Fund for the purpose of providing the financial means for the Commissioner
of Financial Regulation to administer this chapter, chapter 142, and chapter 142A
of this title and for reasonable expenses incurred in promoting the captive insurance
industry in Vermont. The transfer of 13 percent of the premium tax under subsection 6014(h) of this title and all fees and assessments received by the Department pursuant to the administration
of these chapters shall be credited to this Fund. Of this amount, not more than three
percent of the premium tax under section 6014 may be expended by the Agency of Commerce
and Community Development, with approval of the Secretary of Administration, for promotional
expenses. All fines and administrative penalties, however, shall be deposited directly
into the General Fund.
(2) All payments from the Captive Insurance Regulatory and Supervision Fund for the maintenance
of staff and associated expenses, including contractual services as necessary, shall
be disbursed from the State Treasury only upon warrants issued by the Commissioner
of Finance and Management, after receipt of proper documentation regarding services
rendered and expenses incurred.
(b) At the end of each fiscal year, the balance in the Captive Insurance Regulatory and
Supervision Fund shall be transferred to the General Fund.
(c) The Commissioner of Finance and Management may anticipate receipts to the Captive
Insurance Regulatory and Supervision Fund and issue warrants based thereon. (Added 1987, No. 47, § 4, eff. May 13, 1987; amended 1989, No. 72, § 3; 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 1995, No. 190 (Adj. Sess.), § 1; 1999, No. 49, § 219; 2003, No. 55, § 7; 2003, No. 80 (Adj. Sess.), § 76, eff. March 8, 2004; 2009, No. 42, § 22; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 179 (Adj. Sess.), § E.801; 2023, No. 110 (Adj. Sess.), § 5, eff. July 1, 2024.)