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The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 142 : RISK RETENTION GROUPS AND PURCHASING GROUPS

(Cite as: 8 V.S.A. § 6058)
  • § 6058. Purchasing group taxation

    Premium taxes and taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing groups shall be:

    (1) imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and

    (2) paid first by such insurance source, and if not by such source, by the agent or broker for the purchasing group, and if not by such agent or broker, then by the purchasing group, and if not by such purchasing group, then by each of its members. (Added 1991, No. 249 (Adj. Sess.), § 23, eff. Dec. 31, 1992.)