The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 8 V.S.A. § 7116)
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§ 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.)