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. § 7121)
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§ 7121. Regulation of assuming companies and service providers
(a) An assuming company shall be subject to all rules adopted by the Commissioner under
this chapter and also shall be subject to:
(1) chapter 145 (supervision, rehabilitation, and liquidation of insurers) of this title;
(2) the market conduct and unfair trade practices provisions of chapter 129 (insurance
trade practices) of this title, as deemed applicable by the Commissioner; and
(3) in addition to the initial transfer tax required under subsection 7116(b) of this
chapter, an annual renewal fee of $300.00.
(b) An assuming company shall not be subject to the requirements of chapter 101, subchapter
9 (Property and Casualty Insurance Guaranty Association) of this title.
(c) The Commissioner may adopt rules regarding the provision of services to an assuming
company by persons other than any director, officer, or employee of the assuming company
with respect to the administration of policies and reinsurance agreements assumed
by the assuming company under a legacy insurance transfer, including licensing or
other requirements.
(d) The Commissioner may adopt any other rules necessary or appropriate to carry out the
provisions of this chapter. (Added 2013, No. 93 (Adj. Sess.), § 3, eff. Feb. 19, 2014.)