Vermont § 5036 - Direct placement of insurance

§ 5036. Direct placement of insurance

• (a) Every insured and every self-insurer in this State for whom this is their home state
  who procures or causes to be procured or continues or renews insurance from any non-admitted
  insurer, covering a subject located or to be performed within this State, other than
  insurance procured through a surplus lines broker pursuant to this chapter, shall,
  before March 1 of the year after the year in which the insurance was procured, continued
  or renewed, file a written report with the Commissioner of Taxes on forms prescribed
  and furnished by the Commissioner of Taxes. The report shall show: (1) the name and address of the insured or insureds; (2) the name and address of the insurer or insurers; (3) the subject of the insurance; (4) a general description of the coverage; (5) the amount of premium currently charged for it; (6) such additional pertinent information as may be reasonably requested by the Commissioner
  of Taxes. (b) Any insurance, where this State is the home state of the insured, or for which premium
  in whole or in part is remitted directly or indirectly from within this State, shall
  be deemed insurance subject to subsection (a) of this section. (c) A tax at the rate of three percent of the gross amount of premium, less any return
  premium, shall be levied upon an insured who procures insurance subject to subsection
  (a) of this section. Before March 1 of the year after the year in which the insurance
  was procured, continued, or renewed, the insured shall remit to the Commissioner of
  Taxes the amount of the tax. (d) All administrative provisions of 32 V.S.A. chapter 151, including those relating to
  the collection and enforcement of the income tax by the Commissioner of Taxes, shall
  apply to this section. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 11; 2011, No. 49, § 10, eff. May 26, 2011; 2019, No. 51, § 38, eff. June 10, 2019; 2019, No. 57, § 13.)