Vermont § 7116 - Fee; costs; transfer tax

§ 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.)