State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-138 > 5036

§ 5036. Direct placement of insurance

(a) Every insured and every self-insurer in this 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 on forms prescribed and furnished by the commissioner. 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.

(b) If any such insurance also covers a subject located or to be performed outside this state, a proper pro rata portion of the entire premium shall be allocated to the subjects of insurance located or to be performed in this state.

(c) Any insurance with a non-admitted insurer procured through negotiations or by application in whole or in part made within this state, 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.

(d) A tax at the rate of three percent of the gross amount of premium, less any return premium, in respect of risks located in this state, 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 the amount of the tax. The commissioner before June first of each year shall certify and transmit to the commissioner of taxes the sums so collected.

(e) The tax shall be collectible from the insured by civil action brought by the commissioner. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 11.)

State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-138 > 5036

§ 5036. Direct placement of insurance

(a) Every insured and every self-insurer in this 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 on forms prescribed and furnished by the commissioner. 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.

(b) If any such insurance also covers a subject located or to be performed outside this state, a proper pro rata portion of the entire premium shall be allocated to the subjects of insurance located or to be performed in this state.

(c) Any insurance with a non-admitted insurer procured through negotiations or by application in whole or in part made within this state, 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.

(d) A tax at the rate of three percent of the gross amount of premium, less any return premium, in respect of risks located in this state, 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 the amount of the tax. The commissioner before June first of each year shall certify and transmit to the commissioner of taxes the sums so collected.

(e) The tax shall be collectible from the insured by civil action brought by the commissioner. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 11.)


State Codes and Statutes

State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-138 > 5036

§ 5036. Direct placement of insurance

(a) Every insured and every self-insurer in this 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 on forms prescribed and furnished by the commissioner. 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.

(b) If any such insurance also covers a subject located or to be performed outside this state, a proper pro rata portion of the entire premium shall be allocated to the subjects of insurance located or to be performed in this state.

(c) Any insurance with a non-admitted insurer procured through negotiations or by application in whole or in part made within this state, 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.

(d) A tax at the rate of three percent of the gross amount of premium, less any return premium, in respect of risks located in this state, 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 the amount of the tax. The commissioner before June first of each year shall certify and transmit to the commissioner of taxes the sums so collected.

(e) The tax shall be collectible from the insured by civil action brought by the commissioner. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 11.)