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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

141

:
CAPTIVE INSURANCE COMPANIES






Subchapter

001
:
GENERAL PROVISIONS










 

§

6017. Captive Insurance Regulatory and Supervision Fund

(a)(1) There is

hereby created a fund to be known as the Captive Insurance Regulatory and

Supervision Fund for the purpose of providing the financial means for the

Commissioner of Financial Regulation to administer this chapter, chapter 142,

and chapter 142A of this title and for reasonable expenses incurred in

promoting the captive insurance industry in Vermont. The transfer of 11 percent

of the premium tax under subsection 6014(h) of this title, and all fees and

assessments received by the Department pursuant to the administration of these

chapters shall be credited to this Fund. Of this amount, not more than three

percent of the premium tax under section 6014 may be expended by the Agency of Commerce

and Community Development, with approval of the Secretary of Administration,

for promotional expenses. All fees received by the Department from reinsurers

who assume risk solely from captive insurance companies and are subject to the

provisions of subsections 3634a(a) through (f) of this title, shall be

deposited into the Captive Insurance Regulatory and Supervision Fund. All fines

and administrative penalties, however, shall be deposited directly into the

General Fund.

(2) All payments

from the Captive Insurance Regulatory and Supervision Fund for the maintenance

of staff and associated expenses, including contractual services as necessary,

shall be disbursed from the State Treasury only upon warrants issued by the

Commissioner of Finance and Management, after receipt of proper documentation

regarding services rendered and expenses incurred.

(b) At the end

of each fiscal year, the balance in the Captive Insurance Regulatory and

Supervision Fund shall be transferred to the General Fund.

(c) The Commissioner

of Finance and Management may anticipate receipts to the Captive Insurance

Regulatory and Supervision Fund and issue warrants based thereon. (Added 1987,

No. 47, § 4, eff. May 13, 1987; amended 1989, No. 72, § 3; 1989, No. 225 (Adj.

Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 1995, No. 190 (Adj. Sess.), §

1; 1999, No. 49, § 219; 2003, No. 55, § 7; 2003, No. 80 (Adj. Sess.), § 76,

eff. March 8, 2004; 2009, No. 42, § 22; 2011, No. 78 (Adj. Sess.), § 2, eff.

April 2, 2012; 2013, No. 179 (Adj. Sess.), § E.801.)