Company Licensing

Insurance Sub-term

Fee Schedule

All fees are subject to Vermont’s retaliatory fees law. It is the Company’s responsibility to report and pay the correct retaliatory fee.

Please see 8 V.S.A. §3367 and 32 V.S.A. §8555.

 

Fee Type

Law Reference Title 8 V.S.A.

Accredited Reinsurer

NRRA Accredited Reinsurer/Credit for Reinsurance

Federal legislation known as the Non-Admitted and Reinsurance Reform Act of 2010 (NRRA) became effective July 21, 2011.  The following clarifies Vermont’s accreditation and filing requirements for assuming companies.

Reinsurers Assuming Risks from Vermont Domestic Insurance Companies

Transfer and Assumption Transactions

Insurers contemplating transactions regarding a transfer & assumption of insurance contracts wherein a novation of existing or in-force contracts is intended, must seek the prior approval of the Commissioner per 8 V.S.A. §8204(e-g) with reference to 8 V.S.A. §8204(h)(1-4) and have all of the related forms approved prior to use per 8 V.S.A. §8204(a), (h)(5) and/or §8207(d-e).

Certain transactions are excluded as reflected in 8 V.S.A. §8202(b) and §8207(b): mergers, liquidations or rehabilitations, guarantee association transactions, and troubled companies.

 

Company Licensing

The Vermont Insurance Division oversees and regulates the insurance industry in Vermont.  The Company Licensing Section monitors the financial stability of both domestic and foreign insurers licensed in Vermont.  In addition, the Section licenses or authorizes new insurers to do business in the state.

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