Suitability in Annuity Transactions
Proposed Rulemaking Filed: 09/20/2023
Effective Date: July 5, 2024
NQTL Comparative Analysis Submission Template
The Department of Financial Regulation has made available the NQTL Comparative Analysis Template for use by health insurance issuers on an annual basis. The exercise is for insurers to self-identify, correct identified issues and provide the Department a window into the processes in place if a practice is questioned.
Issuers are required to submit the NQTL template on an annual basis to the Department of Financial Regulation by July 1, 2024.
Issuers are required to submit the NQTL template on an annual basis to the Department of Financial Regulation by July 1, 2024.
Health Insurance Mandates Checklist and Mental Health Parity Data Collection
DFR Insurance Bulletin No. 230 • Health Insurance Mandates Checklist and Mental Health Parity Data Collection
Vermont ABLE Accounts Webinar Invitation
Join us Thursday, April 25 at 2 PM for a virtual discussion about Vermont ABLE accounts with State Treasurer Mike Pieciak, Department of Financial Regulation Commissioner Kevin Gaffney, and Vermont Developmental Disabilities Council Executive Director Kirsten Murphy. Download this invitation which includes the RSVP link.
Default Judgment and Order in re: ClaimChoice Administrators, LLC
Default Judgment and Order | Docket No. 24-003-I
in Re: ClaimChoice Administrators, LLC • VT License #518303024
Does the Tax Rate Follow the Initial Policy Term in the Policy Extension Period?
Answer
The tax rate would apply to any additional premium generated as a result of the extension.
Accordion to apply to
What Are the Reporting Requirements of Surplus Lines Brokers?
Answer
- Electronic filing is mandated by the Commissioner of Taxes.
- Filing will now be done online through the Vermont Department of Taxes online system, myVTax.
- If no business was written and there is no tax to pay, you do not have to file a return. Also, a copy of the return is no longer required by the Department of Financial Regulation.
- For further information, please visit the Tax Department website.
- Questions regarding the filing requirements? Contact the Surplus Lines Tax examiner at the Department of Taxes by phone (802-828-6819) or email (Cortney.Diego@vermont.gov).
Accordion to apply to
What are the Tax-Related Duties of a Surplus Lines Broker?
Answer
At the time of filing his or her quarterly report with commissioner, each Surplus Lines Broker shall file a duplicate report and remit the premium tax due thereon to the Vermont Department of Taxes, Attn. Terry Edwards, 133 State Street, Montpelier, VT 05609-1401.
Accordion to apply to
What is the Surplus Lines Tax Rate?
Answer
Gross premiums charged, less any return premiums, for surplus lines coverages placed with non-admitted insurers are subject to a premium receipts tax of three percent, which shall be collected from the insured by the Surplus Lines Broker at the time of delivery of policy or other confirmation of insurance, in addition to the full amount of the gross premium charged by the insurer for the insurance. The tax on any portion of the premium unearned at termination of insurance shall be returned to the policyholder by the surplus lines broker. Nothing contained in this section will preclude a Surplus Lines Broker from charging a fee to the purchaser of the contract sufficient to recover the amount of this tax.
Accordion to apply to