Vermont Statutes Title 8 Sec. 7125
Terms Used In Vermont Statutes Title 8 Sec. 7125
- Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Group travel insurance: means travel insurance issued to any eligible group. See
- Primary certificate holder: means an individual person who elects and purchases travel insurance under a group policy. See
- Primary policyholder: means an individual person who elects and purchases individual travel insurance. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Travel assistance services: means noninsurance services for which the consumer is not indemnified based on a fortuitous event and where providing the service does not result in transfer or shifting of risk that would constitute the business of insurance. See
- Travel insurance: means insurance coverage for personal risks incident to planned travel, including:
§ 7125. Premium tax
(a) A travel insurer shall pay premium tax, as provided in 32 V.S.A. § 8551, on travel insurance premiums paid by any of the following:
(1) a primary policyholder who is a resident of this State;
(2) a primary certificate holder who is a resident of this State who elects coverage under a group travel insurance policy; or
(3) a blanket travel insurance policyholder that is a resident in or has its principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in this State for eligible blanket travel insurance group members, subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions or that permit the insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions.
(b) A travel insurer shall:
(1) document the state of residence or principal place of business of the policyholder or certificate holder, as required in subsection (a) of this section; and
(2) report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers. (Added 2021, No. 139 (Adj. Sess.), § 10, eff. August 25, 2022.)