§ 4791. Definitions As used in this chapter: (1) “Surplus lines insurance broker” means an individual who solicits, negotiates, or procures a policy of insurance in an insurance company not licensed to transact business in this State which cannot be procured from insurers licensed to do business in this State. All transactions under the license […]
§ 4793. General license requirements (a) No person, partnership, association, or corporation shall act as or hold himself or herself out to be an insurance producer, surplus lines insurance broker, managing general agent, reinsurance intermediary, limited lines producer, consultant, insurance adjuster, or insurance appraiser unless duly licensed. (b) No insurance producer, surplus lines insurance broker […]
§ 4795. Controlled business (a) The Commissioner shall not grant, renew, continue, or permit to continue any license except for life insurance if he or she finds that the license is being or will be used by the applicant or licensee for the purpose of writing controlled business. Controlled business means: (1) Insurance written on […]
§ 4796. Commissions; payment; acceptance (a) An insurance company, insurance producer, limited lines, or surplus lines broker shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not […]
§ 4797. License contents The license shall state the name, address, date of issue, the renewal, or expiration date, the line or lines of insurance covered by the license, and such other information as the Commissioner deems proper for inclusion. (Amended 1967, No. 39, § 1; 1971, No. 14, § 1, eff. March 11, 1971; […]
§ 4798. Term of license (a) Except as provided by subsections (b) and (d) of this section, all licenses issued pursuant to this subchapter shall continue in force not longer than 24 months. (b)(1) All licenses of insurance producers and limited lines producers issued pursuant to this subchapter shall expire as of 12:01 a.m. o’clock […]
§ 4800. License requirements The Commissioner shall not issue, continue, or permit to continue any license of an insurance producer, surplus lines insurance broker, managing general agent, reinsurance intermediary, insurance consultant, limited lines producer, business entity limited lines producer, insurance adjuster, public adjuster, and appraiser except in compliance with the following: (1) Application shall be […]
§ 4800a. Continuing education (a) An applicant for an insurance producer license renewal shall demonstrate satisfactory completion of 24 hours of continuing education during the preceding two years. (b) The Commissioner shall adopt such rules as are needed to carry out the purposes of this section. Such rules shall include: (1) a process for the […]
§ 4802. Consultants (a) An individual shall not engage in the business of an insurance consultant until being issued a consultant license by the Commissioner; provided, however, that a consultant license shall not be required of the following: (1) Attorneys licensed to practice law in this State acting in their professional capacity; (2) A duly […]
§ 4803. Adjusters, workers’ compensation adjusters, public adjusters and appraisers, qualifications, and requirements (a) For the protection of the people of this State, the Commissioner shall not issue, continue, or permit to exist any license as an adjuster, a workers’ compensation adjuster, public adjuster, or appraiser except in compliance with this section, or as to […]
§ 4804. License denial; nonrenewal; or termination causes (a) The Commissioner may suspend, revoke, or refuse to continue or renew any license issued under this chapter if, after notice to the licensee and to the insurer represented, and opportunity for hearing, he or she finds as to the licensee any one or more of the […]
§ 4805. Hearings All hearings held pursuant to this subchapter shall be governed by the provisions of 3 V.S.A. chapter 25. (Amended 1973, No. 217 (Adj. Sess.), § 15.)
§ 4806. Suspension, revocation, or termination of license (a) The Commissioner shall promptly notify all appointing insurers, where applicable, and the licensee regarding any suspension, revocation, or termination of license by the Commissioner. (b) Upon suspension, revocation, or termination of the license of a resident of this State, the Commissioner shall notify the central office […]
§ 4807. Surplus lines insurance broker (a) Every surplus lines insurance broker who solicits an application for insurance of any kind, in any controversy between the insured or his or her beneficiary and the insurer issuing any policy upon such application, shall be regarded as representing the insured and his or her beneficiary and not […]
§ 4808. Representative of fraternal benefit societies Representatives of fraternal benefit societies who sell, solicit, and negotiate insurance contracts shall be deemed insurance producers and subject to the same licensing requirements as insurance producers. (Added 1973, No. 217 (Adj. Sess.), § 18; amended 2001, No. 97 (Adj. Sess.), § 15.)
§ 4809. Countersignature Notwithstanding any other provisions of the statutes of this State, there shall be no requirement that an insurance producer who is a resident of this State must countersign a policy of insurance written by a foreign insurance company. (Added 1973, No. 217 (Adj. Sess.), § 19; amended 2001, No. 97 (Adj. Sess.), […]
§ 4812. Rules and regulations The Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. (Added 1973, No. 217 (Adj. Sess.), § 22; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2001, No. 97 (Adj. Sess.), § 17; 2011, […]
