Vermont Statutes Title 8 Sec. 4793
Terms Used In Vermont Statutes Title 8 Sec. 4793
- Adjuster: means any person who investigates claims or negotiates settlement of claims arising under policies of insurance in behalf of insurers under such policies, or who advertises or solicits business from insurers as an adjuster. See
- Appraiser: means any person who, for compensation, appraises the loss or damage under policies of automobile insurance on the behalf of the insurers under such policies. See
- Consultant: means an individual, resident, or nonresident who, for a fee, holds himself or herself out to the public as engaged in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in this State. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
- Limited lines producer: means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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 that cannot be procured from insurers licensed to do business in this State. See
§ 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, or limited lines producer shall make application for, procure, negotiate for, or place for others, any lines of insurance as to which he or she is not then qualified and duly licensed.
(c) No person shall investigate or negotiate settlement of any claim arising under 21 V.S.A. § chapters 9 and 11 unless the person is licensed as a workers’ compensation adjuster under this subchapter. (Amended 1969, No. 175 (Adj. Sess.), § 5, eff. March 5, 1970; 1973, No. 217 (Adj. Sess.), § 3; 1991, No. 249 (Adj. Sess.), § 19; 1993, No. 225 (Adj. Sess.), § 24; 2001, No. 97 (Adj. Sess.), § 4.)