Vermont Statutes Title 8 Sec. 4807
Terms Used In Vermont Statutes Title 8 Sec. 4807
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
- 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
- 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
- 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
§ 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 the insurer; except any insurer that directly or through its agents delivers in this State to any surplus lines insurance broker a policy or contract for insurance pursuant to the application or request of the surplus lines insurance broker, acting for an insured other than himself or herself, shall be deemed to have authorized the surplus lines insurance broker to receive on its behalf payment of any premium that is due on the policy or contract for insurance at the time of its issuance or delivery.
(b) [Repealed.]
(c) Notwithstanding any other provision of this title, a person licensed as a surplus lines insurance broker in his or her home state shall receive a nonresident surplus lines insurance broker license pursuant to section 4800 of this chapter.
(d) Not later than July 1, 2012, the Commissioner shall participate in the national insurance producer database of the NAIC, or any other equivalent uniform national database, for the licensure of surplus lines brokers and the renewal of such licenses. (Added 1973, No. 217 (Adj. Sess.), § 17; amended 1981, No. 210 (Adj. Sess.), § 2; 2001, No. 97 (Adj. Sess.), § 14; 2009, No. 137 (Adj. Sess.), § 9a; 2011, No. 49, § 12, eff. May 26, 2011.)