Vermont Statutes Title 8 Sec. 4820
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Terms Used In Vermont Statutes Title 8 Sec. 4820
- insurer: means any person, firm, association, or corporation duly licensed to transact an insurance business in this State. See
- Managing general agent: means any person who:
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section. See
- Reinsurance intermediary-manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See
- Reinsurer: means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See
§ 4820. Examination authority
(a) The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.
(b) A reinsurance intermediary shall be subject to examination by the Commissioner. The Commissioner shall have reasonable access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the Commissioner.
(c) A reinsurance intermediary-manager may be examined as if it were the reinsurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)