Vermont Statutes Title 8 Sec. 4822
Terms Used In Vermont Statutes Title 8 Sec. 4822
- Controlled insurer: means a licensed insurer that is controlled, directly or indirectly, by a producer. See
- Controlling producer: means a producer who, directly or indirectly, controls an insurer. See
- 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:
- 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
- Producer: means an agent, broker, or reinsurance intermediary licensed pursuant to subchapter 1 of this chapter. See
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section. 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
§ 4822. Sanctions
If the Commissioner determines, after notice and hearing, that any person has violated any provision of this subchapter, the Commissioner may:
(1) for each separate violation, impose a penalty up to $25,000.00;
(2) revoke or suspend the person’s license;
(3) order the managing general agent, reinsurance intermediary, or controlling producer to reimburse the insurer or reinsurer, or the rehabilitator or liquidator of the insurer or reinsurer for any losses incurred that are caused by a violation of this subchapter; and
(4) order the controlling producer to cease placing business with the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)