Vermont Statutes Title 8 Sec. 5023a
Terms Used In Vermont Statutes Title 8 Sec. 5023a
- Commissioner: means the Commissioner of Financial Regulation. See
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- Domestic surplus lines insurer: means a domestic insurer with which insurance coverage may be placed under this chapter. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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: means coverage not procurable from admitted insurers. See
- Surplus lines insurer: means a non-admitted insurer with which insurance coverage may be placed under this chapter. See
§ 5023a. Domestic surplus lines insurer; authorized
(a) Surplus lines insurance may be procured from a domestic surplus lines insurer if all of the following criteria are met:
(1) The board of directors of the insurer has adopted a resolution seeking certification as a domestic surplus lines insurer and the Commissioner has approved such certification.
(2) The insurer is already eligible to offer surplus lines insurance in at least one other state besides Vermont.
(3) The insurer meets the requirements of section 5026 of this title.
(4) All other requirements of this chapter are met.
(b) The requirements of 8 V.S.A. § 80 shall not apply to domestic surplus lines insurers. A domestic surplus lines insurer shall be deemed to be a non-admitted insurer for purposes of chapter 138 of this title. (Added 2019, No. 57, § 5.)