Vermont Statutes Title 8 Sec. 5029
Terms Used In Vermont Statutes Title 8 Sec. 5029
- 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
- Surplus lines insurance: means coverage not procurable from admitted insurers. See
§ 5029. Surplus lines insurance valid
(a) Insurance contracts procured as surplus lines insurance from surplus lines insurers in accordance with this chapter shall be valid and enforceable to the same extent as insurance contracts procured from admitted insurers.
(b) The insurance trade practices provisions of sections 4723 and 4724(1)-(7) and (9)-(18) of this title, and the cancellation provisions of sections 3879-3883 (regarding fire and casualty policies) and 4711-4715 (regarding commercial risk policies) of this title shall apply to surplus lines insurers, both domestic and foreign.
(c) Other provisions of this title not specifically applicable to surplus lines insurers shall not apply. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 7; 2019, No. 57, § 10.)