Vermont Statutes Title 8 Sec. 5033
Terms Used In Vermont Statutes Title 8 Sec. 5033
- Commissioner: means the Commissioner of Financial Regulation. See
- Contract: A legal written agreement that becomes binding when signed.
- Domestic risk: means a subject of insurance that is resident, located, or to be performed in this State. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Home state: means , with respect to an insured:
- Surplus lines broker: means an individual licensed under this chapter and chapter 131 of this title. 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
§ 5033. Records of surplus lines broker
(a) Where Vermont is the home state of the insured, each surplus lines broker shall keep in his or her office a full and true record of each surplus lines insurance contract covering a domestic risk placed by or through him or her with a surplus lines insurer, including a copy of the daily report, if any, and showing such of the following items as may be applicable:
(1) amount of the insurance and perils insured;
(2) brief description of property insured and its locations;
(3) gross premium charged;
(4) any return premium paid;
(5) rate of premium charged upon the several items of property;
(6) effective date of the contract and its terms;
(7) name and post office address of the insured;
(8) name and post office address of the insurer;
(9) name and post office address of brokerage house, if applicable, and name of licensed individual producer with whom business was placed;
(10) amount collected from the insured; and
(11) other information as may be required by the Commissioner.
(b) The record of each contract shall be kept open to examination by the Commissioner without notice until three years next following termination of the contract. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 10; 2001, No. 97 (Adj. Sess.), § 19; 2011, No. 49, § 8, eff. May 26, 2011.)