The Vermont Statutes Online

Title 8: Banking and Insurance

Chapter 131: LICENSING REQUIREMENTS

Sub-Chapter 001: Producers

8 V.S.A. § 4807. Surplus lines insurance broker



§ 4807. Surplus lines insurance broker

(a) Every surplus lines insurance broker who solicits an application for insurance of any kind, in any controversy between the insured or his or her beneficiary and the insurer issuing any policy upon such application, shall be regarded as representing the insured and his or her beneficiary and not the insurer; except any insurer which directly or through its agents delivers in this State to any surplus lines insurance broker a policy or contract for insurance pursuant to the application or request of the surplus lines insurance broker, acting for an insured other than himself or herself, shall be deemed to have authorized the surplus lines insurance broker to receive on its behalf payment of any premium which is due on the policy or contract for insurance at the time of its issuance or delivery.

(b) [Repealed.]

(c) Notwithstanding any other provision of this title, a person licensed as a surplus lines insurance broker in his or her home state shall receive a nonresident surplus lines insurance broker license pursuant to section 4800 of this chapter.

(d) Not later than July 1, 2012, the Commissioner shall participate in the national insurance producer database of the NAIC, or any other equivalent uniform national database, for the licensure of surplus lines brokers and the renewal of such licenses. (Added 1973, No. 217 (Adj. Sess.), § 17; amended 1981, No. 210 (Adj. Sess.), § 2; 2001, No. 97 (Adj. Sess.), § 14; 2009, No. 137 (Adj. Sess.), § 9a; 2011, No. 49, § 12, eff. May 26, 2011.)