Title 08, Title 08: Banking and Insurance

§ 5024. Conditions for placement of insurance (a) Insurance coverage, except as described in section 5025 of this chapter, shall not be placed with a surplus lines insurer unless the full amount of insurance required is not reasonably procurable from admitted insurers actually tr…

§ 5025. Exceptions concerning placement of insurance with non-admitted insurers; records The provisions of this chapter controlling the placement of insurance with non-admitted insurers shall not apply to life insurance, health insurance, annuities, or reinsurance, nor to the fol…

§ 5026. Solvent insurers required (a) Where Vermont is the home state of the insured, surplus lines brokers shall not knowingly place or continue surplus lines insurance with surplus lines insurers who are insolvent or unsound financially, and in no event shall any surplus lines …

§ 5027. Evidence of the insurance; changes; penalty (a) Where Vermont is the home state of the insured, the surplus lines broker, upon placing a domestic risk with a surplus lines insurer, shall promptly deliver to the insured the policy issued by the surplus lines insurer, or if…

§ 5028. Information required on contract Where Vermont is the home state of the insured, each surplus lines broker through whom a surplus lines insurance coverage is procured shall endorse on the outside of the policy and on any confirmation of the insurance, his or her name, add…

§ 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 insuranc…

§ 5030. Liability of surplus lines insurer for losses and unearned premiums If a surplus lines insurer has assumed a surplus lines coverage through the intervention of a licensed surplus lines broker of this State, and if the premium for that coverage has been received by that br…

§ 5031. Licensing of surplus lines brokers After written application on a form supplied by the Commissioner, any licensed producer who is deemed by the Commissioner to be trustworthy and competent may be licensed as a surplus lines broker, pursuant to the provisions of chapter 13…

§ 5032. Surplus lines broker may accept business from other producers (a) A licensed surplus lines broker may originate surplus lines business himself or herself or may accept such business from any other originating producer duly licensed as to the kind or kinds of insurance inv…

§ 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 su…

§ 5034. Quarterly reports; summary of exported business On or before the end of each month next following each calendar quarter, each surplus lines broker shall file with the Commissioner of Taxes, on forms prescribed by him or her, a verified report of all surplus lines insuranc…

§ 5035. Surplus lines tax (a) Where Vermont is the home state of the insured, gross premiums charged, less any return premiums, for surplus lines coverages placed with surplus lines insurers are subject to a premium receipts tax of three percent, which shall be collected from the…

§ 5036. Direct placement of insurance (a) Every insured and every self-insurer in this State for whom this is their home state who procures or causes to be procured or continues or renews insurance from any non-admitted insurer, covering a subject located or to be performed withi…

§ 5037. Suspension, revocation, or refusal of surplus lines broker’s license The Commissioner may suspend, revoke, or refuse to renew the license of a surplus lines broker after notice and hearing as provided under 3 V.S.A. chapter 25, upon any one or more of the following ground…

§ 5038. Actions against insurer; service of process (a) A non-admitted insurer may be sued upon any cause of action arising in this State under any surplus lines insurance contract made by it or certificate, cover note, or other confirmation of such insurance issued or delivered …

§ 5039. Penalties In addition to any other penalty provided for in this chapter or otherwise provided by law, including any suspension, revocation, or refusal to renew a license, any person, firm, association, or corporation violating any provision of this chapter shall be liable…

§ 5040. Separability of provisions If any provision of this chapter, or the application of such provision to any person or circumstances, shall be held invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to w…