reglab/housing_qa huggingface dataset:
8 V.S.A. § 4813l
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4813l. Appointments

§ 4813l. Appointments|(a) An insurance producer or limited lines producer shall not act as an agent of an insurer unless the producer becomes an appointed agent of that insurer. A producer who is not acting as an agent of an insurer is not required to become appointed.(b) An appointment shall be made by an insurer designating an insurance producer or limited lines producer as an agent of the insurer for the lines of insurance the producer will be authorized to sell, solicit, or negotiate for the insurer.(c) As set forth in section 4813g of this subchapter, an insurer shall make a separate appointment for each line of insurance for which an insurance producer or limited lines producer will be acting as an agent of the insurer.(d) To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the Commissioner, a notice of appointment within 15 days from the date the agency contract is executed or the first insurance application is submitted, whichever is sooner.(e) An insurer shall pay an appointment fee, in the amount and method of payment set forth in section 4800 of this title, for each insurance producer appointed by the insurer and for each line of insurance in which a producer is qualified.(f) An insurer shall remit, in a manner prescribed by the Commissioner, a renewal appointment fee in the amount set forth in section 4800 of this title.(g) As soon as practicable, the Commissioner shall permit an insurer to appoint a producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request. (Added 2001, No. 97 (Adj. Sess.), § 18.)
8 V.S.A. § 4813n
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4813n. Reciprocity

§ 4813n. Reciprocity|(a) The Commissioner shall waive any requirements for a nonresident license applicant with a valid license from his or her home state, except the requirements imposed by section 4813g of this chapter, if the applicant's home state awards nonresident licenses to residents of this State on the same basis.(b) A nonresident producer's satisfaction of his or her home state's continuing education requirements for licensed insurance producers shall constitute satisfaction of this State's continuing education requirements if the nonresident producer's home state recognizes the satisfaction of its continuing education requirements imposed upon producers from this State on the same basis. (Added 2001, No. 97 (Adj. Sess.), § 18.)
8 V.S.A. § 4813o
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4813o. Reporting of actions

§ 4813o. Reporting of actions|(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within 30 days of the final disposition of the matter. This report shall include a copy of the order, consent to order or other relevant legal documents.(b) Within 30 days of the initial pretrial hearing date, a producer shall report to the Commissioner any criminal prosecution of the producer taken in any jurisdiction. The report shall include a copy of the initial complaint filed, the order resulting from the hearing and any other relevant legal documents. (Added 2001, No. 97 (Adj. Sess.), § 18.)
8 V.S.A. § 4816
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4816. Applicability of subchapter to controlling producers

§ 4816. Applicability of subchapter to controlling producers|(a) The provisions of this subchapter shall apply to a controlling producer if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer is greater than or equal to five percent of the admitted assets of the controlled insurer, as reported in the controlled insurer's quarterly statement filed as of September 30 of the prior year.(b) The provisions of this subchapter shall not apply if the controlling producer:  (1) places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer's holding company system, or the controlled insurer's parent, affiliate, or subsidiary and receives no compensation based upon the amount of premiums written in connection with such insurance; (2) accepts insurance placements only from nonaffiliated subproducers, and not directly from insureds; and (3) the controlled insurer, except for insurance business written through a residual market facility such as The Vermont Automobile Insurance Plan, accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer, or a producer that is a subsidiary of the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
8 V.S.A. § 4820
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4820. Examination authority

§ 4820. Examination authority|(a) The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.(b) A reinsurance intermediary shall be subject to examination by the Commissioner. The Commissioner shall have reasonable access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the Commissioner.(c) A reinsurance intermediary-manager may be examined as if it were the reinsurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
8 V.S.A. § 4821
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4821. Maintenance of books and records

§ 4821. Maintenance of books and records|(a) General requirement. All claim files will be the joint property of the insurer or reinsurer and the contracting party. However, upon an order of liquidation of the insurer or reinsurer, such files shall become the sole property of the insurer, reinsurer, or its estate; both parties shall have reasonable access to and the right to copy the files on a timely basis.(b) Managing general agents. Managing general agents shall maintain separate records of business written. The insurer shall have access and right to copy all accounts and records related to its business in a form usable by the insurer and the Commissioner shall have access to all books, bank accounts, and records of the managing general agent in a form usable to the Commissioner. Such records shall be retained according to section 3568 of this title.(c) Reinsurance intermediary-brokers and managers. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker or manager, the reinsurance intermediary will keep a complete record for each transaction showing:  (1) the type of contract, limits, underwriting restrictions, classes, or risks and territory; (2) period of coverage, including effective and expiration dates, cancellation provisions, notice required of cancellation, and, in the case of reinsurance intermediary-managers, the disposition of outstanding reserves on covered risks; (3) reporting and settlement requirements of balances; (4) rate used to compute the reinsurance premium; (5) names and addresses of assuming reinsurers; (6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary; (7) related correspondence and memoranda; (8) proof of placement; (9) details regarding retrocessions handled by the reinsurance intermediary, including the identity of retrocessionaires and percentage of each contract assumed or ceded; (10) financial records, including premium and loss accounts; (11) when the reinsurance intermediary procures or places a reinsurance contract on behalf of a licensed ceding insurer:  (A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative; and  (12) the insurer will have reasonable access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary related to its business in a form usable by the insurer.   (d) Broker controlled property casualty companies. The controlling broker shall maintain separately identifiable records of business written for the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
8 V.S.A. § 4822
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4822. Sanctions

§ 4822. Sanctions|If the Commissioner determines, after notice and hearing, that any person has violated any provision of this subchapter, the Commissioner may:  (1) for each separate violation, impose a penalty up to $25,000.00; (2) revoke or suspend the person's license; (3) order the managing general agent, reinsurance intermediary, or controlling producer to reimburse the insurer or reinsurer, or the rehabilitator or liquidator of the insurer or reinsurer for any losses incurred which are caused by a violation of this subchapter; and (4) order the controlling producer to cease placing business with the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
8 V.S.A. § 4823
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4823. Other requirements of managing general agents and reinsurance intermediaries

§ 4823. Other requirements of managing general agents and reinsurance intermediaries|(a) Managing general agents and reinsurance intermediaries shall not:  (1) commit the insurer or reinsurer to participate in insurance or reinsurance syndicates; (2) appoint any producer without assuring that the producer is lawfully licensed to transact the type of insurance for which he or she is appointed; (3) pay or commit the insurer to pay a claim, net of reinsurance or retrocessions, that exceeds one percent of the insurer's or reinsurer's policyholders' surplus as of December 31 of the last completed calendar year without prior approval of the insurer or reinsurer; (4) collect any payment from a reinsurer or retrocessionaire or commit the insurer or reinsurer to any claim settlement with a reinsurer or retrocessionaire without prior approval of the insurer or reinsurer. If prior approval is given, a report must be promptly forwarded to the insurer or reinsurer; (5) permit its subproducer to serve on the insurer's board of directors; (6) jointly employ an individual who is employed with the insurer or reinsurer unless such reinsurance intermediary-manager is under common control with the reinsurer subject to subchapter 13 of chapter 101 of this title; (7) appoint a sub-managing general agent or sub-reinsurance intermediary-manager; or (8) pay interim profits until one year after the end of each underwriting period for property business and five years after the end of each underwriting period for casualty business, or a later period set by the Commissioner for specified lines of insurance, and not until the adequacy of reserves on remaining claims has been verified pursuant to subdivision 4819(a)(2) or 4819(c)(3) of this title, if the managing general agent or reinsurance intermediary set reserves.   (b) The reinsurance intermediary shall:  (1) disclose in writing to the insurer any relationship with the ceding or assuming insurer and the rates, terms, and purposes of commissions, charges, and other fees which the reinsurance intermediary-manager may levy against the reinsurer; and (2) provide the reinsurer with a statement of its financial condition.   (c) The acts of the reinsurance intermediary-manager shall be deemed to be the acts of the reinsurer on whose behalf it is acting within the scope of its actual or apparent authority. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
8 V.S.A. § 4826
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 131 - Licensing Requirements|§ 4826. Uniform interstate licensing

§ 4826. Uniform interstate licensing|Notwithstanding the provisions of subchapters 1 and 2 of this chapter or of chapter 142A of this title, the Commissioner may enter into reciprocal, cooperative, coordinating, and information sharing agreements with any other insurance producer licensing agency of any other jurisdiction in order to promote uniformity and efficiency of producer licensing among jurisdictions. Such agreements may be used to resolve conflicts arising from inconsistent licensing requirements of the laws of this State with the laws and regulations of any other jurisdiction. The Commissioner may approve a uniform producer license application or renewal form with tax or child support certification provisions which vary in form but not legal effect from those provided in 15 V.S.A. § 795 or 32 V.S.A. § 3113. The provisions of this subchapter shall apply to licenses granted under the provisions of chapters 131 and 142A of this title. (Added 1999, No. 38, § 2, eff. May 20, 1999.)
8 V.S.A. § 4831
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4831. Definitions

§ 4831. Definitions|As used in this chapter, unless the context clearly requires otherwise:  (1) "Attorney" means the attorney-in-fact of a reciprocal insurer. (2) "Reciprocal" insurance is that resulting from an interchange among persons, known as subscribers, of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons. (3) "Subscribers" are persons who enter into reciprocal insurance agreements under this chapter. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4832
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4832. Scope of chapter; existing insurers

§ 4832. Scope of chapter; existing insurers|(a) All authorized reciprocal insurers shall be governed by those provisions of this chapter not expressly made applicable to domestic reciprocal insurers.(b) Existing authorized reciprocal insurers shall after March 31, 1971 comply with this chapter, and shall make such amendments to their subscribers' agreement, power of attorney, policies, and other documents and accounts and perform such other acts as may be required for such compliance. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4833
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4833. Insuring powers of reciprocals

§ 4833. Insuring powers of reciprocals|(a) A reciprocal insurer may, upon qualifying therefor as provided for by this title, transact any kind or kinds of insurance defined by this title, other than life or title insurances.(b) Such an insurer may purchase reinsurance upon the risk of any subscriber or subscribers, and may assume or cede reinsurance as to any kind of insurance it is authorized to transact direct. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 1, eff. June 26, 1997.)
8 V.S.A. § 4834
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4834. Name; suits

§ 4834. Name; suits|A reciprocal insurer shall:  (1) Have and use a business name. The name shall include the word "reciprocal," or "interinsurer," or "interinsurance," or "exchange," or "underwriters," or "underwriting," or "association." (2) Sue and be sued in its own name. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 2, eff. June 26, 1997.)
8 V.S.A. § 4835
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4835. Attorney

§ 4835. Attorney|(a) The attorney of a foreign reciprocal insurer, which is duly authorized to transact insurance in this State, shall not, by virtue of discharge of its duties as such attorney with respect to the insurer's transactions in this State, be deemed to be doing business in this State within the meaning of any laws of this State applying to foreign persons, firms, or corporations.(b) The subscribers and the attorney-in-fact comprise a reciprocal insurer and a single entity as to all operations under the insurer's certificate of authority. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4836
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4836. Organization of reciprocal insurer

§ 4836. Organization of reciprocal insurer|(a) Two or more persons may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance.(b) The proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner when applying for a certificate of authority, a declaration setting forth:  (1) The name of the insurer; (2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this State; (3) The kinds of insurance proposed to be transacted; (4) The names and addresses of the original subscribers; (5) The designation and appointment of the proposed attorney and a copy of the power of attorney; (6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm or a limited liability company; (7) The powers of the subscribers' advisory committee; and the names and terms of office of the members thereof; (8) That all monies paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers' agreement; (9) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six months at an adequate rate theretofore filed with and approved by the Commissioner; (10) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by this title is on hand; and (11) A copy of each policy, endorsement, and application form it then proposes to issue or use.   (c) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 3, eff. June 26, 1997; 2003, No. 55, § 1.)
8 V.S.A. § 4837
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4837. Certificate of authority

§ 4837. Certificate of authority|(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.(b) The Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provisions of this title. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4838
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4838. Power of attorney

§ 4838. Power of attorney|(a) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. A valid power of attorney shall be in writing, executed by the subscriber, and duly executed by the attorney-in-fact.(b) The power of attorney must set forth:  (1) the powers of the attorney; (2) the general services to be performed by the attorney; (3) the maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer; and (4) except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount.   (c) The power of attorney may:  (1) provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder; (2) impose such restrictions upon the exercise of the power as are agreed upon by the subscribers; (3) provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and (4) contain other lawful provisions deemed advisable.   (d) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this State until approved by the Commissioner. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2009, No. 137 (Adj. Sess.), § 16, eff. May 29, 2010; 2013, No. 29, § 45, eff. May 13, 2013.)
8 V.S.A. § 4839
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4839. Modifications

§ 4839. Modifications|Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No such modification shall be effective retroactively, nor as to any insurance contract issued prior thereto. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
8 V.S.A. § 4840
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4840. Attorney's bond

§ 4840. Attorney's bond|(a) Concurrently with the filing of the declaration provided for in section 4836 of this title, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this State for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond which shall be executed by the attorney and by an authorized corporate surety, and which shall be in the form as set forth in subsection (b) of this section. The bond shall be executed subject to the Commissioner's approval.(b) The bond shall be in the penal sum of $250,000.00 aggregate in form, conditioned that the attorney will faithfully account for all monies and other property of the insurer coming into his or her hands, and that he or she will not withdraw or appropriate to his or her own use from the funds of the insurer, any monies or property to which he or she is not entitled under the power of attorney.(c) The bond shall provide that it is not subject to cancellation unless 30 days' notice in writing of cancellation is given both the attorney and the Commissioner.(d) The Commissioner may waive or reduce the requirements of this section for an attorney that is under common ownership or control with a reciprocal insurer. The Commissioner may reduce by 50 percent the bond amount required by this section for an attorney that is not under common ownership or control with a reciprocal insurer if the Commissioner finds sufficient evidence of financial responsibility, notwithstanding the reduction of the bond amount. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 4, eff. June 26, 1997; 2003, No. 55, § 2; 2007, No. 178 (Adj. Sess.), § 9.)
8 V.S.A. § 4841
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 132 - Reciprocal Insurers|§ 4841. Deposit in lieu of bond

§ 4841. Deposit in lieu of bond|In lieu of the bond required under section 4840 of this title, the attorney may maintain on deposit in the office of the Commissioner, subject to the same conditions as the bond, a like amount in:  (1) cash; (2) securities qualified as insurer investments; or (3) a letter of credit issued for the benefit of and acceptable to the Commissioner. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 5, eff. June 26, 1997; 2003, No. 55, § 3.)