Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 054 - REGULATION I-2002-02 BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR RENTAL CAR INSURANCE › Section 21 020 054 - REGULATION I-2002-02 BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR RENTAL CAR INSURANCE

Current through June, 2024
VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES AND
				  HEALTH CARE ADMINISTRATION
REGULATION I-2002-02
BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR RENTAL CAR
				  INSURANCE, REVISED
Section 1 Authority
This regulation is promulgated under the authority granted to
				  the Commissioner by Title
				  8 V.S.A., §
											15,
				  4813a(6)
				  and
				  4813f(b).
Section 2 Purpose
The purpose of this regulation is to establish a business
				  entity limited lines producer license for the sale of rental car insurance and
				  to set forth requirements for the sale of rental car insurance by a rental car
				  company, its employees and representatives.
Section 3 Scope
This regulation governs the sale of rental car insurance by a
				  rental car company and its employees and representatives.
Section 4 Definitions
As used in this regulation:
A. "Rental Agreement" means any written
				master, corporate, group or individual agreement setting forth the terms and
				conditions governing the use of a rental car rented or leased by a rental car
				company.
B. "Rental Car" means any
				motor vehicle that is intended to be rented or leased for a period of 90
				consecutive days or less by a driver who is not required to possess a
				commercial driver's license to operate the motor vehicle and the motor vehicle
				is either of the following:
1. A private
				passenger motor vehicle, including a passenger van, minivan, or sports utility
				vehicle; or
2. A cargo vehicle,
				including cargo van, pickup truck, or truck with a gross vehicle weight of less
				than 26,000 pounds.
C.
				"Rental Car Agent" means any rental car company that is licensed to offer, sell
				or solicit rental car insurance pursuant to this regulation.
D. "Rental Car Company" means any person or
				entity primarily in the business of renting motor vehicles to the
				public.
E. "Rental Car Insurance"
				means insurance offered, sold or solicited in connection with and incidental to
				the rental of rental cars, whether at the rental office or by preselection of
				coverage in master, corporate, group or individual agreements that:
(i) is not transferable;
(ii) applies only to the rental car that is
				the subject of the rental agreement; and
(iii) is limited to the following kinds of
				insurance:
1. Personal accident insurance for
				renters and other rental car occupants, for accidental death or dismemberment,
				and for medical expenses resulting from an accident that occurs during the
				rental period;
2. Liability
				insurance, which must include uninsured or underinsured motorist coverage that
				provides protection to the renters and to other authorized drivers of a rental
				car during the rental period;
3.
				Personal effects insurance that provides coverage to renters and other vehicle
				occupants for the loss of, or damage to, personal effects in the rental car for
				liability arising from the operation of the rental car during the rental
				period;
4. Roadside assistance and
				emergency sickness protection insurance; and
5. Such other travel or vehicle related
				coverage that a rental car company may offer in connection with, and incidental
				to, the rental of a rental car as may be approved by the
				Commissioner.