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Vermont Statutes Title 8. Banking and Insurance, § 6060. Duties of agent or brokers to obtain license

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) Purchasing groups.

(1) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this State for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association, or corporation is licensed as an insurance agent or broker in accordance with chapter 131 of this title.

(2) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this State for any member of a purchasing group under a purchasing group's policy unless such person, firm, association, or corporation is licensed as an insurance agent or broker in accordance with chapter 131 of this title.

(3) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance from an insurer not authorized to do business in this State on behalf of a purchasing group located in this State unless such person, firm, association, or corporation is licensed as a surplus lines broker or excess line broker in accordance with chapter 131 of this title.

(b) For purposes of acting as an agent or broker for a purchasing group pursuant to subsection (a) of this section, the requirement of residence in this State shall not apply.

(c) Every person, firm, association, or corporation licensed pursuant to the provisions of chapter 131 of this title, on business written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by subsection 6057(c) of this title.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 6060. Duties of agent or brokers to obtain license - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-6060/

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