Vermont Statutes Title 8 Sec. 4813c
Terms Used In Vermont Statutes Title 8 Sec. 4813c
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
- Insurer: means any person engaged in the business of insurance in this State. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Limited lines producer: means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter. See
- Person: means an individual or a business entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4813c. Duties
(a) A person not duly licensed as an insurance producer or limited lines producer who sells, solicits, or negotiates insurance policies on behalf of an insurer shall be deemed a producer acting as the agent of such insurer within the intent of this subchapter, and shall be liable for all the duties, requirements, liabilities, and penalties to which an insurance producer or limited lines producer is subject, and the insurer, by compensating the person through any of its officers, agents, or employees for soliciting policies of insurance, shall accept and acknowledge that person as its agent in such a transaction.
(b) A person not licensed as an insurance producer or limited lines producer who sells, solicits, or negotiates insurance on behalf of others or transmits for others an application for a policy of insurance to or from an insurer, or offers or assumes to act in the negotiations of insurance, shall be a producer within the intent of this subchapter, and shall be liable for all the duties, requirements, liabilities, and penalties to which licensed insurance producers or limited lines producers are subject.
(c) Every insurance producer or limited lines producer acting as an agent of an insurer who sells, solicits, or negotiates insurance of any kind shall, in any controversy between the insured or his or her beneficiary and the insurer, be regarded as representing the insurer and not the insured or his or her beneficiary for whose acts the insurer will be responsible.
(d) Every insurance producer or limited lines producer, not acting as the agent of an insurer, who sells, solicits, or negotiates insurance of any kind shall, in any controversy between the insured and his or her beneficiary and the insurer issuing any policy of insurance, be regarded as representing the insured or his or her beneficiary and not the insurer, except any insurer that directly or through its agents delivers in this State to any producer a policy or contract for insurance pursuant to the application or request of the producer, acting for an insured other than himself or herself, shall be deemed to have authorized the producer to receive on its behalf payment of any premium that is due on the policy, or contract for insurance at the time of its issuance or delivery. (Added 2001, No. 97 (Adj. Sess.), § 18.)