Vermont Statutes Title 8 Sec. 4813h
Terms Used In Vermont Statutes Title 8 Sec. 4813h
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Home state: means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer. See
- License: means a document issued by the Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See
- Limited lines insurance: means travel accident or travel baggage insurance, or any other line of insurance that the Commissioner deems necessary to recognize for the purposes of complying with subsection 4813h(d) of this subchapter, or any other line of insurance the Commissioner, by regulation, shall deem essential for the transaction of business in this State and that does not require the professional competency demanded for an insurance producer's license. See
- 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
- Uniform Application: means the current version of the NAIC Uniform Application for resident and nonresident producer licensing. See
§ 4813h. Nonresident licensing
(a) Unless denied licensure pursuant to section 4804 of this title, a nonresident person shall receive a nonresident producer license if:
(1) the person is currently licensed as a resident and in good standing in his or her home state;
(2) the person has submitted the proper request for licensure and has paid the fees required by section 4800 of this title;
(3) the person has submitted or transmitted to the Commissioner the application for licensure that the person submitted to his or her home state, or in lieu of the same, a completed Uniform Application; and
(4) the person’s home state awards nonresident producer licenses to residents of this State on the same basis.
(b) The Commissioner may verify the producer’s licensing status through the producer database maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries.
(c) A nonresident producer who moves from one state to another state or a resident producer who moves from this State to another state shall file a change of address and provide certification from the new resident state within 30 days of the change of legal residence. No fee or license application is required.
(d) Notwithstanding any other provision of this chapter, the Commissioner may allow a person licensed as a limited lines producer in his or her home state to receive a nonresident limited lines producer license, pursuant to subsection (a) of this section, granting the same scope of authority as granted under the license issued by the producer’s home state. For the purposes of this section, limited lines insurance is any authority granted by the home state that restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to subdivisions 4813g(a)(1) through (6) of this subchapter. (Added 2001, No. 97 (Adj. Sess.), § 18.)