Vermont Statutes Title 8 Sec. 4813l
Terms Used In Vermont Statutes Title 8 Sec. 4813l
- 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
- 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
- Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See
- Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See
- Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See
§ 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.)