State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-131 > 4813g
§ 4813g. License
(a) An insurance producer may receive qualification for a license and an appointment in one or more of the following lines of authority:
(1) Life: insurance coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.
(2) Accident and health or sickness: insurance coverage for sickness, bodily injury or accidental death, and may include benefits for disability income.
(3) Property: insurance coverage for the direct or consequential loss or damage to property of every kind.
(4) Casualty: insurance coverage against legal liability, including that for death, injury or disability or damage to real or personal property.
(5) Variable life and variable annuity products: insurance coverage provided under variable life insurance contracts and variable annuities.
(6) Personal lines: property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes.
(7) Any other line of insurance permitted under state laws or regulations.
(b) An insurance producer license shall remain in effect unless revoked or suspended as long as the fee set forth in section 4800 of this title is paid and education requirements for resident individual producers are met by the due date.
(c) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance (for example, including a long-term medical disability) may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
(d) In order to assist in the performance of the commissioner's duties, the commissioner may:
(1) contract with nongovernmental entities, including the National Association of Insurance Commissioners (NAIC) or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the nongovernmental entity may deem appropriate;
(2) participate, in whole or in part, with the NAIC, or any affiliates or subsidiaries the NAIC oversees, in a centralized producer license registry to effect the licensure and appointment of producers; and
(3) adopt, by rule, any uniform standards and procedures as are necessary to participate in a centralized registry. Such rules may include the central collection of all fees for license or appointments that are processed through the registry, and the establishment of uniform license and appointment renewal dates. (Added 2001, No. 97 (Adj. Sess.), § 18.)
