Vermont Statutes
Chapter 105 - Fire and Casualty Insurance
§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts

§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts
(a) In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.
(b) The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer’s prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively one insurer or a group of insurers under common management or an agent or broker whose license has been revoked by the commissioner or whose contract or account has been terminated for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the insurer monies due to the insurer after receipt of a written demand therefor.
(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents’ contracts and brokers’ accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section. (Added 1985, No. 230 (Adj. Sess.), § 1.)

Structure Vermont Statutes

Vermont Statutes

Title 8 - Banking and Insurance

Chapter 105 - Fire and Casualty Insurance

§ 3861. Discrimination and rebates prohibited

§ 3862. Minimum capital stock

§ 3864. Penalty for violation of sections 3463 and 3862

§ 3865. Mill mutual; fees

§ 3866. Returns, rate of tax, exemption

§ 3867. Proof of loss

§ 3868. When loss due and payable

§ 3869. Contracts considered made in Vermont

§ 3879. Cancellation of fire and casualty insurance

§ 3880. Notice of cancellation

§ 3881. Notice of nonrenewal

§ 3882. Renewal policies

§ 3883. Notice requirements

§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts

§ 3885. Penalties

§ 3911. Incorporators

§ 3912. Contents of declaration

§ 3913. Bylaws to be filed

§ 3914. Statement as to applications

§ 3915. Issuance of certificate of authority

§ 3916. Name, status and powers

§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation

§ 3925. Bylaws; compulsory provisions

§ 3926. Policy provisions

§ 3927. Assessment cooperative insurance corporations

§ 3929. Loss payment

§ 3930. Nonassessment cooperative insurance corporations to commence business

§ 3931. Application of provisions

§ 3932. Definitions

§ 3961. Valuation of property

§ 3962. Application to Commissioner

§ 3963. Time and place for making valuation

§ 3964. Appointment of appraisers to determine valuation

§ 3965. Appraisers’ award and expenses

§ 3966. Duration of valuation fixed

§ 3967. Effect on rate

§ 3968. Penalty for violations

§ 4001. Assessments; accumulations; limitation

§ 4002. Use of fund