§ 4816. Applicability of subchapter to controlling producers
(a) The provisions of this subchapter shall apply to a controlling producer if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer is greater than or equal to five percent of the admitted assets of the controlled insurer, as reported in the controlled insurer’s quarterly statement filed as of September 30 of the prior year.
(b) The provisions of this subchapter shall not apply if the controlling producer:
(1) places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer’s holding company system, or the controlled insurer’s parent, affiliate, or subsidiary and receives no compensation based upon the amount of premiums written in connection with such insurance;
(2) accepts insurance placements only from nonaffiliated subproducers, and not directly from insureds; and
(3) the controlled insurer, except for insurance business written through a residual market facility such as The Vermont Automobile Insurance Plan, accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer, or a producer that is a subsidiary of the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 131 - Licensing Requirements
§ 4793. General license requirements
§ 4796. Commissions; payment; acceptance
§ 4804. License denial; nonrenewal; or termination causes
§ 4806. Suspension, revocation, or termination of license
§ 4807. Surplus lines insurance broker
§ 4808. Representative of fraternal benefit societies
§ 4813d. Exceptions to licensing
§ 4813e. Application for examination
§ 4813f. Application for license
§ 4813h. Nonresident licensing
§ 4813i. Exemption from examination
§ 4813m. Notification to Commissioner of termination
§ 4816. Applicability of subchapter to controlling producers
§ 4819. Duties of insurers and reinsurers
§ 4821. Maintenance of books and records
§ 4823. Other requirements of managing general agents and reinsurance intermediaries