§ 5023a. Domestic surplus lines insurer; authorized
(a) Surplus lines insurance may be procured from a domestic surplus lines insurer if all of the following criteria are met:
(1) The board of directors of the insurer has adopted a resolution seeking certification as a domestic surplus lines insurer and the Commissioner has approved such certification.
(2) The insurer is already eligible to offer surplus lines insurance in at least one other state besides Vermont.
(3) The insurer meets the requirements of section 5026 of this title.
(4) All other requirements of this chapter are met.
(b) The requirements of 8 V.S.A. § 80 shall not apply to domestic surplus lines insurers. A domestic surplus lines insurer shall be deemed to be a non-admitted insurer for purposes of chapter 138 of this title. (Added 2019, No. 57, § 5.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 138 - Non-Admitted Insurers and Surplus Lines Insurance
§ 5021. Non-Admitted Insurance Act; short title
§ 5023. Surplus lines insurance; authorized
§ 5023a. Domestic surplus lines insurer; authorized
§ 5024. Conditions for placement of insurance
§ 5025. Exceptions concerning placement of insurance with non-admitted insurers; records
§ 5026. Solvent insurers required
§ 5027. Evidence of the insurance; changes; penalty
§ 5028. Information required on contract
§ 5029. Surplus lines insurance valid
§ 5030. Liability of surplus lines insurer for losses and unearned premiums
§ 5031. Licensing of surplus lines brokers
§ 5032. Surplus lines broker may accept business from other producers
§ 5033. Records of surplus lines broker
§ 5034. Quarterly reports; summary of exported business
§ 5036. Direct placement of insurance
§ 5037. Suspension, revocation, or refusal of surplus lines broker’s license