§ 5029. Surplus lines insurance valid
(a) Insurance contracts procured as surplus lines insurance from surplus lines insurers in accordance with this chapter shall be valid and enforceable to the same extent as insurance contracts procured from admitted insurers.
(b) The insurance trade practices provisions of sections 4723 and 4724(1)-(7) and (9)-(18) of this title, and the cancellation provisions of sections 3879-3883 (regarding fire and casualty policies) and 4711-4715 (regarding commercial risk policies) of this title shall apply to surplus lines insurers, both domestic and foreign.
(c) Other provisions of this title not specifically applicable to surplus lines insurers shall not apply. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 7; 2019, No. 57, § 10.)
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