Vermont § 4252 - Obligations of providers and insurers

§ 4252. Obligations of providers and insurers

• (a) A provider is considered to be the agent of an insurer that issued a service contract
  reimbursement insurance policy and therefore is required to act as a fiduciary in
  regard to premiums, return of premiums, or other sums of money received. However,
  nothing in this subchapter shall be construed to make such provider subject to the
  insurance agent licensure requirements set forth in this title. (b) Providers shall keep accurate accounts, books, and records concerning transactions
  regulated under this subchapter for at least three years after the specified period
  of coverage has expired. Records required by this subchapter may be maintained solely
  in an electronic, optical, or other storage medium, provided they are capable of being
  accurately reproduced upon request. These accounts, books, and records shall include: (1) copies of each type of service contract in use; (2) the name and address of each service contract holder to the extent that the name and
  address have been furnished by the service contract holder; (3) a list of the locations where service contracts are sold; and (4) claims files that shall contain at least the dates, amounts, and description of all
  receipts, claims, and expenditures related to the service contracts. (Added 1997, No. 109 (Adj. Sess.), § 2, eff. Sept. 1, 1998; amended 2021, No. 105 (Adj. Sess.), § 176, eff. July 1, 2022.)