Vermont § 4817 - Licensure

§ 4817. Licensure

• (a) No person shall act in the capacity of a managing general agent with respect to risks
  located in this State for an insurer licensed in this State unless such person is
  licensed as a managing general agent in this State and is a licensed producer in this
  State as defined in this subchapter. (b) No person shall act in the capacity of a managing general agent representing an insurer
  domiciled in this State with respect to risks located outside this State unless such
  person is a licensed producer in this State (such license may be a nonresident license)
  pursuant to this chapter. (c) The Commissioner may require a bond in an amount acceptable to him or her for the
  protection of the insurer or reinsurer. (d) The Commissioner may require a managing general agent or reinsurance intermediary
  to maintain an errors and omissions policy. (e) No person shall act as a reinsurance intermediary-broker in this State unless such
  reinsurance intermediary-broker is licensed as a resident or nonresident reinsurance
  intermediary and as an insurance broker in this State as defined in this chapter. (f) No person shall act as a reinsurance intermediary-manager: (1) for a reinsurer domiciled in this State, unless such reinsurance intermediary-manager
  is a producer in this State; (2) in this State, if the reinsurance intermediary-manager maintains an office either
  directly or as a member or employee of a firm or association, or an officer, director,
  or employee of a corporation in this State, unless such reinsurance intermediary-manager
  is a producer in this State; and (3) in another state for a nondomestic insurer on any Vermont business, unless such reinsurance
  intermediary-manager is a licensed producer in this State or another state having
  a law substantially similar to this law or such person is licensed in this State as
  a nonresident reinsurance intermediary. (g) The Commissioner shall issue a reinsurance intermediary license to any person who
  has complied with the requirements of this subchapter unless the applicant, anyone
  named on the application, or any member, principal, officer, or director of the applicant,
  is not trustworthy, or that any controlling person of such applicant is not trustworthy
  to act as a reinsurance intermediary, or that any of the foregoing persons has given
  cause for revocation or suspension of such license, or has failed to comply with any
  prerequisite for the issuance of such license. (h) If the applicant for a reinsurance intermediary license is a nonresident, such applicant,
  as a condition precedent to receiving or holding a license, shall designate the Secretary
  of State as agent for service of process in the manner, and with the same legal effect,
  provided for by section 3370 of this title for designation of service of process upon unauthorized insurers; and also shall
  furnish the Secretary of State with the name and address of a resident of this State
  upon whom notices or orders of the Commissioner or process affecting such nonresident
  reinsurance intermediary may be served. Such licensee shall promptly notify the Secretary
  of State in writing of every change in its designated agent for service of process,
  and such change shall not become effective until acknowledged by the Secretary of
  State. (i) Licensed attorneys at law of this State when acting in their professional capacity
  as such shall be exempt from this section. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)