Vermont § 6072 - Licensure

§ 6072. Licensure

• (a) A person shall not act in the capacity of managing general agent as defined in subdivision 6071(1)(A) of this title for a risk retention group unless such person is licensed under the provisions of
  this chapter. A person shall not act in the capacity of managing general agent as
  defined in subdivision 6071(1)(B) of this title for a risk retention group unless within 90 days of the end of the risk retention
  group’s fiscal year in which such person became a managing general agent, such person
  becomes licensed under the provisions of this chapter. An officer, director, or employee
  of a person licensed or exempt from licensure under this chapter shall not be required
  to be licensed. The Commissioner may exempt any other person upon a finding that the
  activities to be performed by such person on behalf of a risk retention group are
  not of the nature or magnitude requiring the protection of this chapter. A person
  shall not be required to obtain more than one license under this chapter in order
  to serve as managing general agent for more than one risk retention group. (b) No risk retention group shall employ the services of a reinsurance intermediary to
  solicit, negotiate, or place reinsurance on its behalf, unless such person is licensed
  as a reinsurance intermediary under the provisions of chapter 131 of this title or
  under the provisions of another state’s law governing reinsurance intermediaries or
  is licensed as a managing general agent under this chapter and is acting as such for
  the risk retention group. (c) Application for a license under this section shall be made on a form prescribed by
  the Commissioner and accompanied by a $30.00 fee plus the initial 12 months’ licensing
  fee of $150.00. (d) The Commissioner shall issue a license to any person who has complied with the requirements
  of this chapter, unless the Commissioner determines that the applicant; anyone named
  in the application; or any member, principal, officer, or director of the applicant
  is not competent or trustworthy or that any controlling person of such applicant is
  not competent or trustworthy to act as a managing general agent or that any of the
  foregoing persons have given cause for revocation or suspension of such license or
  have failed to comply with any prerequisite for the issuance of such license. (e) If the applicant for a license is a nonresident that has not duly registered to do
  business in this State, 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 shall also 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 licensee
  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. (f) A license issued under this chapter shall continue in force not longer than 12 months
  but shall expire as of 12:01 a.m. on the first day of April of the year next following
  date of issuance unless the licensee previously filed with the Commissioner, on forms
  prescribed and furnished by the Commissioner, a request for renewal of such license
  for an ensuing 12-month period. Such request must be accompanied by payment of a renewal
  fee equal to the initial licensing fee for such license. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994; amended 2021, No. 105 (Adj. Sess.), § 245, eff. July 1, 2022.)