The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 113 : Liability Insurance and Service Contract Companies

Subchapter 004 : SERVICE CONTRACT COMPANIES

• § 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.)