The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 131 : Licensing Requirements
Subchapter 002 : Regulation of Managing General Agents, Reinsurance Intermediaries, and Producer-Controlled Insurers
(Cite as: 8 V.S.A. § 4822)-
§ 4822. Sanctions
If the Commissioner determines, after notice and hearing, that any person has violated any provision of this subchapter, the Commissioner may:
(1) for each separate violation, impose a penalty up to $25,000.00;
(2) revoke or suspend the person’s license;
(3) order the managing general agent, reinsurance intermediary, or controlling producer to reimburse the insurer or reinsurer, or the rehabilitator or liquidator of the insurer or reinsurer for any losses incurred that are caused by a violation of this subchapter; and
(4) order the controlling producer to cease placing business with the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)
