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 138 : Non-Admitted Insurers and Surplus Lines Insurance
(Cite as: 8 V.S.A. § 5022)-
§ 5022. Definitions
(a) Notwithstanding subsection (b) of this section, as used in this chapter, unless the context requires otherwise, words and phrases shall have the meaning given under Title V, Subtitle B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, as amended.
(b) As used in this chapter:
(1) “Admitted insurer” means an insurer licensed to transact business in this State. For purposes of this chapter, “admitted insurer” shall not include a domestic surplus lines insurer.
(2) “Commissioner” means the Commissioner of Financial Regulation.
(3) “Domestic insurer” means any insurer that has been chartered by, incorporated, organized, or constituted within or under the laws of this State.
(4) “Domestic risk” means a subject of insurance that is resident, located, or to be performed in this State.
(5) “Domestic surplus lines insurer” means a domestic insurer with which insurance coverage may be placed under this chapter.
(6) “To export” means to place surplus lines insurance with a non-admitted insurer.
(7) “Home state” means, with respect to an insured:
(A)(i) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or
(ii) if 100 percent of the insured risk is located outside the state referred to in subdivision (A)(i) of this subsection, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated.
(B) If more than one insured from an affiliated group are named insureds on a single non-admitted insurance contract, the term “home state” means the home state, as determined pursuant to subdivision (A) of this subdivision (7), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.
(8) “NAIC” means the National Association of Insurance Commissioners.
(9) “Surplus lines broker” means an individual licensed under this chapter and chapter 131 of this title.
(10) “Surplus lines insurance” means coverage not procurable from admitted insurers.
(11) “Surplus lines insurer” means a non-admitted insurer with which insurance coverage may be placed under this chapter. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 1; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 49, § 2, eff. May 26, 2011; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2019, No. 57, § 4.)
