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. § 5037)-
§ 5037. Suspension, revocation, or refusal of surplus lines broker’s license
The Commissioner may suspend, revoke, or refuse to renew the license of a surplus lines broker after notice and hearing as provided under 3 V.S.A. chapter 25, upon any one or more of the following grounds:
(1) failure to make accounts and records relating to domestic risks from this State available to the Commissioner during the period when such accounts and records are required to be maintained under section 5033 of this title;
(2) closing of the surplus lines broker’s office for a period of more than 30 consecutive days, unless permission is granted by the Commissioner;
(3) failure to make and file required quarterly reports;
(4) failure to transmit required tax on surplus lines premiums;
(5) suspension, revocation, or refusal to renew any other license issued by the Commissioner;
(6) lack of qualifications as for an original surplus lines broker’s license;
(7) material violation of any provision of this chapter; or
(8) for any other cause for which a license could be denied, revoked, suspended, or renewal refused under section 4804 of this title. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 12; 2001, No. 97 (Adj. Sess.), § 19; 2011, No. 49, § 11, eff. May 26, 2011.)
