The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 142A : Risk Retention Group Managing General Agents, Reinsurance Intermediaries, and Producer Controlled Insurers

• § 6075. Hearing; penalties

  (a) If the Commissioner determines, after notice and hearing, that any person licensed under this chapter (i) has violated any provision of this chapter or rules adopted under this chapter, (ii) is not competent or trustworthy, or (iii) has engaged in any activity or has failed to do any act that if known at the time of licensing would have been grounds to refuse licensing, the Commissioner may impose one or more of the following penalties:

  (1) order the revocation, suspension, or nonrenewal of the person’s license;

  (2) order the termination, suspension, or modification of the contract between such person and the risk retention group; or

  (3) impose an administrative penalty of not less than $100.00 nor more than $1,000.00 for each violation under this chapter.

  (b) In imposing any such penalty, the Commissioner shall take into account the seriousness of the violation, whether or not it was willful, and the licensee’s past record of compliance with this chapter.

  (c) Any hearing conducted under this chapter shall be conducted in accordance with 3 V.S.A. chapter 25. (Added 1993, No. 235 (Adj. Sess.), § 9j, eff. Oct. 1, 1994; amended 2021, No. 105 (Adj. Sess.), § 246, eff. July 1, 2022.)