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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
131
:
LICENSING REQUIREMENTS
Subchapter
001A
:
PRODUCER LICENSING REQUIREMENTS
§
4813f. Application for license
(a) An
individual applying for a resident insurance producer license shall make
application to the Commissioner on the Uniform Application, and declare under
penalty of refusal, suspension, or revocation of the license that the
statements made in the application are true, correct, and complete to the best
of the individual's knowledge and belief. Before approving the application, the
Commissioner shall find that the individual:
(1) is at least
18 years of age;
(2) has not
committed any act that is a ground for denial, suspension, or revocation set
forth in section 4804 of this title;
(3) is
competent, trustworthy, financially responsible, and of good personal and
business reputation;
(4) has paid the
fees set forth in section 4800 of this title; and
(5) has
successfully passed the examinations for the lines of authority for which the
person has applied.
(b) As soon as
practicable, but no later than April 1, 2003, the Commissioner shall permit a
business entity to be licensed as an insurance producer. Application shall be
made using the Uniform Business Entity Application. Except as permitted by
regulation, licensure of a business entity shall not relieve any natural person
who sells, solicits, or negotiates insurance of the requirement to be licensed
under this chapter. Before approving the application, the Commissioner shall
find that:
(1) The business
entity has paid the fees set forth in section 4800 of this title.
(2) The business
entity has designated a licensed producer who is a natural person responsible
for the business entity's compliance with the insurance laws, rules, and
regulations of this State.
(c) The
Commissioner may require any documents reasonably necessary to verify the
information contained in an application. (Added 2001, No. 97 (Adj. Sess.), §
18.)