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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

131

:
LICENSING REQUIREMENTS






Subchapter

001
:
PRODUCERS










 

§

4800a. Continuing education

(a) An applicant

for an insurance producer license renewal shall demonstrate satisfactory

completion of 24 hours of continuing education during the preceding two years.

(b) The

Commissioner shall adopt such rules as are needed to carry out the purposes of

this section. Such rules shall include:

(1) a process

for the formation and operation of an advisory council of insurance

professionals and consumers to advise the Commissioner on matters relating to

continuing education;

(2) a process

for the approval of courses;

(3) a process

for the approval of course providers;

(4) standards

for courses; and

(5) procedures

for documenting satisfactory completion of courses.

(c) For good

cause shown, the Commissioner may extend for no longer than six months the

period of time for completion of the educational requirements of this section.

(d) This section

shall not apply to a nonresident insurance producer who resides in a state or

district that has a continuing education requirement and who has satisfied such

requirement, and submits adequate documentation of continuing education

completion to the Commissioner.

(e) The license

of an applicant who has failed to satisfy the continuing education requirements

of this section, and who has not been granted an extension of time as set forth

in subsection (c) of this section, shall not be renewed.

(f) The

Commissioner shall suspend the license of any applicant who, after receiving an

extension of time as set forth in subsection (c) of this section, has not

satisfactorily completed the continuing education requirement.

(g) The

Commissioner may contract with an outside vendor to administer continuing

education requirements, including approval of courses and course providers;

collection and maintenance of insurance producer record-keeping; and compliance

monitoring. The costs of an outside vendor shall be borne by applicants for

insurance producer license renewal and by course providers through fees imposed

by the outside vendor. All fees charged by the outside vendor will be subject

to the prior approval of the Commissioner and may be payable to the outside

vendor, notwithstanding 32 V.S.A. § 502(a).

(h) Deleted.]  (Added 1999, No. 87 (Adj. Sess.), § 3;

amended 2001, No. 97 (Adj. Sess.), §§ 9, 20.)