2005 Vermont Code - § 5022. — Definitions

§ 5022. Definitions

For the purposes of this chapter:

(1) "Surplus lines insurance" means coverage not procurable from admitted insurers.

(2) "Surplus lines broker" means an individual licensed pursuant to this chapter and chapter 131 of this title.

(3) "Surplus lines insurer" means a non-admitted insurer with which insurance coverage may be placed under this chapter.

(4) "Domestic risk" means a subject of insurance which is resident, located or to be performed in this state.

(5) "To export" means to place surplus lines insurance with a non-admitted insurer.

(6) "Commissioner" means the commissioner of banking, insurance, securities, and health care administration.

(7) "Admitted insurer" means an insurer possessing a certificate of authority to transact business in this state issued by the commissioner pursuant to section 3361 of this title. (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).)