2005 Vermont Code - § 5025. — Exceptions concerning placement of insurance with nonadmitted insurers; records

§ 5025. Exceptions concerning placement of insurance with nonadmitted insurers; records

The provisions of this chapter controlling the placement of insurance with nonadmitted insurers shall not apply to life insurance, health insurance, annuities or reinsurance, nor to the following insurance when so placed by any licensed producer in this state:

(1) insurance on subjects located, resident, or to be performed wholly outside this state;

(2) insurance on the property or operations of aircraft or railroads engaged in transportation in interstate and foreign commerce; or

(3) insurance of vessels, crafts or hulls, cargoes, marine builder's risks, marine protection and indemnity or other risks including strikes and war risks commonly insured under ocean or wet marine forms of policy. (Added 1979, No. 50, § 2; amended 2001, No. 97 (Adj. Sess.), § 19.)