Vermont § 3884 Required renewals; continuation of agents’ contracts and brokers’ accounts

Vermont Statutes

§ 3884 — Required renewals; continuation of agents’ contracts and brokers’ accounts

Vermont § 3884

Title 8Title 8: Banking and Insurance

Ch. 105Chapter 105: Fire and Casualty Insurance

This text of Vermont § 3884 (Required renewals; continuation of agents’ contracts and brokers’ accounts) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 3884 (2026).

Text

(a)In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.

(b)The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer’s prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively

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(a) In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for one additional annual policy period commencing at the next annual anniversary date of the policy; except that an insurer shall have the right to cancel such policy pursuant to section 3879 and chapter 128, subchapter 3 of this title.
(b) The terminated agent or broker shall be entitled to receive commissions on account of all business continued or written pursuant to this section at the insurer’s prevailing commission rate for such line of insurance. However, this subsection shall not apply to an agent who agrees to represent exclusively one insurer or a group of insurers under common management or an agent or broker whose license has been revoked by the Commissioner or whose contract or account has been terminated for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the insurer monies due to the insurer after receipt of a written demand therefor.
(c) If, after hearing, the Commissioner finds that the financial condition of the insurer is insecure to the extent that continuation of agents’ contracts and brokers’ accounts represent a potential hazard to the policyholders in this State, or that any other condition of the insurer represents such a hazard, the Commissioner may issue an order relieving the insurer from its obligation to provide the renewal policies otherwise required by subsection (a) of this section. (Added 1985, No. 230 (Adj. Sess.), § 1.)