What Types Of Licenses Are Issued By The State Of Vermont?

The Department grants the following types of licenses. Each license granted by the Department is valid only for the line/lines of authority named on the license.

An insurance agent is any individual appointed by an insurer to solicit applications for a policy of insurance or to negotiate a policy of insurance on its behalf and, if authorized to do so by an insurer, to effectuate, issue and countersign such a policy.

An insurance broker is any individual who, for compensation, not being a licensed agent for the company in which a policy of insurance is placed, acts or aids in any manner in negotiating contracts for insurance or placing risks or effecting insurance for a party other than herself or himself.

A surplus lines insurance broker is any individual who solicits, negotiates or procures a policy of insurance in an insurance company not licensed to transact business in this state, which cannot be procured from insurers licensed to do business in this state.

A limited insurance representative is any individual or partnership who is authorized by the Commissioner to solicit or negotiate contracts for a particular line of insurance or for certain restricted activities that the Commissioner may by regulation deem essential for the transaction of business in this state and that does not require the professional competency demanded for an insurance agent's or broker's license.

A consultant is any individual resident or nonresident who, for a fee, holds himself or herself out to the public as engaged in the business of offering any advice, counsel, opinion or service with respect to the benefits, advantages or disadvantages promised under any policy of insurance that could be issued in this state.

An adjuster is any individual who investigates claims and negotiates settlement of claims arising under policies of insurance on the behalf of insurers under such policies, or who advertises or solicits business from insurers as an adjuster. (This does not include lawyers settling claims, employees of a domestic fire or casualty insurance company, or licensed representatives of a foreign company.)

A public adjuster is any individual who investigates claims and negotiates settlement of claims arising under policies of insurance on the behalf of the insured under such policies, or who advertises or solicits business as such adjuster. (This does not include lawyers settling claims.)

An appraiser is any individual who, for compensation, appraises the loss or damage under policies of automobile insurance on the behalf of the insurers under such policies. (A license as an appraiser will not be required of an official or employee of a domestic fire or casualty insurance company, licensed representative of a foreign company or auto repair facility.)

A managing general agent is any individual who manages all or part of the insurance business of an insurer and acts as an agent for such insurer, and who, either separately or together with affiliates, produces directly or indirectly and underwrites an amount of gross written premium greater than or equal to five percent of the policyholder surplus of the insurer in any one quarter or year; and adjusts or pays claims in excess of $10,000; or negotiates reinsurance on behalf of such insurer.

A reinsurance intermediary broker is any individual, other than an officer or employee of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer.

A reinsurance intermediarymanager is any individual who has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediarymanager, manager or other similar term.

A viatical settlement broker is any individual or his or her agent who, for a fee, commission or other valuable consideration, offers or advertises the availability of viatical settlements, introduces viators to viatical settlement providers, or offers or attempts to negotiate viatical settlements between a viator and one or more viatical settlement providers. (Viatical settlement broker does not include an attorney, accountant or financial planner retained to represent the viator whose compensation is not paid by the viatical settlement provider.)

Other Vermont Insurance FAQs

Q: Where Can I Obtain Insurance Licensing Information?
A: You may obtain licensing information from the Insurance Division of the Vermont Department of Banking, Insurance, Securities & Health Care Administration. Address: … More
Q: What Are The Licensing Application Procedures In Vermont?
A: Prepare for your examination using outlines and study materials Register for your examination with Experior Assessments by mail, fax, telephone, or online Schedule … More
Q: Are All Applicants Required To Take A Prelicensing Examination?
A: Each applicant for licensing as an agent, adjuster, appraiser, public adjuster or consultant must pass an examination before becoming licensed by the Department. … More
Q: How Do I Register For And Schedule The Examination?
A: The Vermont Insurance Division has contracted with Experior Assessments LLC to conduct its examination program. Experior provides computerized examinations through a … More
Q: What Are The Licensing Fees?
A: Please see Vermont Agent License Section Fee Chart. Note: In addition to the license fee, there is a standard application fee of $30.00. Please be sure to remit both.
Q: What Is The Procedure For Applying For My License After Passing The Examination?
A: All agent applicants are required to be sponsored by an insurer. You must complete the Department Uniform Application and submit it to your sponsoring company. The … More
Q: Are There Any Additional Licensing Requirements?
A: The Licensing and Exam Procedures bulletin outlines some additional licensing requirements including the following: Variable Annuity Agents must pass the Life … More
Q: What Are The Licensing Requirements For Nonresidents?
A: Nonresidents who wish to be licensed as agents, consultants, brokers, adjusters or appraisers in Vermont must apply to the Department of Banking, Insurance, Securities … More
Q: What Are The Licensing Requirements For New Vermont Residents?
A: New residents who have held a like license in their former home state within 24 months prior to application will need to take only the Laws and Regulations … More
Q: Do The Licenses Ever Need To Be Renewed?
A: Agent licenses are effective from April 1 (or date of issuance) to March 31 of each oddnumbered year. All licenses then expire. Agent licenses are renewed by each … More