Are There Any Additional Licensing Requirements?

The Licensing and Exam Procedures bulletin outlines some additional licensing requirements including the following:

Variable Annuity Agents must pass the Life Insurance examination and must submit evidence of passing the National Association of Security Dealers examination: Series 6, 63 or 7.

Adjusters and Appraisers must have at least two years of experience in or special training handling loss claims, or, in the case of appraisers, in insurance loss appraising. In lieu of such experience or training, applicants must be employed by or under the personal supervision of a licensed adjuster, public adjuster or appraiser in Vermont. The supervising adjuster must have at least three years' experience. A statement from the supervising adjuster must be submitted with the Department Uniform Application.

Consultants may not continue to hold a broker or agent license once licensed as a consultant. Prior to licensure, a consultant must provide the Commissioner with a $5,000 bond with an authorized corporate surety approved by the Commissioner. Prior to rendering any service, a consultant must submit for the Commissioner's approval the written agreement intended for use.

Resident Broker requirements: Each applicant for an insurance broker license must have two or more years experience as an insurance agent or comparable employment with an insurance company, agency or brokerage firm during the three years immediately preceding the date of application or such experience as the Commissioner may deem comparable. (Qualification by comparable experience must include successfully completing an examination for the applicable lines to be licensed.) The affidavit of employment experience must be completed by the employer or insurer of the applicant prior to submitting it to the Department. The applicant must also file with the Department, and keep in effect, a bond in the penal sum of not less than $5,000, before a license is issued.

Surplus Lines Broker requirements: The applicant must be licensed in Vermont as insurance broker qualified for the line or lines to be written. Each applicant for a Surplus Lines broker license must have two or more years of experience as an insurance agent or comparable employment with an insurance company, agency or brokerage firm during the three years immediately preceding the date of application or such experience as the Commissioner may deem comparable. (Qualification by comparable experience must include successfully completing an examination for the applicable lines to be licensed.) The affidavit of employment experience must be completed by the employer or insurer of the applicant prior to submitting it to the Department. The applicant must also file with the Department, and keep in effect, a bond in the penal sum of not less than $20,000, before a license is issued.

Speak to an Experienced Insurance Attorney Today

This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.

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