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Cancellation, Nonrenewal and Renewal of Surplus Lines Contracts

Bulletin
Monday, June 3, 2013
Insurance Bulletin #176

Vermont Department of Financial Regulation

Division of Insurance

Insurance Bulletin No. 176

Cancellation, Nonrenewal and Renewal of Surplus Lines Contracts

The purpose of this bulletin is to remind surplus lines insurers and surplus lines brokers that Vermont law governing the cancellation, nonrenewal and renewal of insurance policies does apply to any surplus lines contract where the State of Vermont is the home state of the insured. Insurers and surplus lines brokers should review their procedures to ensure they conform to the law. The relevant law is Title 8 V.S.A. §§ 3879-3883, governing the termination of fire and casualty insurance and Title 8 V.S.A. §§ 4711-4715, governing the termination of commercial risk insurance.