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Charge fee in addition to or in lieu of collecting commissions?
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Specific Disclosures or written agreements required to charge fees to a client?
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Admin fees for insurance placement?
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Charges for services unrelated to the placement of insurance?
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Additional licensing required?
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Insurance producers may charge fees for procuring, servicing or providing advice in connection with insurance placements. Vt. Stat. Ann. tit. 8, § 4802; Vt. Stat. Ann. tit. 8, § 4724 (14).
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Yes. An agent or broker must enter into a prior written agreement with a client in order to charge a fee to be paid by the client. Vt. Stat. Ann. tit. 8, § 4724 (14).In addition, licensed insurance consultants may charge fees for consulting services provided there is a prior written agreement on a form approved by the commissioner, signed by the client, that outlines the services provided and the fee charged. Vt. Stat. Ann. tit. 8, § 4802.
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Yes |
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No. Although the law generally requires consultant’s to be licensed, licensed agents and brokers may not hold consultant's licenses. Vt. Stat. Ann. tit. 8, § 4791, Vt. Stat. Ann. tit. 8, § 4802.
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