§ 7001 - Definitions - Vermont Statutes

§ 7001. Definitions

As used in this chapter:

(1) "Insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. For the purpose of this chapter and section 2201 of this title, insurance premium finance company includes any insurance company, insurance agent or broker, or other lender who finances insurance premiums.

(2) "Insurance premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter.

(3) "Licensee" means an insurance premium finance company holding a license issued under section 7002 of this title.

(4) "Person" means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company or any other group of individuals however organized.

(5) "Commissioner" means the commissioner of banking, insurance, securities, and health care administration. (Added 1983, No. 77, § 1; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)