§ 4800a. Continuing education
(a) An applicant for an insurance producer license renewal shall demonstrate satisfactory completion of 24 hours of continuing education during the preceding two years.
(b) The Commissioner shall adopt such rules as are needed to carry out the purposes of this section. Such rules shall include:
(1) a process for the formation and operation of an advisory council of insurance professionals and consumers to advise the Commissioner on matters relating to continuing education;
(2) a process for the approval of courses;
(3) a process for the approval of course providers;
(4) standards for courses; and
(5) procedures for documenting satisfactory completion of courses.
(c) For good cause shown, the Commissioner may extend for no longer than six months the period of time for completion of the educational requirements of this section.
(d) This section shall not apply to a nonresident insurance producer who resides in a state or district that has a continuing education requirement and who has satisfied such requirement, and submits adequate documentation of continuing education completion to the Commissioner.
(e) The license of an applicant who has failed to satisfy the continuing education requirements of this section, and who has not been granted an extension of time as set forth in subsection (c) of this section, shall not be renewed.
(f) The Commissioner shall suspend the license of any applicant who, after receiving an extension of time as set forth in subsection (c) of this section, has not satisfactorily completed the continuing education requirement.
(g) The Commissioner may contract with an outside vendor to administer continuing education requirements, including approval of courses and course providers; collection and maintenance of insurance producer record-keeping; and compliance monitoring. The costs of an outside vendor shall be borne by applicants for insurance producer license renewal and by course providers through fees imposed by the outside vendor. All fees charged by the outside vendor will be subject to the prior approval of the Commissioner and may be payable to the outside vendor, notwithstanding 32 V.S.A. § 502(a).
(h) [Deleted.] (Added 1999, No. 87 (Adj. Sess.), § 3; amended 2001, No. 97 (Adj. Sess.), §§ 9, 20.)