1. (a) Surplus lines insurance may be procured from a domestic surplus lines insurer if all of the following criteria are met:

   1. (1) The board of directors of the insurer has adopted a resolution seeking certification as a domestic surplus lines insurer and the Commissioner has approved such certification.
   2. (2) The insurer is already eligible to offer surplus lines insurance in at least one other state besides Vermont.
   3. (3) The insurer meets the requirements of section 5026 of this title.
   4. (4) All other requirements of this chapter are met.
2. (b) The requirements of 8 V.S.A. § 80 shall not apply to domestic surplus lines insurers. A domestic surplus lines insurer shall be deemed to be a non-admitted insurer for purposes of chapter 138 of this title.

(Added 2019, No. 57, § 5.)