Why was Vermont law changed to require producer licenses?
Graham Leach Bliley, a federal act passed in 1999, requires that a majority of states have reciprocal licensing agreements or have uniform licensing requirements by the fall of 2002. The National Association of Insurance Commissioners (NAIC) promulgated a producer model act to establish reciprocity and to lay the foundation for uniform licensing requirements. Vermont law incorporates the major provision of the NAIC model act, which includes the establishment of a producer license.
