The Rates and Forms section is responsible for reviewing and approving insurance company filings for products and pricing. The section serves to protect consumers by ensuring that filings comply with Vermont's laws, regulations and bulletins. In addition, the section serves as a technical resource for consumers, industry and other interested parties.
Chapter 128 of Title 8, Vermont Statutes Annotated, requires insurance companies doing business in Vermont to submit rate information to the Department of Financial Regulation in order to monitor competition.
Per Title 8: §3879-3883 / Fire & Casualty and §4711 / Property & Casualty policies, mid-term cancellations must be submitted to the insurance commissioner for approval. All mid-term cancellation requests must have the following information:
In Vermont, insurance carriers are required by law to submit their proposed rates in a filing to the Division of Rates and Forms for review and approval. Insurers must justify why an increase is warranted and they can’t apply any increase in rates until they have been approved by the division.
Beginning on February 1, 2011 the Vermont Insurance Division will require most commercial lines filings to be accompanied by a signed certification and checklist stating that the filing is in compliance with all applicable Vermont laws, regulations and policies.