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.
The purpose of this new requirement is to promote speed-to-market by ensuring that companies review their filings for compliance with Vermont law before submitting them to the Insurance Division for review and approval. The Division’s present experience is that many companies submit commercial lines filings without reviewing the Vermont product requirements set forth on the Division’s website and, as a result, have their filings disapproved upon initial review pending an industry response. Requiring filers to certify compliance with Vermont’s laws and policies as part of the initial filing submission will reduce the number of declinations and will make the filing process more timely and efficient for both filers and the Division’s staff.
During the first six months of this new procedure, commercial filings that are not accompanied by a signed certification and completed checklist will be declined but the filing will be held open and filers will be given a period of two weeks to supply the missing documentation via a response on SERFF. Starting on July 1, 2011, commercial filings that do not contain a signed certification and completed checklist will be rejected and the filer will be required to resubmit the filing with a new filing fee. The Certification and Checklist must be submitted for a rate, rule, form (or any combination) filing.
The following is a complete list of Sub TOIs that are required to submit the certification and checklist:
Inquiries concerning this new filing requirement should be referred to Phil Keller, Director of Insurance Rates and Forms, at (802) 828-1464 or to Shelley Stuart, Program Technician, at (802) 828-2471