Property & Casualty Filing Requirements
NOTICE TO FILERS
Effective immediately and in accordance with the requirements of 8 V.S.A. Section 18, the Rates & Forms Section of the Vermont Department of Financial Regulation will begin billing back to filers the reasonable costs of outside consultants hired to review filings. While the most significant impact of this policy will be on rate filings requiring prior actuarial review, the statute cited above applies to both rate and form filings. Therefore, an especially complex form filing that, in the commissioner’s discretion, requires review by outside consultants may also be subject to this policy.
Questions about this policy may be directed to Kevin Gaffney, Director of Rates and Forms, at (802) 828-4845 or Phil Keller, Director of Insurance Regulation, at (802) 828-1464.
All rate filings must include histograms showing the percentage and dollar changes in premium, respectively, for all existing policyholders in the filed program.
Terrorism Risk Insurance Forms and Pricing
In light of the recent passage by both the US House and Senate of H.R. 26 (Terrorism Risk Insurance Program Reauthorization Act of 2015) and to facilitate expedited review of TRIA filings, please use the “Expedited SERFF Filing Transmittal Document for Terrorism Risk Insurance Forms and Pricing” form. Filers should include the phrase “TRIA2015” in the Product Name field.
This should provide details and supporting documentation with respect to the filed materials. Also, with respect to form filings, an index of the forms being filed should be provided.
Each rate, rule and form filing (or any combination) must be accompanied by a non-refundable fee of $50.00 or the retaliatory fee whichever is greater. For rating, advisory or service organizations a non-refundable fee of $150.00.
Any Necessary Vermont Amendatory Endorsements and Side-by-Side comparison of changes as required, per Regulation I-2010-03.
Supporting actuarial and company financial data are required as well as the Vermont Reference Filing Adoption Form and Summary of Supporting Information contained in Bulletin 99.
Common Causes for Review Delays
You can review a list of the most common reasons why a review can be delayed here.