Welcome to the Department of Financial Regulation

The Department of Financial Regulation's job is to protect consumers against unfair and unlawful business practices in the areas of banking, securities (investments) and insurance, while ensuring that licensed entities are financially healthy. It regulates and monitors a broad spectrum of financial services activities. The chief regulator of the Department is Commissioner Susan L. Donegan.

Coverage For Telemedicine Services

Bulletin
Monday, October 1, 2012
Insurance Bulletin #170

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Bulletin_170_telemedicine_services.pdf

Insurance Division Bulletin 170 COVERAGE FOR TELEMEDICINE SERVICES

The purpose of this bulletin is to notify health insurers that pursuant to Act 107 of 2012, An Act Relating to Telemedicine, all health insurance plans issued in Vermont must include coverage for telemedicine services. Under the Act, a health insurance plan:

1) must extend coverage to a patient for telemedicine services delivered in a health care facility;

2) must provide coverage to the same extent that the services would be covered if they were provided through in-person consultation;

3) may charge a deductible, co-payment or coinsurance for a health care service provided though telemedicine so long as it does not exceed the amount applicable to an in-person consultation; and,

4) may limit coverage to providers within the plan's network. Payment to a provider is not required where the service is not medically necessary, or where the distant site provider has insufficient information to render an opinion. Coverage may extend to teleopthalmology and teledermatology provided by "store and forward" means.

The effective date of the law is on October 1, 2012 and shall apply to all health insurance plans on and after October 1, 2012 on such date as a health insurer offers, issues, or renews the health insurance plan, but in no event later than October 1, 2013.

Health insurers should review Act 107 to ensure they are in compliance with its requirements. Questions about the law or this bulletin should be directed to: David Martini, Director of Health Insurance Policy.

Dated at Montpelier, Vermont this 10th day of October, 2012.

Stephen W. Kimbell, Commissioner

State and VSECU reach agreement on use of the word "bank"

Clifford Peterson, DFR general counsel, 802-828-1316
Fri, 10/05/2012

MONTPELIER – The Vermont State Employees Credit Union (VSECU) and the Vermont Department of Financial Regulation (DFR) announced Oct. 5, 2012, that an agreement has been reached on when VSECU and other state-chartered credit unions can use the words “bank,” “banking” and similar words. Vermont state statutes prohibit credit unions from using such words unless the commissioner of DFR finds the use would not be misleading or confuse consumers as to the nature of the institution.

Clarification of the application of 8 V.S.A. § 14103 to state-chartered credit unions

Bulletin
Friday, October 5, 2012
Banking Bulletin #37

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Banking_Bulletin_37_0.pdf

Banking Bulletin No. 37

October 5, 2012

This bulletin is to clarify the application of 8 V.S.A. § 14103 to state-chartered credit unions.

1. A state chartered credit union must not describe itself as a “banking cooperative,” banking co- op,” “bank,” “banking association,” “trust company,” or other similar sounding word or name in its advertising and marketing.

2. Any state chartered credit union using the phrases referred to in ¶ 1 above in its marketing and advertising material must discontinue that use starting November 15, 2012.

3. The Department will not take regulatory action against a state chartered credit union under 8

V.S.A. § 14103 as long as that credit union refrains from referring to itself as a “banking cooperative,” banking co-op, “bank,” “banking association”, “cooperative bank,” “trust company,” or other similar sounding word or name in any future advertisements or marketing materials. As more fully set forth below, a state chartered credit union is not prohibited from using the word “bank” or any derivative of the word “bank” to describe its services or to differentiate itself from a bank.

4. (i) For purposes of this paragraph (4), the term “services” means soliciting, receiving or

accepting money or its equivalent on deposit, extending loans and financing of any kind, escrow services, investment services, and money transfers of all kinds, including without limitation bill- paying and debit card services, Automated Clearing House transfers, and wire transfers.

(ii) For purposes of this paragraph (4), the term “advertisements” is limited to

advertisements ordinarily accessible by or directed to non-members and purchased and placed by or on behalf of a state chartered credit union in print, radio, internet/electronic and television media, hyperlink or search engine designated landing pages supporting electronic media, promotional

material in any media, and pages on a website maintained by or on behalf of a state chartered credit union. The term “advertisements” as used in this paragraph (4) does not include items used solely to promote the state chartered credit union’s brand without reference to services as defined in this paragraph (4). Such excluded items may include, by way of example only, gifts, premiums, and the display of a state chartered credit union’s logo and slogans.

(iii) When a state chartered credit union uses the terms “bank” or “banking” or derivative terms or phrases in advertisements (as limited in this paragraph (4)) in which a state chartered credit union refers to its services (as defined in this paragraph (4)) it will disclose that it is a credit union. The disclosure that a state chartered credit union is a credit union will be clear and conspicuous so that reasonable consumers can read, see or hear and understand the information.

(iv) Notwithstanding any other provision of this paragraph (4), when a state chartered credit

union uses the terms “bank” or “banking” or derivative terms or phrases in the text of hyperlinks or search engine designated links, it need not include the term “credit union” in the text of the link but a state chartered credit union will disclose on the landing page of those links that it is a credit union. The disclosure that a state chartered credit union is a credit union will be clear and conspicuous so that reasonable consumers can read, see or hear and understand the information.

Stephen W. Kimbell, Commissioner

Vermont named top domicile for captive insurance services

The state of Vermont has been awarded the top US Domicile for “excellence in captive insurance services.” The award was presented by Captive Review Magazine during the inaugural U.S. Captive Services Awards on Sept. 10, in Chicago.  The awards ceremony was attended by more than 200 captive management professionals.

A smart plan to prepare for disaster includes insurance protection

Wildfires, flooding, tornadoes, hurricanes - disasters strike everywhere in the U.S. That's why it is improtant to make sure your insurance needs are in order, especially your homeowners' or renter's policies. The Department of Financial Regulation, Division of Insurance encourages you to take some time to refamilarize yourself with your policies and to address any questions with your insurance agent or company.<--break->

In the matter of: Henry Corrao and EKN Financial Services

Order
Wednesday, July 18, 2012
Docket No. 11-007-S

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/sec-11-007-S.pdf

STATE OF VERMONT DEPARTMENT OF FINANCIAL REGULATION

SECURITIES DIVISION

IN THE MATTER OF: HENRY CORRAO

EKN FINANCIAL SERVICES, INC.

ORDER

Docket No. 11-007-S

On February 25, 2011 the Commissioner of the Department of Financial Regulation ("Department") issued a Consent Order imposing several conditions on the securities registration of Henry Corrao, CRD# 1455690. These conditions also imposed obligations on EKN Financial Services, Inc CRD# 113525, by virtue of its responsibility to reasonably supervise Henry Corrao.

The terms of the previous Order, Docket number 11-007-S provided for rescission upon request and pursuant to the Commissioner's discretion. EKN Financial Services, Inc and Henry Corrao have requested a recission and the Commissioner has approved this request.