Proposed Rules and Regulations

Regulation I-2015-01 – Corporate Governance Annual Disclosure Regulation

The proposed regulation supplements Act 10 of 2015, An act relating to the corporate governance structure of insurers (“Act 10”).  Act 10 requires insurers, or the insurance group of which the insurer is a member, to file a Corporate Governance Annual Disclosure (“CGAD”).  The CGAD is a summary of the insurer’s corporate governance structure, policies, and practices.  The Proposed Rule describes the CGAD filing procedures, as well as the specific content requirements for the CGAD.
The date for the public hearing is October 30, 2015, at 3 pm in the Department’s 2nd Floor Conference Room, 89 Main Street, Montpelier, VT.

The deadline for the comment period is November 11, 2015.  
Please contact Emily Kisicki,, 802-828-2904, with questions.

Full text of the proposed regulation

Regulation B-2015-02 - Privacy of Consumer Financial and Health Information Regulation

The Department proposes to make the following changes to Regulation B-2001-01:  
  1. Provide some guidance on how entities can use the Federal Model Privacy Form in a manner that is consistent with Vermont’s opt-in requirement.  
  2. Allow an alternative method for providing annual privacy notices, similar to the method in the federal privacy regulation.  A financial institution that: (a) does not disclose nonpublic personal information; (b) has not changed its privacy notice; and (c) uses the Federal Model Privacy Form in a manner consistent with the revised regulation, may satisfy the annual notice requirement by: (i) notifying customers that its privacy notice is available on its web site; (ii) notifying customers that its privacy notice has not changed; and (iii) mailing a copy of the current privacy notice to those customer that request it.  
  3. Update the name of the Department and correcting statutory references.
A public hearing will be held on Friday October 23, 2015 at 10:00 a.m. at the Department’s office at 89 Main Street, Montpelier, Vermont.
The deadline for deadline for written comments is Friday October 30, 2015.  
Please contact Sue Clark,, 802-828-3307, with questions.