Proposed Rules and Regulations

B-2015-01 Non-discrimination in financial services

This proposed regulation supercedes and replaces Regulation B-2014-03.  It implements 8 V.S.A., Section 10403 (formerly 8 V.S.A. Section 1211(b)) which codifies prohibited bases of discrimination.  The regulation was amended in 2014 to bring it into conformity with the statute.  The regulation is now being amended to update references to federal law and to clarify the scope of the regulation for regulated entities.

A public hearing is scheduled at 10:00 a.m. on Wednesday, July 29, 2015 at the Department of Financial Regulation, 89 Main Street, Montpelier, VT, 3rd Floor Large Conference Room.  

Deadline for public comment is August 7, 2015.  Please contact Karla Nuissl at 802-828-2963 with any questions or karla.nuissl@state.vt.us 

Full text of proposed regulation


Information regarding Credit for Reinsurance - Regulation 97-3 (Revised):

The proposed rule amends Regulation 97-3. It updates Regulation 97-3 to be in accordance with 8 V.S.A. § 3634a, Vermont's Credit for Reinsurance law, which was amended by Act 121 of 2014. The proposed rule sets forth rules and procedural requirements under which a domestic insurance company may take credit for insurance ceded to a reinsurer. Additionally, this rule imposes new notice requirements on ceding insurers regarding concentration of risk, and requires inclusion of certain clauses in the reinsurance agreement for ceding insurers to receive credit for reinsurance.

A public hearing on the proposed rule will take place on February 27, 2015, at 3 P.M. in the Department of Financial Regulation’s 3rd Floor Conference Room, 89 Main Street, Montpelier, VT 05620.

The deadline for public comment is March 6, 2015. Please contact Emily Kisicki with any questions at 828-2904 or emily.g.kisicki@state.vt.us.

Full text of proposed regulation 97-3


Electronic Insurance Notices

The proposed regulation is to set forth rules and procedural requirements which the Commissioner deems necessary to permit certain insurers to send certain notices to policyholders by electronic means.

A public hearing on the proposed regulation will take place on Friday, May 15, 2015 at 2:00 p.m. in the Department of Financial Regulation’s 3rd Floor Large Conference Room, 89 Main Street, Montpelier, VT 05602.

The deadline for public comment is May 22, 2015.  Please contact Shannon Salembier with any questions at 828-2234 or Shannon.salembier@state.vt.us.

Full text of proposed regulation regulation I-2014-01