Proposed Rules and Regulations

Proposed Regulation I-2016-01 Online Posting of Prescription Drug Formularies by Health Insurers.

This proposed Rule provides consumers and health care providers with information to make informed choices of prescriptions including cost that is specific to a plan selection that is available on Vermont Health Connect. The amendments clarify that this is specific to qualified health plans offered on Vermont Health Connect and the dates for Health Insurer compliance.

The public hearing was held on September 20, 2016 and the last day for written comments was September 27, 2016.

Full text of proposed revised regulation    


Regulation 2009-03 Consumer Protection and Quality Requirements for Managed Care Organizations.

These amendments reduce the outdated reporting requirements of Managed Care Organizations. The rule provides for deeming of quality assurance requirements if accredited by an approved accreditation organization and participation in the Blue Print for Health. Consumer protections remain unchanged. The amendments to this proposed Rule were technical and provided clarification to certain sections.

The public hearing was held on September 20, 2016 and the last day for public comment was September 27, 2017.

For questions contact: David Martini at 802-828-4846 email: david.martini@vermont.gov

Full text of proposed regulation


Regulation C-2012-2 (Revised), Risk Retention Group Holding Company Systems

The proposed rule revises the existing risk retention group holding company regulation to bring it into compliance with current models from the National Association of Insurance Commissioners (NAIC). The proposed changes mirror recent changes to Regulation 71-2, Insurance Company Holding Systems. Most of the changes are technical, non-substantive updates. Most importantly, the proposed rule improves reporting requirements regarding intercompany transactions; specifically, by the addition of Form F (ENTERPRISE RISK REPORT).

The public hearing date is December 5, 2016 at 10 AM in the 3rd floor large conference at the Dept. of Financial Regulation, 89 Main Street, Montpelier.

For questions contact:  David Provost at 802-828-0287; email: david.provost@vermont.gov.

The deadline for public comment is December 15, 2016.

Full text of proposed regulation


Regulation C-81-2 (Revised), Captive Insurance Financial Regulation

The proposed rule revises the existing captive insurance financial regulations to clarify the annual reporting requirements of captive insurance companies domiciled in Vermont. In particular, the annual audit and certification of loss reserves have added details to aid in compliance.

The public hearing date is December 5, 2016 at 11 AM in the 3rd floor large conference at the Dept. of Financial Regulation, 89 Main Street, Montpelier.

For questions contact:  David Provost at 802-828-0287; email: david.provost@vermont.gov.

The deadline for public comment is December 15, 2016.

Full text of proposed regulation


Regulation I-2016-XX, Business Entity Limited Lines Producer for Travel Insurance License

The proposed rule establishes a new license type for travel insurance. The license will permit travel insurance producers to sell travel insurance through third-party retailers that work on behalf of and under the direction of a licensed travel insurance producer. The third-party retailers are not required to be licensed, and employees of the retailers are not required to possess an individual producer license.

The public hearing date is December 8, 2016 at 10 AM in the 3rd floor large conference at the Dept. of Financial Regulation, 89 Main Street, Montpelier.

For questions contact:  Emily Kisicki at 802-828-2904; email: emily.g.kisicki@vermont.gov.

The deadline for public comment is December 19, 2016.

Full text of proposed regulation


Regulation B-2012-01 _ Credit Union Member Business Loans

The Department of Financial Regulation (“Department”) intends to repeal its Credit Union Member Business Loans regulation, Regulation B-2012-01.  In order to be effective, a state’s member business loan regulation must be approved by the National Credit Union Administration (“NCUA”).  12 CFR §723.20.  The NCUA did not approve the Department's regulation.  Thus, Regulation B-2012-01 is unenforceable.

Vermont state chartered credit unions making member business loans will still be subject to the NCUA Member Business Loan regulation, 12 CFR Part 723, rather than the Department's Regulation B-2012-01. Pursuant to 8 V.S.A. §32402, a Vermont state chartered credit union must still obtain the Department’s prior written approval before engaging in the business of making member business loans.

Contact Person:  Sue S. Clark, 802-828-3307, sue.clark@vermont.gov

Public Hearing:  9/27/2016 at 10:00 a.m., Department of Financial Regulation, 89 Main Street, Montpelier, VT

Deadline for Comments: 10/5/2016

Full text of proposed regulation


Filing Rule for Federal Covered Securities described in Section 18(b)(4)(d) of the Securities Act of 1933

This rule, which provides the filing requirements for securities offered under Regulation D, Rule 506, is superseded by Vermont Securities Regulations S-2016-01.  The Vermont Securities Regulations establish a comprehensive set of regulations governing the sale of securities in the state of Vermont, including the Regulation D, Rule 506 filing requirements addressed by this rule.

Contact Info: Nicole Mazur 802-828-0030; nicole.mazur@vermont.gov

Deadline for Comment:  8/26/16

Public Hearing:  8/19/2016 10:00 A.M. 3rd floor large conference room, Department of Financial Regulation, 89 Main Street, Montpelier, VT, 05620

Full text of proposed regulation


Vermont Small Business Offerings

This rule, which provides the registration exemption and the filing requirements for Vermont small business offerings, is superseded by Vermont Securities Regulations S-2016-01.  The Vermont Securities Regulations establish a comprehensive set of regulations governing the sale of securities in the state of Vermont, including the registration exemption and the filing requirements for Vermont small business offerings addressed by this rule.

Contact Info: Nicole Mazur 802-828-0030; nicole.mazur@vermont.gov

Deadline for Comment:  8/26/16

Public Hearing:  8/19/2016 10:00 A.M. 3rd floor large conference room, Department of Financial Regulation, 89 Main Street, Montpelier, VT, 05620

Full text of proposed regulation