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 email@example.com
The amended regulation will allow small businesses to raise capital both intrastate or interstate. Businesses may raise $1-$2 million. The amended regulation would limit the amount certain investors could invest, including a new tranche of investors defined as “certified investors.” This new investor classification would bridge the gap between the limited number of accredited investors and other “Main Street” investors. Also, in order to allow for online funding portals, the new regulation would not prohibit compensation to intermediaries for effectuating internet-based transactions under these provisions. This measure will give small businesses the option of effecting crowdfunding offers.
A public hearing on the amended regulation is scheduled on Friday, May 22, 2015 at 10:00 a.m. at the Department of Financial Regulation, 89 Main Street, Montpelier, VT, 2nd Floor Large Conference Room.
The deadline for public comment is May 29, 2015. Please contact Christopher Smith with any questions at 802-828-0727 or Christopher.firstname.lastname@example.org.
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 email@example.com.
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.firstname.lastname@example.org.