Proposed Rules and Regulations

Reg. 88-4 (Revised)

The purpose of Part A is to recognize the following mortality tables for use in determining the minimum standard of valuation for annuity and pure endowment contracts:  the 1983 Table “a,” the 1983 Group Annuity Mortality (1983 GAM) Table, the Annuity 2000 Mortality Table, the 2012 Individual Annuity Reserving (2012 IAR) Table, and the 1994 Group Annuity Reserving (1994 GAR) Table.

Public Hearing Scheduled:  October 24, 2014 @ 10:00 a.m., 3rd Floor Conference Room, Dept. of Financial Regulation, 89 Main Street, Montpelier, VT
Deadline for Public Comment:  October 31, 2014

Contact:  Shannon Salembier
Vermont Department of Financial Regulation
Shannon.salembier@state.vt.us
802-828-2234

Full text of proposed regulation


Proposed Banking Regulation B-2014-02: Mortgage Brokers

This proposed rule will replace B-98-01: Mortgage Brokers.

This Regulation updates the rules governing mortgage brokers. It provides standards on: (1) individuals that may be authorized to act as a mortgage loan originator under the mortgage broker’s license; (2) steps that a mortgage broker must take to surrender a license; (3) the form of the contract between the mortgage broker and the prospective borrower; (4) maintaining a segregated account for funds collected from the prospective borrower by the mortgage broker; (5) the filing of quarterly mortgage call reports through the Nationwide Mortgage Licensing System (“NMLS”); and (6) prohibited mortgage broker activities.

Contact Person:
Sue S. Clark
Vermont Department of Financial Regulation
sue.clark@state.vt.us
802-828-3307

Full text of proposed regulation


Reg. 71-2 (Revised) Insurance Holding Company Systems:

The purpose of this regulation is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of 8 V.S.A. chapter 101, subchapter 13, which relates to holding companies and subsidiaries.

Contact: Shannon Salembier
Assistant General Counsel
Department of Financial Regulation
Shannon.salembier@state.vt.us
802-828-2234

Full text of proposed revision


Defining Standards and Commissioner’s Authority for Companies Deemed to be in Hazardous Financial Condition – Regulation 93-2 (Revised)

The proposed rule amends Regulation 93–2.  It sets for the standards the Commissioner of Financial Regulation (Commissioner) may use to identify insurers that are in such a hazardous financial condition that the continuance of their business places the public or policy holders at risk.  The proposed rule sets for h the Commissioner’s power and authority to deal with such companies.  Specifically, the amendments expand the list of standards and strengthen the Commissioner’s authority with respect to insurers determined to be in a hazardous financial condition. 

Contact:
Shannon Salembier
Assistant General Counsel
Department of Financial Regulation
Shannon.salembier@state.vt.us
802-828-2234

Full text of proposed revision