Proposed Rules and Regulations

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