Proposed Rules and Regulations

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

Public Hearing:
Date: April 22, 2014
Time: 9 a.m.
Place:  DFR Third Floor Conference Room, 89 Main Street, Montpelier

Brief Summary:

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: 
Christopher M. F. Smith
JD Candidate, 2014
Special Assistant to the Commissioner
Department of Financial Regulation
christopher.smith@state.vt.us
802.828.4849

Full text of proposed revision


VSBOE

The proposed rule establishes a securities registration exemption known as the Vermont Small Business Offering Exemption ("VSBOE") for intrastate offerings.  It would replace a similar provision in Exhibit 8.11 of Department of Financial Regulation Order 06-43-S. It increases the amount and number of investors, while at the same time offering some protection to less sophisticated investors by placing a cap on the amount they can invest in such an offering. Full Text of VSBOE


Regulation B-2014-01 Record Retention – Financial Institutions, Credit Unions, Independent Trust Companies & Licensees (Sec. of State Rule Number 14P007)

This Regulation updates the record retention requirements for financial institutions, credit unions, independent trust companies, and other persons licensed by the Banking Division of the Department of Financial Regulation ("Department"). Generally, the Regulation requires that an institution be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of the loan, whichever is applicable. Exceptions to the general seven year rule are set forth in Appendix I of the Regulation. Appendix I requires that certain records be held longer than seven years and give institutions the option to hold other records for less than seven years. The Regulation also requires that institutions adopt and implement a written record management policy.

Hearing Date:             3-28-14 10:00am
Department of Financial Regulation
89 Main Street,
Montpelier, VT 05620-3101
Contact Person:         Sue Clark
(802) 828-3307
sue.clark@state.vt.us
Deadline for comment: April 4, 2014

Full text of B-2014-01


Regulation B-06-01 Pertaining to State-Chartered Credit Unions (Sec. of State Rule Number 14P008)

This revision to Regulation B-06-01 removes the record retention section from the "Pertaining to State-Chartered Credit Unions" regulation. Simultaneous with this revision to Regulation B-06-01, the Department of Financial Regulation ("Department") is promulgating a regulation (Regulation B-2014-01) that updates the record retention requirements for financial institutions, credit unions, independent trust companies, and other persons licensed by the Banking Division of the Department. The Department needs to delete the record retention section from Regulation B-06-01 to avoid any conflict between Regulation B-06-01 and the updated record retention regulation.

Hearing Date:             3-28-14 10:00am
Department of Financial Regulation
89 Main Street,
Montpelier, VT 05620-3101
Contact Person:         Sue Clark
(802) 828-3307
sue.clark@state.vt.us
Deadline for comment: April 4, 2014

Full text of B-06-01