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Punitive Damage Exclusions Permitted

Bulletin
Thursday, March 14, 2002
Insurance Bulletin #139

Insurance Division Bulletin # 139
Punitive damage exclusions permitted;
Bulletin 46 prohibiting punitive damage exclusions withdrawn


March 14, 2002


As a part of our continuing efforts to maintain a dynamic marketplace for insurance in this state, the Commissioner has determined to withdraw Bulletin 46 and accept for review and approval filings that contain punitive damage exclusions on liability policies. Punitive damage exclusions are not required by this Bulletin, and companies wishing to exclude this coverage must obtain the Department’s approval of any form used for this purpose as provided by law. Because the Department will permit the exclusion of punitive damages, Bulletin 46 is hereby withdrawn.

Filing submissions for punitive damage exclusions should be filed with the Department
using current procedures (as described on the Department’s website at www.bishca.state.vt.us).