reglab/statecodes huggingface dataset:
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 030 - REGULATION 93-3, INVESTMENTS IN MEDIUM GRADE AND LOWER GRADE OBLIGATIONS › Section 21 020 030 - REGULATION 93-3, INVESTMENTS IN MEDIUM GRADE AND LOWER GRADE OBLIGATIONS

Current through
				June, 2024
Section 1
				Authority
This regulation is promulgated pursuant to the authority
				  granted in 8 V.S.A. § 75.
Section
				2 Purposes
The purposes of this regulation are:
A. To protect the interests of the
				insurance-buying public by establishing limitations on the concentration of
				medium grade and lower grade obligations in which a domestic insurer can
				invest; and
B. To implement
				8 V.S.A. §
											3463 by regulating the acts and practices of
				domestic insurers with respect to the concentration of investments in medium
				grade and lower grade obligations.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 032 - LIFE & HEALTH INSURANCE AGREEMENTS › Section 21 020 032 - LIFE & HEALTH INSURANCE AGREEMENTS

Current through June,
				2024
Section 1 Authority
This Regulation is promulgated pursuant to the authority
				  granted by 8 V.S.A. §§ 75 and
				  3634a.
Section 2 Preamble
A. The Vermont Department of Banking,
				Insurance and Securities recognizes that licensed insurers routinely enter into
				reinsurance agreements that yield legitimate relief to the ceding insurer from
				strain to surplus.
B. However, it
				is improper for a licensed insurer, in the capacity of ceding insurer, to enter
				into reinsurance agreements for the principal purpose of producing significant
				surplus aid for the ceding insurer, typically on a temporary basis, while not
				transferring all of the significant risks inherent in the business being
				reinsured. In substance or effect, the expected potential liability to the
				ceding insurer remains basically unchanged by the reinsurance transaction,
				notwithstanding certain risk elements in the reinsurance agreement, such as
				catastrophic mortality or extraordinary survival. The terms of such agreements
				referred to herein and described in Section
				4
				would violate or otherwise require action by the Commissioner pursuant to:
(1) Section
				3561 of Title 8,
				Vermont Statutes Annotated, relating to financial statements which do not
				properly reflect the financial condition of the ceding insurer;
(2) Section
				3634a of
				Title 8, Vermont Statutes Annotated, relating to reinsurance reserve credits,
				thus resulting in a ceding insurer improperly reducing liabilities or
				establishing assets for reinsurance ceded; and
(3) Chapter 145 of Title 8, Vermont Statutes
				Annotated, relating to creating a situation that may be hazardous to
				policyholders and the people of this State.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 035 - MANAGING GENERAL AGENTS, REINSURANCE INTERMEDIARIES, AND PRODUCER CONTROLLED INSURERS › Section 21 020 035 - MANAGING GENERAL AGENTS, REINSURANCE INTERMEDIARIES, AND PRODUCER CONTROLLED INSURERS

Current through June, 2024
Section 1 CONTRACTS REQUIRED: MANAGING
				GENERAL AGENTS
Any contract between an insurer and a managing general agent
				  required by
				  8 V.S.A. §
											4818 shall, in addition to the specifics set
				  forth in § 4818:
A. Set forth
				appropriate underwriting guidelines including:
1. The maximum annual premium
				volume;
2. The basis of the rates
				to be charged;
3. The types of
				risks which may be written;
4.
				Maximum limits of liability;
5.
				Applicable exclusions;
6. Policy
				cancellation provisions; and
7. The
				maximum policy period.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 036 - REGULATION 95-1, TRUST ACCOUNTS › Section 21 020 036 - REGULATION 95-1, TRUST ACCOUNTS

Current through June,
				2024
Section 1 Purpose
The purpose of this regulation is to ensure the sufficiency
				  of funds held by third parties when the intended beneficiaries of the funds are
				  insured, insurance policy applicants or insurers.
Section 2 Authority
This regulation is issued pursuant to the authority vested in
				  the Commissioner of Banking, Insurance and Securities by 8 V.S.A § 75 and
				  § 4812.
Section 3
				Applicability
This regulation applies to any third party which accepts
				  receipt of funds intended to offset insurance policy obligations from any
				  insured, insurance policy applicant or insurer.
Section 4 Definitions
For the purposes of this regulation, the following
				  definitions apply:
A. "Financial
				Account" is an account held by a federally insured financial institution or a
				registered investment company that is short-term, highly liquid, and without
				risk to principal.
B. "Third Party
				Recipient" includes insurance agents, insurance brokers, independent adjusters,
				managing general agents, consultants or any other person or business entity
				that receives funds intended to offset insurance policy obligations of the
				remitter.
"Third Party Recipient" does not include a federally insured
				  depository institution or its subsidiaries, affiliates or parent corporation,
				  or a lender licensed under Chapter 73, 8 V.S.A., except in such instance as the
				  federally insured depository institution, its subsidiaries, affiliates or
				  parent corporation or licensed lender is engaged in a transaction for which it
				  is required to be licensed under 8 V.S.A. Chapter 131.
C. "Trust Account" is a financial account
				established by a third party recipient which is separate and distinct from the
				operating and/or personal accounts of the third party recipient. A trust
				account is comprised of funds, remitted from insureds, policy applicants or
				insurers to third party recipients, that are intended to offset insurance
				policy obligations of the remitter.
D. "Voluntary Deposits" are deposits made to
				trust accounts by third party recipients from sources other than funds remitted
				from insureds, policy applicants or insurers. Third party recipients may make
				voluntary deposits into a trust account in order to maintain a minimum balance,
				to guarantee the adequacy of the account, or to cover funds due but
				uncollected.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 037 - RULES PROVIDING FOR OVERSIGHT OF FEES CHARGED BY THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND RETALIATORY ACTION BY THE STATE OF VERMONT › Section 21 020 037 - RULES PROVIDING FOR OVERSIGHT OF FEES CHARGED BY THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND RETALIATORY ACTION BY THE STATE OF VERMONT

Current through June,
				2024
Section 1 Purpose
				and Authority
Department of Banking, Insurance, Securities and Health Care
				  Administration Regulation 97-1-I
RULES PROVIDING FOR OVERSIGHT OF FEES CHARGED BY THE NATIONAL
				  ASSOCIATION OF INSURANCE COMMISSIONERS AND RETALIATORY ACTION BY THE STATE OF
				  VERMONT
This regulation is promulgated pursuant to Title 8 Sections
				  3367 and 3552, and in accordance with the findings and purpose of the General
				  Assembly as set forth in Act No. 83 of the 1995 Adjourned
				  Session.
Section 2
				Authorized Fees
The fees, assessments or charges imposed by the National
				  Association of Insurance Commissioners (NAIC) on Vermont domestic insurance
				  companies for database filings and for valuation of securities, as set forth in
				  the NAIC Database Participation Packet list of "Filing Fees" and the December
				  31, 1996 Purposes and Procedures of the Securities Valuation Office of the
				  National Association of Insurance Commissioners "List of Fees for Services and
				  Publications," attached hereto as Appendix to the Regulation, are hereby
				  established and authorized by the Commissioner.
Section 3 Annual Review
The Commissioner shall annually review the fees, assessments
				  or charges imposed by the NAIC on Vermont domestic insurance companies for
				  database filings and for valuation of securities to determine if:
(A) Such fees, assessments or charges have
				increased, and
(B) If such fees,
				assessments or charges have increased by a rate which is higher than the
				then-current Consumer Price Index, whether the increase is likely to result in
				excessive revenues to the NAIC.
(C)
				If such fees, assessments or charges have increased by a rate which is higher
				than the then-current Consumer Price Index, the Commissioner shall issue an
				order, after public notice and opportunity to comment, stating the
				Commissioner's determination as to whether an increase results in excessive
				revenues to the office charging the fees, assessments or charges or to the NAIC
				as a whole, and the bases for the determination. If the Commissioner determines
				that the increase is excessive, the order shall provide that no Vermont
				domestic insurer shall be required to pay such fee, assessment or charge, or
				any portion thereof determined to be excessive.
(D) The Commissioner shall consider, along
				with such other factors deemed appropriate by the Commissioner, whether the
				increase and the resulting revenues are reasonable and necessary to achieve the
				purposes of the NAIC, and whether the choice of revenue source is
				reasonable.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 038 - REGULATION 97-3: CREDIT FOR REINSURANCE › Section 21 020 038 - REGULATION 97-3: CREDIT FOR REINSURANCE

Current through June,
				2024
Section 1 Authority
This regulation is promulgated pursuant to the authority
				  granted by
				  8 V.S.A. §
											15 and § 3634a(f).
Section 2 Purpose
The purpose of this regulation is to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of B V.S.A. § 3634a. The actions and information required by
				  this regulation are hereby declared to be necessary and appropriate in the
				  public interest and for the protection of the ceding insurers in this
				  state.
Section 3
				Severability
If any provision of this regulation, or the application of
				  the provision to any person or circumstance, is held invalid, the remainder of
				  the regulation, and the application of the provision to persons or
				  circumstances other than those to which it is held invalid, shall not be
				  affected.
Section 4 Credit
				for Reinsurance - Reinsurer Licensed in this State
Pursuant to
				  8 V.S.A. §
											3634a(b)(1), the
				  Commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				  an assuming insurers that was licensed in this state as of any date on which
				  statutory financial statement credit for reinsurance is
				  claimed.
Section 5 Credit
				for Reinsurance - Accredited Reinsurers
A.
				Pursuant to
				8 V.S.A. §
											3634a(b)(2), the
				Commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				an assuming insurer that is accredited as a reinsurer in this state as of the
				date on which statutory financial statement credit for reinsurance is claimed.
				An accredited reinsurer must:
(1) File a
				properly executed Form AR-1 as evidence of its submission to this state's
				jurisdiction and to this state's authority to examine its books and
				records;
(2) File with the
				Commissioner a certified copy of a certificate of authority or other acceptable
				evidence that it is licensed to transact insurance or reinsurance in at least
				one state, or, in the case of a U.S. branch of an alien assuming insurer, is
				entered through and licensed to transact insurance or reinsurance in at least
				one state;
(3) File annually with
				the Commissioner a copy of its annual statement filed with the insurance
				department of its state of domicile or, in the case of an alien assuming
				insurer, with the state through which it is entered and in which it is licensed
				to transact insurance or reinsurance, and a copy of its most recent audited
				financial statement; and
(4)
				Maintain a surplus as regards policyholders in an amount not less than $
				20,000,000, or obtain the affirmative approval of the Commissioner upon a
				finding that it has adequate financial capacity to meet its reinsurance
				obligations and is otherwise qualified to assume reinsurance from domestic
				insurers.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 039 - REGULATION I-2010-02 LIFE AND HEALTH ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 21 020 039 - REGULATION I-2010-02 LIFE AND HEALTH ACTUARIAL OPINION AND MEMORANDUM REGULATION

Current
				through June, 2024
Section
				1 Purpose
The purposes of this regulation are to prescribe:
A. Requirements for statements of actuarial
				opinion which are to be submitted in accordance with
				8 V.S.A. §
											3561, § 3577, subchapter 4 of Chapter
				103 and Chapter 121 and for memoranda in support thereof;
B. Rules applicable to the appointment of an
				appointed actuary; and
C. Guidance
				as to the meaning of "adequacy of reserves."
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 042 - REGULATION I-98-1 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 21 020 042 - REGULATION I-98-1 - LIFE INSURANCE ILLUSTRATIONS REGULATION

Current through June,
				2024
Section 1 Purpose
The purpose of this regulation is to provide rules for life
				  insurance policy illustrations that will protect consumers and foster consumer
				  education. The regulation provides illustration formats, prescribes standards
				  to be followed when illustrations are used, and specifies the disclosures that
				  are required in connection with illustrations. The goals of this regulation are
				  to ensure that illustrations do not mislead purchasers of life insurance and to
				  make illustrations more understandable. Insurers will, as far as possible,
				  eliminate the use of footnotes and caveats and define terms used in the
				  illustration in language that would be understood by a typical person within
				  the segment of the public to which the illustration is
				  directed.
Section 2
				Authority
This regulation is issued based upon the authority granted
				  the commissioner under Title 8 V.S.A., Sections 75 and
				  4724.
Section 3 Applicability and Scope
This regulation applies to all group and individual life
				  insurance policies and certificates except:
A. Variable life insurance;
B. Individual and group annuity
				contracts;
C. Credit life
				insurance; or
D. Life insurance
				policies with no illustrated death benefits on any individual exceeding $
				10,000.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 043 - REGULATION 99-2 - RULES FOR CAPTIVE INSURANCE COMPANIES ISSUING ANNUITIES › Section 21 020 043 - REGULATION 99-2 - RULES FOR CAPTIVE INSURANCE COMPANIES ISSUING ANNUITIES

Current through
				June, 2024
Section 1
				Purpose
This regulation establishes reserve requirements, separate
				  accounts and the form of the annual statement required of any captive insurance
				  company that issues annuity contracts (which may have life or other benefits
				  that constitute a subsidiary or incidental part of the entire
				  contract).
Section 2
				Authority
This regulation is promulgated under the authority of 8
				  V.S.A. Sections 75 and
				  6015.
Section 3 Applicability
This regulation shall apply to any captive insurance company
				  formed or licensed under the provisions of chapter 141 of title 8 of the
				  Vermont Statutes issuing annuity contracts (which may have life or other
				  benefits that constitute a subsidiary or incidental part of the entire
				  contract).
Section 4
				Establishment of Separate Accounts
Any captive insurance company that issues contracts that
				  provide variable benefits shall establish separate accounts. Such accounts
				  shall be subject to the requirements of
				  8 V.S.A. section
				  3855.
Section 5 Reserves Required by Law
A captive insurance company that issues annuity contracts
				  shall maintain reserves that are actuarially sufficient to support the
				  liabilities provided by the contracts.
Section 6 Annual Report
A captive insurance company that issues annuity contracts
				  shall submit its annual report in the form of the annual statement approved by
				  the National Association of Insurance Commissioners for life insurers, as
				  modified or supplemented by the commissioner.
Section 7 Severability
If any provision of this regulation or the application
				  thereof to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provisions to other
				  persons or circumstances shall not be affected thereby.
Section 8 Effective Date
This regulation shall be effective on
				  12/31/99.
Statutory Authority: 8 V.S.A. §§ 75
				  and
				  6015
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 044 - REGULATION 99-3 - VALUATION OF LIFE INSURANCE POLICIES › Section 21 020 044 - REGULATION 99-3 - VALUATION OF LIFE INSURANCE POLICIES

Current through June,
				2024
Section 1 Purpose
A. The purpose of this regulation is to
				provide:
(1) Tables of select mortality
				factors and rules for their use;
(2) Rules concerning a minimum standard for
				the valuation of plans with non-level premiums or benefits; and
(3) Rules concerning a minimum standard for
				the valuation of plans with secondary guarantees.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 048 - MEDICARE PLUS CHOICE SOLVENCY RULE - RULE 98-2 › Section 21 020 048 - MEDICARE PLUS CHOICE SOLVENCY RULE - RULE 98-2

Current through June, 2024
Section 1 Purpose
The purpose of this rule is to implement Title
				  8 V.S.A.
				  5102b(1) to promulgate
				  solvency standards for the licensure of provider sponsored organizations for
				  purposes of the Medicare + Choice program.
Section 2 Authority
This rule is issued pursuant to the authority vested in the
				  Commissioner under Title
				  8 V.S.A.
				  5102b(1).
Section 3 Applicability and Scope
This rule is only applicable to provider sponsored
				  organizations applying for licensure in Vermont that intend to offer solely the
				  Medicare + Choice program.
Section
				4 Definitions
A. Health Care
				Financing Administration ("HCFA"): the agency of the federal Department of
				Health and Human Services that administers the Medicare program.
B. Medicare + Choice: means the Medicare
				health benefits program created by Section 4001 of the Balanced Budget Act of
				1997 (Pub L. 105-33) as defined in
				42 USC
				1395 w - 21 - 28.
C. Provider sponsored organization: means a
				public or private entity (a) that is established or organized, and operated, by
				a health care provider, or group of affiliated health care providers, (b) that
				provides a substantial proportion of the health care items and services under
				the Medicare + Choice contract directly through the provider or affiliated
				group of providers, and (c) with respect to which the affiliated providers
				share, directly or indirectly, substantial financial risk with respect to the
				provision of such items and services and have at least majority financial
				interest in the entity. The term "provider sponsored network" shall have the
				same meaning as provider sponsored organization.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 049 - MAINTENANCE OF COMPLAINT RECORDS - REGULATION 76-1 › Section 21 020 049 - MAINTENANCE OF COMPLAINT RECORDS - REGULATION 76-1

Current through June,
				2024
Section 1 AUTHORITY
This Rule is adopted under 8 V.S.A. §§ 75,
				  3562 and
				  4724(10).
(a) "Consumer Complaint" means either a
				written communication, or an oral communication subsequently confirmed in
				writing, to the insurer from a resident of Vermont primarily expressing a
				grievance;
(b) "Insurance
				Department Complaint" means either a written communication, or an oral
				communication subsequently confirmed in writing, from the Vermont Department of
				Banking and Insurance to the insurer involved regarding a consumer's insurance
				complaint to the Department of Banking and Insurance;
(c) "Complaint" means either a consumer
				complaint or an Insurance Department complaint.
(d) "Insurer" means any company defined in
				Title 8 V.S.A. Chapter 101 and any non-profit medical or hospital service
				corporation as defined in Title 8 V.S.A. Chapter 123 or 125;
(e) "Vermont insureds" means both individual
				policyholders and group certificate holders in Vermont.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 050 - REGULATION 99-1, RECORD RETENTION › Section 21 020 050 - REGULATION 99-1, RECORD RETENTION

Current through June,
				2024
Section 1 Purpose
This regulation establishes rules for the preservation and
				  retention of insurer records, including the media that may be used to maintain
				  them, the minimum duration of their retention, and the requirements for their
				  production for examination.
Section
				2 Authority
This regulation is promulgated pursuant to the authority
				  vested in the Commissioner of Banking, Insurance. Securities and Health Care
				  Administration by Title 8 V.S.A. sections 75,
				  3568,
				  3688,
				  4812,
				  5111 and
				  8014.
Section 3 Definitions
As used in this regulation:
A. "Commissioner" shall mean the Commissioner
				of Banking, Insurance, Securities and Health Care Administration or his or her
				authorized designee as provided by applicable law.
B. "Department" shall mean the Department of
				Banking, Insurance, Securities and Health Care Administration.
C. "Foreign Insurer" shall mean an insurer
				organized under the laws of a jurisdiction other than Vermont.
D. "Insurer" shall mean any person engaged in
				the business of insurance in this state. It shall include any individual,
				corporation, association, partnership, reciprocal exchange, inter-insurer,
				Lloyds insurer, fraternal benefit society, and any other legal entity engaged
				in the business of insurance. The term shall also include entities formed or
				regulated under Title 8 V.S.A. Chapters 101, 103, 105, 107, 109, 111, 113, 121,
				123, 125, 128, 132, 137, 138, 139, 143 and 151. For purposes of this
				regulation, "insurer" does not include persons required to be licensed under
				Title 8 V.S.A. Chapters 131 or 142A or entities formed under Title 8 V.S.A.
				Chapters 141 or 142.
E. "Policy"
				shall mean any policy, certificate, or contract of insurance, indemnity,
				medical or hospital service, suretyship or annuity, issued by any insurer,
				which sets forth the extent of coverage or other rights of the person to whom
				the policy is issued. The term policy shall also include any evidence of
				coverage issued by a health maintenance organization or other similar
				organization to an enrollee.
F.
				"Producer" shall mean any person required to be licensed under Title 8 V.S.A.
				Chapter 131 and 142A, as agent, broker, managing general agent or reinsurance
				intermediary.
G. "Related Entity"
				shall include any person authorized to act on behalf of an insurer in
				connection with the business of insurance, but shall not include a
				producer.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 051 - REGULATION 2000-01-IH CIVIL UNIONS › Section 21 020 051 - REGULATION 2000-01-IH CIVIL UNIONS

Current through June, 2024
Section 1 Purpose
This regulation is promulgated to prohibit insurers from
				  unfairly discriminating between married couples and parties to a civil union
				  regarding the offering of insurance policies and contracts. In accordance with
				  this Regulation, insurers shall make insurance policies and contracts that are
				  currently available to married couples, spouses, and their families available
				  to civil union couples, parties to a civil union, and their
				  families.
Section 2
				Authority
This regulation is issued pursuant to the authority of the
				  Commissioner to promulgate regulations. 8 V.S.A. § 75. The regulation is
				  based on the legislative prohibition on unfair discrimination against the
				  parties to a civil union. See
				  8
				  V.S.A. §
											4724(7)(E).
Section 3 Applicability and Scope
(a) This regulation applies to any person
				transacting the business of insurance in the state of Vermont, as defined under
				8
				V.S.A. §
											3368(b).
(b) Except as expressly provided herein, this
				regulation applies to all insurance policies and contracts solicited,
				delivered, issued, or renewed in the state of Vermont.
(c) This regulation shall not be construed to
				affect the ability of a fraternal benefit society to determine the admission of
				its members as provided under
				8 V.S.A. §
											4464
				or to determine the scope of beneficiaries in accordance with
				8 V.S.A. §
											4477(a). Further, this
				regulation shall not apply to a fraternal benefit society that has been
				established and is operating for charitable and educational purposes and which
				is operated, supervised or controlled by or in connection with a religious
				organization where compliance with this regulation would violate the society's
				free exercise of religion, as guaranteed by the First Amendment to the
				Constitution of the United States or by Chapter I, Article 3rd, of the
				Constitution of the State of Vermont.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 052 - REGULATION I-2000-02 - CONTINUING EDUCATION REQUIREMENTS FOR INSURANCE PRODUCERS › Section 21 020 052 - REGULATION I-2000-02 - CONTINUING EDUCATION REQUIREMENTS FOR INSURANCE PRODUCERS

Current through June, 2024
Section 1 Purpose and Scope
A. The purpose of this regulation is to
				implement the provisions of Title
				8 V.S.A. §
											4800a relating to continuing education of
				insurance agents or brokers.
B.
				This regulation applies to producers for any line of insurance except a
				nonresident producer who resides in a state or district that has a continuing
				education requirement and who has satisfied such requirement, and submits
				documentation of continuing education completion to the Commissioner or a
				designated outside vendor in the manner prescribed by the Commissioner for such
				submissions.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 055 - REGULATION IH-2002-03 STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 21 020 055 - REGULATION IH-2002-03 STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION

Current through
				June, 2024
Section 1
				Preamble & Authority
A. This regulation
				establishes standards for developing and implementing administrative, technical
				and physical safeguards to protect the security, confidentiality and integrity
				of customer information, consistent with sections
				501,
				505(b), and 507 of the Gramm-Leach-Bliley Act, codified at
				15 U.S.C.
				6801,
				6805(b)
				and
				6807 and
				8
				V.S.A. §§ 15, 3568, 3688, 4812, 5111, and 8014.
B. Section
				501(a)
				of the Gramm-Leach-Bliley Act provides that it is the policy of the Congress
				that each financial institution has an affirmative and continuing obligation to
				respect the privacy of its customers and to protect the security and
				confidentiality of those customers' nonpublic personal information. Section
				501(b)
				and
				505(b)
				(2) require the state insurance regulatory authorities to establish appropriate
				standards relating to administrative, technical and physical safeguards:
(1) to ensure the security and
				confidentiality of customer records and information;
(2) to protect against any anticipated
				threats or hazards to the security or integrity of such records; and
(3) to protect against unauthorized access to
				or use of records or information that could result in substantial harm or
				inconvenience to a customer.
C. Section
				505(b)
				(2) calls on state insurance regulatory
				authorities to implement the standards prescribed under Section
				501(b)
				by regulation with respect to persons engaged in providing insurance.
D. Section
				507
				provides, among other things, that a state regulation may afford persons
				greater privacy protections than those provided by subtitle A of Title V of the
				Gramm-Leach-Bliley Act. This regulation requires that the safeguards
				established pursuant to this regulation shall apply to nonpublic personal
				information, including nonpublic personal financial information and nonpublic
				personal health information.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 057 - REGULATION C-2006-02; CAPTIVE INSURANCE COMPANIES REINSURING LIFE INSURANCE POLICIES › Section 21 020 057 - REGULATION C-2006-02; CAPTIVE INSURANCE COMPANIES REINSURING LIFE INSURANCE POLICIES

Current
				through June, 2024
Section
				1 Purpose
This regulation establishes reserve requirements and the form
				  of the annual report required of a captive insurance company that reinsures
				  life insurance policies, including term, universal and variable life policies,
				  and related guarantees and riders (collectively, "Life Insurance
				  Policies").
Section 2
				Authority
This regulation is promulgated under the authority of
				  8 V.S.A.
				  §§
											15 and
				  6015.
Section 3 Applicability
This regulation shall apply to any captive insurance company
				  formed or licensed under the provisions of chapter 141 of title 8 of the
				  Vermont Statutes that reinsures Life Insurance Policies, with respect to fiscal
				  years ending on and after December 31, 2005. Regulation 81-2 shall apply to any
				  such captive insurance company other than to the extent specifically provided
				  in this regulation.
Section
				4 Reserves Required by Law
A captive insurance company described in Section
				  3 shall
				  maintain reserves that are actuarially sufficient to support the liabilities
				  incurred by the captive insurance company in reinsuring Life Insurance
				  Policies.
Section 5 Annual
				Report
For purposes of the annual report required by
				  8 V.S.A. §
											6007(b):
(i) a captive insurance company described in
				Section
				3 that uses
				statutory accounting principles (i.e., the National Association of Insurance
				Commissioners' Accounting Practices and Procedures Manual, including any
				appropriate or necessary modifications or adaptations thereto approved by the
				Commissioner of Banking, Insurance, Securities and Health Care Administration)
				shall submit the annual report in the form of the annual statement approved by
				the National Association of Insurance Commissioners for life insurers, as
				modified or supplemented by the Commissioner, unless the Commissioner requires
				or approves a different form of annual report; and
(ii) a captive insurance company described in
				Section
				3 that uses
				generally accepted accounting principles, including any appropriate or
				necessary modifications or adaptations thereto approved by the Commissioner,
				shall submit the annual report in the form approved by the
				Commissioner.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 058 - REGULATION I-2007-03 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 21 020 058 - REGULATION I-2007-03 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES

Current through June,
				2024
Section 1 Authority
This Regulation is promulgated by the Commissioner of
				  Banking, Insurance, Securities and Health Care Administration pursuant to
				  8 V.S.A. §
											15, 8 V.S.A. § 3784(a)(2) ("Vermont
				  Standard Valuation Law"),
				  8 V.S.A. §
											3747a(h)(6) ("Vermont
				  Standard Nonforfeiture Law for Life Insurance"), and Sections 5A and 5B of
				  Regulation 99-3-I ("Valuation of Life Insurance Policies") of the Vermont
				  Department of Banking, Insurance, Securities and Health Care
				  Administration.
Section 2
				Purpose
The purpose of this Regulation is to recognize, permit and
				  prescribe the use of mortality tables that reflect differences in mortality
				  between Preferred and Standard lives in determining minimum reserve liabilities
				  in accordance with
				  8 V.S.A. §
											15, 8 V.S.A. § 3784(a)(2), 8 V.S.A.
				  § 3747a(h)(6), and Sections 5A and 5B of Regulation 99-3-I of the Vermont
				  Department of Banking, Insurance, Securities and Health Care
				  Administration.
Section 3
				Definitions
As used in this Regulation:
A. "2001 CSO Mortality Table" means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO
				Preferred Class Structure Mortality Table defined below in Subsection B. Unless
				the context indicates otherwise, the "2001 CSO Mortality Table" includes both
				the ultimate form of that table and the select and ultimate form of that table
				and includes both the smoker and nonsmoker mortality tables and the composite
				mortality tables. It also includes both the age-nearest-birthday and
				age-last-birthday bases of the mortality tables. Mortality tables in the 2001
				CSO Mortality Table include the following:
1.
				"2001 CSO Mortality Table (F)" means that mortality table consisting of the
				rates of mortality for female lives from the 2001 CSO Mortality
				Table.
2. "2001 CSO Mortality Table
				(M)" means that mortality table consisting of the rates of mortality for male
				lives from the 2001 CSO Mortality Table.
3. "Composite mortality tables" means
				mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
4. "Smoker
				and nonsmoker mortality tables" means mortality tables with separate rates of
				mortality for smokers and nonsmokers.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 059 - REGULATION I-2007-02, LIMITED LINES PRODUCER LICENSE FOR CREDIT INSURANCE › Section 21 020 059 - REGULATION I-2007-02, LIMITED LINES PRODUCER LICENSE FOR CREDIT INSURANCE

Current through
				June, 2024
Section 1
				Authority
This Regulation is promulgated under the authority granted to
				  the Commissioner of the Department of Banking, Insurance, Securities and Health
				  Care Administration by
				  8 V.S.A.
				  §§
											15 and
				  4813a(6).
Section 2 Purpose
The purpose of this Regulation is to establish a Limited
				  Lines Producer License for the sale of Credit Insurance and to set forth
				  requirements for the sale of Credit Insurance by a Limited Lines Credit
				  Insurance Producer.
Section
				3 Scope
This Regulation governs the sale, solicitation and
				  negotiation of Credit Insurance by a Limited Lines Credit Insurance
				  Producer.
Section 4
				Definitions
As used in this Regulation:
A. "Credit Insurance" means credit life,
				credit disability, credit property, credit unemployment, involuntary
				unemployment, mortgage life, mortgage disability, guaranteed automobile
				protection (gap) insurance, which are hereby designated as forms of limited
				line Credit Insurance for purposes of this Regulation, and any other form of
				insurance offered to a consumer in connection with an extension of credit to
				such consumer that is limited to partially or wholly extinguishing such credit
				obligation and which the Commissioner designates as a form of limited line
				Credit Insurance for purposes of this Regulation. For purposes of this
				Regulation, "Credit Insurance" shall not include Private Mortgage Insurance
				("PMI").
B. "Limited Lines Credit
				Insurance Producer" means a natural person licensed pursuant to this Regulation
				to sell, solicit or negotiate Credit Insurance.
C. "Insurer" means any insurance company
				licensed to offer, sell or negotiate Credit Insurance in this state.
Capitalized terms not defined in this Regulation shall have
				  the meaning set forth in
				  8 V.S.A. §
												4813a.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 060 - REGULATION I-2007-01, BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR CREDIT INSURANCE › Section 21 020 060 - REGULATION I-2007-01, BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR CREDIT INSURANCE

Current through June, 2024
Section 1 Authority
This Regulation is promulgated under the authority granted to
				  the Commissioner of the Department of Banking, Insurance, Securities and Health
				  Care Administration by
				  8 V.S.A.
				  §§
											15,
				  4813a(6)
				  and
				  4813f(b).
Section 2 Purpose
The purpose of this Regulation is to establish a Business
				  Entity Limited Lines Producer License for the sale of Credit Insurance and to
				  set forth requirements for the sale of Credit Insurance by a Business Entity
				  Limited Lines Credit Insurance Producer and its employees and
				  representatives.
Section 3
				Scope
This Regulation governs the sale, solicitation and
				  negotiation of Credit Insurance by a Business Entity Limited Lines Credit
				  Insurance Producer and its employees and representatives.
Section 4 Definitions
As used in this Regulation:
A. "Business Entity" means a corporation,
				association, partnership, limited liability company, limited liability
				partnership or other legal entity.
B. "Business Entity Limited Lines Producer
				License" means the license issued to a Business Entity pursuant to this
				Regulation.
C. "Business Entity
				Limited Lines Credit Insurance Producer" means a Business Entity licensed under
				this Regulation to sell, solicit or negotiate Credit Insurance.
D. "Credit Insurance" means credit life,
				credit disability, credit property, credit unemployment, involuntary
				unemployment, mortgage life, mortgage disability, and guaranteed automobile
				protection (gap) insurance, which are hereby designated as forms of limited
				line Credit Insurance for purposes of this Regulation, and any other form of
				insurance offered to a consumer in connection with an extension of credit to
				such consumer that is limited to partially or wholly extinguishing such credit
				obligation and which the Commissioner designates as a form of limited line
				Credit Insurance for purposes of this Regulation. For purposes of this
				Regulation, "Credit Insurance" shall not include Private Mortgage Insurance
				("PMI").
E. "Designated Responsible
				Licensed Producer" means a natural person described in Section
				6(B)
				of this Regulation.
F. "Insurer"
				means any insurance company licensed to offer, sell or negotiate Credit
				Insurance in this state.
G.
				"Insurance Producer" means a natural person required to be licensed under the
				laws of this state to sell, solicit or negotiate insurance.
H. "Limited Lines Credit Insurance Producer"
				means a natural person licensed pursuant to Insurance Division Regulation
				I-2007-02 to sell, solicit or negotiate Credit Insurance.
Capitalized terms not defined in this Regulation shall have
				  the meaning set forth in
				  8 V.S.A. §
												4813a.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 061 - REGULATION I-2007-04; MILITARY SALES PRACTICES › Section 21 020 061 - REGULATION I-2007-04; MILITARY SALES PRACTICES

Current through June,
				2024
Section 1 Authority
This regulation is promulgated under the authority granted to
				  the Commissioner of The Department of Banking, Insurance, Securities and Health
				  Care Administration pursuant to
				  8 V.S.A.
				  §§
											15,
				  4721,
				  4723
				  and
				  4724.
Section 2 Purpose
A. The purpose of this regulation is to set
				forth standards to protect active duty service members of the United States
				Armed Forces from dishonest and predatory insurance sales practices by
				declaring certain identified practices to be false, misleading, unfair or
				deceptive acts or practices.
B.
				Nothing herein shall be construed to create or imply a private cause of action
				for a violation of this regulation.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 065 - BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR PORTABLE ELECTRONICS INSURANCE (REGULATION I-2012-01) › Section 21 020 065 - BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR PORTABLE ELECTRONICS INSURANCE (REGULATION I-2012-01)

Current through June,
				2024
Section 1 Authority
This regulation is promulgated under the authority granted to
				  the Commissioner by Title
				  8 V.S.A.,
				  §§
											15,
				  4261,
				  4813a(6)
				  and
				  4813f(b).
Section 2 Purpose
The purpose of this regulation is to establish a business
				  entity limited lines producer license for the sale of portable electronics
				  insurance and to set forth requirements for the sale of portable electronics
				  insurance by a vendor, its employees and authorized representatives as well as
				  establishing standards for the adjusting of claims under a policy of portable
				  electronics insurance by a supervising entity.
Section 3 Scope
This regulation governs the sale of portable electronics
				  insurance by a vendor and its employees and authorized
				  representatives.
Section 4
				Definitions
As used in this regulation:
A. "Automated Claims Adjudication System"
				means a preprogrammed computer system designed for the collection, data entry,
				calculation and final resolution of portable electronics insurance claims
				which;
1. May only be utilized by a licensed
				adjuster, licensed insurance producer, or supervised individuals operating
				pursuant to this regulation;
2.
				Must comply with all claims payment requirements of Title 8 V.S.A.;
				and
3. Must be certified as
				compliant with this regulation by a licensed adjuster that is an officer of the
				entity which employs the individuals operating pursuant to section 10 of this
				regulation.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 067 - REGULATION I-2014-01 - ELECTRONIC INSURANCE NOTICES › Section 21 020 067 - REGULATION I-2014-01 - ELECTRONIC INSURANCE NOTICES

Current through June,
				2024
Section 1 Authority
This regulation is promulgated pursuant to the authority
				  granted by
				  8 V.S.A.
				  §§
											15,
				  3666 and
				  chapters 105, 113, and 128.
Section
				2 Purpose
The purpose of this 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.
Section 3
				Severability Clause
If any provision of these regulations or the application
				  thereof to any person or circumstance, is held invalid, such invalidity shall
				  not affect other provisions or applications of these regulations which can be
				  given effect without the invalid provision or application, and to that end the
				  provisions of these regulations are severable.
Section 4 Definitions
A. "Delivered by electronic means" includes:
(1) Delivery to an electronic mail address at
				which a party has consented to receive notice; and
(2) Posting on an electronic network, or site
				accessible via the internet, mobile application, computer, mobile device,
				tablet, or any other electronic device, together with separate notice to a
				party sent to the electronic mail address at which the party has consented to
				receive notice of the posting.
Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 068 - REGULATION I-2015-01 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE REGULATION › Section 21 020 068 - REGULATION I-2015-01 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE REGULATION

Current
				through June, 2024
Section
				1 Authority
This regulation is promulgated pursuant to the authority
				  granted by
				  8 V.S.A.
				  §§
											15 and
				  3316.
Section 2 Purpose
The purpose of this regulation is to set forth the
				  procedures for filing and the required contents of the Corporate Governance
				  Annual Disclosure (CGAD), deemed necessary by the Commissioner to carry out the
				  provisions of
				  8 V.S.A. §
											3316.
Section 3 Definitions
A. "Insurance group" means those insurers and
				affiliates included within an insurance holding company system as defined in
				8 V.S.A. §
											3681(4).
B. "Insurer" means an insurance company that
				offers any of the types of insurance itemized under
				8 V.S.A. §
											3301(a), except that it
				shall not include agencies, authorities or instrumentalities of the United
				States, its possessions and territories, the Commonwealth of Puerto Rico, the
				District of Columbia, or a state or political subdivision of a state.
C. "Senior Management" means any corporate
				officer responsible for reporting information to the board of directors at
				regular intervals or providing this information to shareholders or regulators
				and shall include, for example and without limitation, the Chief Executive
				Officer ("CEO"), Chief Financial Officer ("O"), Chief Operations Officer
				("COO"), Chief Procurement Officer ("CPO"), Chief Legal Officer ("CLO"), Chief
				Information Officer ("CIO"), Chief Technology Officer ("CTO"), Chief Revenue
				Officer ("CRO"), Chief Visionary Officer ("CVO"), or any other "C" level
				executive.