Vermont Administrative Code

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 r…

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 provisi…

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. Rule…

Section 1 Purpose The purposes of this regulation are to require and set forth the rules for the calculation and filing of Risk Based Capital (RBC) reports and establish related procedural requirements of RBC for certain property and casualty insurers. The related procedural requ…

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, a…

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 par…

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 f…

Section 1 PURPOSE AND AUTHORITY This regulation is promulgated pursuant to and in accordance with the provisions of Title 21 Section 687a of the Vermont Statutes Annotated. Its purpose is to establish rules, forms, and procedures relating to the administration and operation of an…

Section 1 Purpose The purpose of this regulation is to regulate the affairs of persons and institutions engaged in viatical settlements in Vermont, to encourage competition among them, and to protect the public against unfair and unconscionable practices in the course of that bus…

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 authori…

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…

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 Authorit…

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 po…

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 …

Article I GENERAL PROVSONS Section 1 Authority This regulation is promulgated pursuant to the authority granted by 8 V.S.A. §§ 10 , 15 , 3381 , 3541 et seq., 3688, 3829, 3858, 4062, 4108, 4113, 4201, 4362, 4373, 4464, 4480, 4481, 4515a, 4587, 4690, Chapter 129, 4812, 4836, 4902, …

VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES AND HEALTH CARE ADMINISTRATION REGULATION I-2002-02 BUSINESS ENTITY LIMITED LINES PRODUCER LICENSE FOR RENTAL CAR INSURANCE, REVISED Section 1 Authority This regulation is promulgated under the authority granted to the Commissi…

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…

I-2005-01 RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS MODEL REGULATION Section 1 Authority This Regulation is promulgated by the Commissioner of Banking, Insurance, Securities and Health Care Administra…

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 (collective…

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 La…

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 …

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…

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 regul…

Section 1 Authority This Regulation is promulgated under the authority granted the Commissioner of the Department of Financial Regulation pursuant to 8 V.S.A. §§ 15 and 3578a . Section 2 Purpose and Scope The purpose of this regulation is to improve the Department's surveillance …

Section 1 Authority This Regulation is promulgated under the authority granted the Commissioner of the Department of Banking, Insurance, Securities and Health Care Administration pursuant to 8 V.S.A. §§ 15 and 3578a . Section 2 Purpose and Scope The purpose of this regulation is …

Section 1 Authority This regulation is promulgated under the authority granted to the commissioner by Title 8 V.S.A. §15, Title 8 V.S.A. § 6015 , and Title 8 V.S.A.§ 6052(e) , to implement the provisions of the Vermont Insurance Holding Companies Act, Title 8 V.S.A. Chapter 101, …

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 s…

Section 1 Purpose Under Vermont Law, a health plan shall apply member co-pays to mental health services and to medical services consistently in its health insurance policies/certificates. The member co-pay applicable to mental health and substance abuse services designated as "pr…

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 …

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 (CG…

Section 1 Purpose The purpose of this rule is to standardize the posting of qualified health plan Prescription Drug Formularies by Health Insurers Section 2 Authority The Commissioner of the Department of Financial Regulation has the authority to issue this rule under 8 V.S.A. § …

Section 1 Authority This regulation is promulgated under the authority granted to the Commissioner by 8 V.S.A. §§ 15 , 4813a(6) and 4813f(b) . Section 2 Definitions (A) "Limited lines producer for travel insurance" means a: Licensed insurance producer, including a limited lines p…

Section 1 Purpose This rule is promulgated pursuant to 8 V.S.A. § 4079a and in response to the United States Department of Labor's June 21, 2018 amendment to 29 C.F.R. § 2510. See Definition of "Employer" Under Section 3(5) of ERISA--Association Health Plans, 83 Fed. Reg. 28 , 96…

Section 1 Purpose This rule is promulgated pursuant to 8 V.S.A. § 4084a and in response to the publication on August 3, 2018 by the United States Department of Labor, the Department of Health and Human Services, and the Department of the Treasury of a final rule (the "Final Rule"…

Section 1 Purpose This rule is promulgated pursuant to 8 V.S.A. § 4079a and in response to the United States Department of Labor's June 21, 2018 amendment to 29 C.F.R § 2510. See Definition of "Employer" Under Section 3(5) of ERISA--Association Health Plans, 83 Fed. Reg. 28 , 961…

Section 1 Purpose The purpose of this regulation is to set forth the requirements and standards for the submission, granting, denying, monitoring, and revocation of innovation waivers, and the monitoring, examination, and supervision of, and reporting by, persons applying for or …

Section 1 Authority This rule is promulgated under the authority granted to the Commissioner by 8 V.S.A. §§ 15 , 4813a(6) and 4813f(b) . Section 2 Purpose The purpose of this rule is to establish a business entity limited lines producer license for the sale of self-storage insura…

CHAPTER 1 TITLE, AUTHORITY, AND DEFINITIONS V.S.R. § 1-1 Title; Authority. Regulations V.S.R. § 1-1. through V.S.R. § 8-4 (the "Vermont Securities Regulations") are promulgated pursuant to the provisions of the Vermont Uniform Securities Act (2002) (the "Act"), codified at Chapte…

Section 1 AUTHORITY, SCOPE AND PURPOSE 1.01 This regulation is issued by the Department of Banking, Insurance and Securities pursuant to the authority vested in the Commissioner of Banking, Insurance and Securities ("Commissioner") by Title 9 V.S.A., sections 4237, 4217(c), 4224a…

Section 1 AUTHORITY, SCOPE AND PURPOSE 1.01 This Regulation is issued by the Department of Banking, Insurance and Securities pursuant to the authority granted by 9 V.S.A. Section 4237 and 9 V.S.A. Section 4221a(a) (8). 1.02 This Regulation applies to all broker-dealers and sales …

Section 1 Authority This Regulation is promulgated pursuant to the Commissioner's authority under 9 V.S.A., Chapter 131, Section 4224a, Section 4229 and Section 4237 and Title 8, Section 10. Section 2 Purpose, Scope and Compliance (a) Purpose. This Regulation governs the treatmen…

Section 1 Purpose This Rule establishes requirements for notice filings and notice filing fees with respect to the offer and sale of a Federal Covered Security described in Section 18(b)(4)(D) of the Securities Act of 1933. This Rule is adopted in recognition of the amendment of …

Section 1 Purpose This Rule sets forth standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations in the offer, sale, or purchase of securities or insurance, or in the p…

Section a Definitions The following terms as used in this regulation are defined as: (1) " Accredited Investor" means an investor that satisfies the definition of "accredited investor" pursuant to 17 C.F.R. § 230.501(a) . (2) " Bad Actor" means an issuer; any predecessor of an is…

Section 6.100 Authority This rule is promulgated by the Health Care Authority under the authority of 18 V.S.A. §§ 9404(d)(2) and 9409(b) . Section 6.200 Scope and Purpose Section 9406 of Title 18 requires the Health Care Authority to establish a unified health care budget on an a…

Section 7.000 General Provisions 7.001 Authority. This rule is promulgated by the Department of Banking, Insurance, Securities and Health Care Administration under the authority of 18 V.S.A. §§ 9404(d)(2) , 9453(b) , and 9456(e) . 7.002 Applicability. This rule shall apply to hea…

Part 1 GENERAL PROVISIONS Section 1.1 Purpose The purpose of this rule is to set forth the consumer protection and quality requirements that managed care organizations shall meet in order to further the purposes of its enabling statutes. Section 1.2 Authority This rule is issued …

Section 1. Purpose. The purpose of this rule is to establish a process for independent external reviews of adverse benefit determinations regarding health benefits that are eligible for independent external review by law. Section 2. Authority. The Commissioner of Financial Regula…

Section 1. Purpose. The purpose of this regulation is to provide for the reasonable standardization of coverage and simplification of terms and benefits of Medicare supplement policies; to facilitate public understanding and comparison of such policies; to eliminate provisions co…

ATTACHMENT 1 WORKSHEET A. DEFINITIONS "COMMUNITY RATING" means a rating process that produces average premium rates for a defined community of insureds in the State of Vermont for the given policy period. The averaging process includes various geographic rating areas, if any, wit…