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Deadline For Public Comment

Deadline: Apr 29, 2014

The deadline for public comment has expired. Contact the agency or primary contact person listed below for assistance.

Rule Details

Rule Number: 14P011
Title: Defining Standards and Commissioner's Authority for Companies Deemed to be in Hazardous Financial Condition - Regulation 93-2 (Revised).
Type: Standard
Status: Adopted
Agency: Department of Financial Regulation
Legal Authority: 8 V.S.A. ยง 15
Summary: The proposed rule amends Regulation 93-2. It sets forth the standards the Commissioner of the Department 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 forth 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.
Persons Affected: The Department of Financial Regulation, Insurance Companies licensed in the State of Vermont, Consumers.
Economic Impact: The proposed rule would have a favorable economic impact on the State of Vermont by ensuring the financial soundness of insurance companies and protecting consumers from insurers deemed to be in a hazardous financial condition. The proposed rule impacts insurance companies by expanding the Commissioner's authority to ensure their solvency.
Posting date: Mar 19,2014

Hearing Information

Information for Hearing # 1
Hearing date:
04-22-2014 09:00 AM   
Location: Department of Financial Regulation
Address: 89 Main Street, City Place
City: Montpelier
State: VT
Zip: 05620
Hearing Notes:

Contact Information

Information for Contact # 1
Level: Primary    
Name: Shannon Salembier    
Agency: Department of Financial Regulation    
Address: 89 Main Street    
City: Montpelier    
State: VT    
Zip: 05620-3101    
Telephone: 802-828-2234    
Fax:    
Email: 
shannon.salembier@state.vt.us
     
 
   
Website Address:  http://www.dfr.vermont.gov/proposed-rules-and-regulations
     
 
   
Information for Contact # 2
Level: Secondary    
Name: Crosby Sherman    
Agency: Department of Financial Regulation    
Address: 89 Main Street    
City: Montpelier    
State: VT    
Zip: 05620-3101    
Telephone: 802-828-4846    
Fax:    
Email: 
crosby.sherman@state.vt.us
     
 
   
       

Keyword Information

Keywords:

Hazardous Financial Condition
Insurance
Solvency
Standards
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