House Commerce Committee reports H.137 favorably after revisions to insurance, Medigap and money‑transmission rules

The House Commerce and Economic Development Committee voted 11-0 on Wednesday to report H.137 favorably to the House floor after members reviewed a 32‑page, 23‑section strike‑all amendment that updates multiple parts of Vermont insurance law.

Maria Bridal of Legislative Council opened the committee review, saying, “So we are looking at the Commerce Committee Report, which is a strike all amendment to h 1 37.” The committee’s discussion covered confidentiality rules for Department of Financial Regulation filings, expanded authority for captive insurance entities, new exemptions for some payroll processors from Vermont money‑transmission licensing, an extension of the moratorium on virtual‑currency kiosks, and substantial changes to the state review process for Medicare supplement (Medigap) rate filings.

Why it matters: H.137 bundles mainly insurance technical and policy changes that affect insurers, small payroll processors that currently pay money‑transmission fees, and Medicare supplement policyholders. Committee members were told the fee‑exemption language would affect very few firms and have a minimal fiscal effect on the Department of Financial Regulation (DFR) special fund that pays for regulatory work.

Key provisions and discussion

Confidentiality and procedure. The bill broadens the confidentiality statute that covers DFR examination and investigation reports so that the protections apply to all persons regulated by the commissioner, not only those previously listed in Title 8 and Title 9, Chapter 150. The bill also updates cross‑references to reflect more recent changes in related statutes and moves a rule filing deadline for property and casualty rate filings from “15 days after the effective date” to filings “30 days prior to the effective date.” Committee members were told the commissioner has generally required filings earlier in practice.

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