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House amends broad insurance regulation bill; third reading ordered
Summary
The Vermont House amended H.137, a broad bill updating insurance regulation and captive-insurance provisions, voted to amend as recommended and ordered third reading after committee presentations and member questions about genetic privacy, rate review and small-payroll exemptions.
The House on Friday amended H.137, “an act relating to the regulation of insurance products and services,” and ordered the bill for third reading after committee presentations and member questions.
The bill would make a range of changes to the Department of Financial Regulation’s (DFR) authority and reporting rules, update captive insurance corporation governance language, add three exemptions for companies from Vermont’s money transmission licensing requirements, and change how proposed Medicare supplement (Medigap) rate increases are handled and posted.
Representative White (member from Bethel), speaking for the Committee on Commerce and Economic Development, said the bill combines housekeeping and substantive proposals from the DFR and described section-by-section changes. “An important component of effective financial regulation is that regulations are clear, consistent and up to date when addressing emerging trends and challenges,” White said. The committee’s strike-all amendment is available on the House Commerce and Economic Development calendar.
Key provisions summarized during the committee…
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