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Commerce committee reports H.649 favorably after technical amendments clarifying risk-retention language
Summary
The Vermont House Committee on Commerce and Economic Development voted to report H.649 favorably Jan. 13, 2026, after adopting two substantive technical amendments that remove a "parent company" reference for risk retention groups and require the commissioner's filing to be "under oath or affirmation."
The Vermont House Committee on Commerce and Economic Development voted Jan. 13, 2026, to report H.649 favorably to the calendar after adopting two substantive amendments intended to clarify how the state regulates risk retention groups.
Legislative Council staff member Maria Royal told the committee the amendment makes two changes: it removes a reference to loans or investments in a "parent company" of a risk retention group and instead bars loans or investments in the group's members or affiliates of those members; and it amends the language on page 5, line 3, to require the commissioner to file a statement "under oath or affirmation" to match current drafting practice.
The change to strike the "parent company" reference was defended as removing a…
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