Commerce committee reports H.649 favorably after technical amendments clarifying risk-retention language

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 potential source of confusion about ownership and control. An unnamed deputy commissioner told the committee the amendment aligns statutory language with how the division treats risk retention groups, noting that the federal act treats owners as members and that referencing a parent company could complicate interpretation. "I am supportive," the deputy commissioner said.

Ian Davis, identified in the transcript as president of the Vermont Captive Insurance Association, told the committee the edit "is a good catch" and said the nomenclature change eliminates potential confusion; he expressed support for moving the bill forward.

After brief discussion the chair moved to a vote. Representative Bosch moved the motion; the transcript records a second but the second speaker is unclear. The clerk called the roll and the committee recorded unanimous affirmative votes from Representatives Bosch, Booten, Kara Stumpkin, Cooper, Duke, Miklus, Olson, Priestley, Voigt, Groening and Markup. The chair announced the motion carried.

The committee chair thanked staff and Legislative Council for preparing the amendment and noted Representative White as the committee's reporter. The committee closed with a preview of upcoming hearings, including a joint hearing with Corrections and Institutions and additional Department of Financial Regulation agenda items.

What changed

- Investments/loans: The amendment replaces a prohibition that referenced a parent company of a risk retention group with a prohibition on loans or investments in a group's members or affiliates of its members. - Filing standard: The amendment clarifies that a commissioner must file the required statement "under oath or affirmation," aligning the statutory text with current drafting practice.

Vote at a glance

Motion: "Vote favorably on H.649" (as recorded in the transcript). Moved by Representative Bosch; second recorded but unclear in the transcript. Result: Motion carried. Recorded roll-call "Yes" votes: Bosch; Booten; Kara Stumpkin; Cooper; Duke; Miklus; Olson; Priestley; Voigt; Groening; Markup.

Next steps

The committee reported H.649 favorably to the calendar; the bill will appear on the House calendar for further consideration. The chair indicated the committee will reconvene for scheduled hearings on other bills.