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DFR presents auto‑insurance study, recommends regulatory clarifications rather than sweeping mandates
Summary
The Department of Financial Regulation presented a study required by Act 32 of 2023 that found rising repair and labor costs and recommended updates to Regulation 79‑2 (guidelines for labor rates, disclosure improvements, consumer materials and targeted rulemaking) rather than mandating fixed labor rates or OEM‑only rules.
Mary Block, deputy commissioner of insurance at the Department of Financial Regulation, presented the department's report on auto insurance and repair practices required by Act 32 of 2023. The department described its methods — information requests to insurers, interrogatories, interviews, a survey of repair shops, contractor actuaries and an examination firm — and said staff reviewed roughly 950 relevant complaints over a five‑year period.
Block told the committee Vermont has a competitive market (about 70 insurers) and historically low…
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