Senate amends and orders H.659 for third reading after committee report on captive insurance and related financial measures
March 15, 2024 | SENATE, Committees, Legislative , Vermont
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The Vermont Senate amended H.659 as offered by the Committee on Finance and ordered the bill for third reading after a floor explanation by the sponsor.
The sponsor described H.659 as a comprehensive package addressing captive insurance (sections 1–18), parametric contracts, revisions to reserve requirements, confidentiality standardization across the Department of Financial Regulation (DFR), consumer protections for pet insurance, and adoption of the Money Transmission Modernization Act (with the sponsor noting Vermont did not adopt the virtual-currency section). The sponsor summarized the effect of several sections, for example explaining sponsored captive insurance"protected cells" and a proposal to reduce certain reserve requirements from $500,000 to $250,000.
On consumer protections the sponsor said the bill would require disclosure of pre-existing conditions for pet insurance, prohibit certain waiting periods unless waived after a physical exam, and require training for producers who sell those products. The sponsor also described housekeeping changes: renaming a DFR fund, updating notice rules for cancellation, and adding tools for assessing holding companies and receivership processes under NAIC model law.
The sponsor identified witnesses who testified before the committee from DFR and banking (named in the transcript) and reported the committee vote in the transcript. The Senate voted to adopt the committee's amendment and ordered H.659 for third reading.
The bill will return for third reading and any additional floor action before a final vote.
The sponsor described H.659 as a comprehensive package addressing captive insurance (sections 1–18), parametric contracts, revisions to reserve requirements, confidentiality standardization across the Department of Financial Regulation (DFR), consumer protections for pet insurance, and adoption of the Money Transmission Modernization Act (with the sponsor noting Vermont did not adopt the virtual-currency section). The sponsor summarized the effect of several sections, for example explaining sponsored captive insurance"protected cells" and a proposal to reduce certain reserve requirements from $500,000 to $250,000.
On consumer protections the sponsor said the bill would require disclosure of pre-existing conditions for pet insurance, prohibit certain waiting periods unless waived after a physical exam, and require training for producers who sell those products. The sponsor also described housekeeping changes: renaming a DFR fund, updating notice rules for cancellation, and adding tools for assessing holding companies and receivership processes under NAIC model law.
The sponsor identified witnesses who testified before the committee from DFR and banking (named in the transcript) and reported the committee vote in the transcript. The Senate voted to adopt the committee's amendment and ordered H.659 for third reading.
The bill will return for third reading and any additional floor action before a final vote.
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