House concurs in senate amendments to captive-insurance bill, adds moratorium and consumer limits for virtual-currency kiosks

Members of the Vermont House agreed to concur in a Senate amendment to House Bill 659 and adopted a further amendment after debate on the floor.

The Member from Bethel, presenting the bill, said the Senate amendment is largely housekeeping from the Department of Financial Regulation (DFR) and includes adoption of National Association of Insurance Commissioners (NAIC) model-law updates, a pet-insurance model and conforming language tied to a Conference of State Bank Supervisors (CSBS) money-transmission modernization act. The presenter said those changes are intended to keep Vermont’s regulatory frameworks aligned with national standards and to preserve the state’s accreditation.

The Commerce and Economic Development Committee’s further amendment adds consumer protections for virtual-currency kiosks, including a proposed two-year moratorium on kiosks in the state through July 1, 2026; a daily cash transaction limit of not more than $1,000; and a fee cap set at $5 or 3% of the U.S. dollar equivalent of the virtual-currency transaction, whichever applies. The presenter told the chamber that kiosks have been used in scams and that “the minute you push that button, it is gone forever,” underscoring the committee’s concern about irretrievability of funds in those transactions.

The amendment also adds licensing requirements and directs the Commissioner of Financial Regulation to report to the House Commerce and Economic Development Committee and the Senate Committee on Finance on or before Jan. 15, 2026, assessing whether statutory requirements and federal rules adequately protect Vermont consumers and whether further statutory or regulatory action is needed. The presenter said the moratorium would pause kiosk deployment while the state studies the issue and considers durable safeguards.

The House voice-voted to concur in the Senate proposal and adopt the further amendment. The clerk announced concurrence in the Senate proposal of amendment with a further amendment; the vote was taken by voice.

The bill’s floor discussion and the committee report included technical explanations of NAIC and CSBS model-law items (holding-company calculations, liquidity tests and money-transmission conformity). The presenter said some items are relocations or reorganization of existing law rather than substantive new requirements.