Notices for Week of: DECEMBER 16, 2004
PROPOSED STATE RULES
By law, public notice of proposed rules must be given by publication in newspapers of record. The purpose of these notices is to give the public a chance to respond to the proposals. The public notices for administrative rules are now also available online at http://vermont-archives.org/aparules/ovnotices.htm The law requires an agency to hold a public hearing on a proposed rule, if requested to do so in writing by 25 persons or an association having at least 25 members.
To make special arrangements for individuals with disabilities or special needs please call or write the contact person listed below as soon as possible
To obtain further information concerning any scheduled hearing(s), obtain copies of proposed rule(s) or submit comments regarding proposed rule(s), please call or write the contact person listed below. You may also submit comments in writing to the Legislative Committee on Administrative Rules, State House, Montpelier, Vermont 05602 (828-2231).
Recognition of the 2001 Commissioners Standard Ordinary ("CSO") Mortality Table for use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation.
Vermont Proposed Rule: 04P043
AGENCY: Dept. of Banking, Insurance, Securities & Health Care Administration
CONCISE SUMMARY: This rule allows insurance companies to use the 2001 Commissioners Standard Ordinary (CSO) Mortality Table in accordance with 8 V.S.A. § 15, 8 V.S.A. § 3784(a)(2) ("Vermont Standard Valuation Law"), 8 V.S.A. § 3747a(h)(b) ("Vermont Standard Nonforfeiture Law for Life Insurance"), Sections 5A and 5B of Regulation 99-3-I ("Valuation of Life Insurance Policies") of the Vermont Department of Banking, Insurance, Securities and Health Care Administration, and Sec. 12 of Act 105 of the 2004 session. Following the adoption of this rule, insurers will have the option of using the 1980 CSO Mortality Table or the 2001 CSO Mortality Table.
TYPE OF PERSONS AFFECTED: Insurers, insurance trade associations, actuaries, actuary trade associations, insurance consumers, consumer groups, and insurance producers (agents & brokers) may be effected by this rule.
COST BENEFIT ANALYSIS: Promulgation of these rules allows for the use of new Mortality Tables that reflect favorable longevity trends. This will allow domestic Vermont insurers to realize market advantages that are currently available to many of their non-Vermont competitors. The rule will make domestic insurers more competitive with non-domestic insurers because it will enable Vermont domestic insurers to offer lower rates based on the updated tables, where the updated tables are authorized for use. Similarly, Vermont consumers that purchase insurance from such insurers will benefit by paying lower premiums.
SCHEDULED HEARINGS: January 5, 2005, 10:00 am in the Large Conference Room at BISHCA. 89 Main Street, City Center Building 3rd Floor.
DEADLINE FOR PUBLIC COMMENT: 01/17/05
FOR FURTHER INFORMATION, CONTACT: Ken McGuckin, Banking, Insurance, Securities and Health Care Administration 89 Main St. Drawer 20, Montpelier, VT 05620 802-828-1483.
Return to the 2004 date selection page for more weekly notices or choose from the links in the left sidebar for notices from a different year.
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- If you have general questions about the rulemaking process, please contact
- Louise Corliss by e-mail at or by phone 802-828-2863
