Notices for Week of: SEPTEMBER 6, 2007
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).
Business Entity Limited Lines Producer License for Credit Insurance (I-2007-01).
Vermont Proposed Rule: 07P042
AGENCY: Dept. of Banking, Insurance, Securities & Health Care Administration
CONCISE SUMMARY: The purpose of this Regulation is to establish a Business Entity Limited Lines Producer License for the sale of Credit Insurance as a limited lines insurance product, and to set forth requirements for the sale of Credit Insurance by a Business Entity Limited Lines Credit Insurance Producer and its employees and representatives.
TYPE OF PERSONS AFFECTED: Consumers, businesses and individuals that sell Credit Insurance, insurance companies and the Department of Banking, Insurance, Securities and Health Care Administration.
COST BENEFIT ANALYSIS: The Regulation will eliminate the cost to business entities selling Credit Insurance of licensing each employee or representative involved in the sale of Credit Insurance as an insurance producer.
SCHEDULED HEARINGS: Monday, September 24, 2007 from 10 am to 11 am at the BISHCA offices, 89 Main Street, 3rd Floor, Montpelier, Vermont.
DEADLINE FOR PUBLIC COMMENT: October 2, 2007.
FOR FURTHER INFORMATION, CONTACT: Kevin Moriarty, Assistant General Counsel, Dept. of Banking, Insurance, Securities and Health Care Administration (BISHCA), 89 Main Street, Montpelier, VT 05620 802-828-4859.
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Limited Lines Producer License for Credit Insurance (I-2007-02).
Vermont Proposed Rule: 07P043
AGENCY: Dept. of Banking, Insurance, Securities & Health Care Administration
CONCISE SUMMARY: The purpose of this Regulation is to establish a Limited Lines Producer License for the sale of Credit Insurance and to set forth requirements for the sale of Credit Insurance by a Limited Lines Credit Insurance Producer.
TYPE OF PERSONS AFFECTED: Consumers, individuals that sell credit insurance, insurance companies and the Department of Banking, Insurance Securities and Health Care Administration.
COST BENEFIT ANALYSIS: The Regulation will reduce the time and cost of obtaining a license for individuals that sell only Credit Insurance.
SCHEDULED HEARINGS: Monday, September 24, 2007 from 10 am to 11 am at the BISCHA offices, 89 Main Street, 3rd Floor, Montpelier, Vermont.
DEADLINE FOR PUBLIC COMMENT: October 2, 2007.
FOR FURTHER INFORMATION, CONTACT: Kevin Moriarty, Assistant General Counsel, Dept. of Banking, Insurance, Securities and Health Care Administration (BISCHA), 89 Main Street, Montpelier, Vermont 05620, 802-828-4859.
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Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities (I-2007-03)
Vermont Proposed Rule: 07P044
AGENCY: Dept. of Banking, Insurance, Securities & Health Care Administration
CONCISE SUMMARY: The purpose of this Regulation is to permit life insurance companies the option of using mortality tables that reflect differences in mortality between preferred and standard lives in determining minimum reserve liabilities under Vermont law for policies issued on or after January 1, 2007, consistent with a model recently adopted by the National Association of Insurance Commissioners ("NAIC"). The 2001 CSO Preferred Class Structure Mortality Table represents a refinement of existing tables (2001 CSO Smoker or Nonsmoker Mortality Table) that will allow insurers to reserve more accurately with respect to the more favorable risks insured and, potentially, price insurance products at a lower cost than otherwise possible.
TYPE OF PERSONS AFFECTED: Insurance companies (Life) and the Department of Banking, Insurance, Securities and Health Care Administration.
COST BENEFIT ANALYSIS: There will be little or no fiscal impact for the Department or for other state agencies or local government. Insurers that elect to utilize the 2001 CSO Preferred Class Structure Mortality Table will incur some minimal costs relating to replacement of the current table, but since the new table is optional and used only for reserve calculations, insurers will not have to make any new product filings. Insurers that adopt the new table will be able to reduce their required reserves in an amount dependent on the mix of business and risk of the insurer. In particular, insurers in the term market may be able to significantly reduce reserve requirements and accordingly price products at a lower cost than otherwise possible under current mortality tables.
SCHEDULED HEARINGS: September 26, 2007 at 10 am at the BISCHA offices, 89 Main Street, Montpelier, VT.
DEADLINE FOR PUBLIC COMMENT: October 5, 2007.
FOR FURTHER INFORMATION, CONTACT: Peter F. Young, Assistant General Counsel, Dept. of Banking, Insurance, Securities and Health Care Administration (BISHCA), 89 Main Street, Montpelier, Vermont 05620, 802-828-4859.
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Rules for the Administration and Collection of the Employers' Health Care Contribution
Vermont Proposed Rule: 07P045
AGENCY: Dept. of Labor
CONCISE SUMMARY: The rule is being amended to exempt certain part-time and seasonal workers from the definition of "uncovered employee." Hours worked by employees who are not offered health care coverage and who work less than 30 hours a week, or less than 20 weeks a year, need not be counted toward an employer's health care contribution if: 1) the employer offers health care coverage to its full-time employees, and 2) the part-time or seasonal employee is otherwise covered through a health care plan other than VHAP or Medicaid. The rule also contains some minor technical amendments.
TYPE OF PERSONS AFFECTED: All employers with more than 8 employees who either do not offer health care coverage to their employees, or who do offer health care coverage but have 8 or more employees who decline health care coverage and are otherwise uncovered. As of July 1, 2008, the number of employees drops to 6, as of July 1, 2009, the number drops to 4. The amendments to the rule will particularly affect employers with a large number of part-time or seasonal employees.
COST BENEFIT ANALYSIS: The proposed rule amendment will reduce the health care contribution owed by an employer who employs part-time or seasonal employees to whom the employer does not offer health care coverage, but who are otherwise covered. Legislative estimates are that the annual statewide savings to employers will be approximately $800,000.
SCHEDULED HEARINGS: Tuesday, October 9, 2:30 p.m. to 4:30 p.m., Pavilion Auditorium, 109 State Street, Montpelier.
DEADLINE FOR PUBLIC COMMENT: October 22, 2007
FOR FURTHER INFORMATION, CONTACT: Dirk Anderson, Department of Labor, P.O. Box 488, Montpelier, VT 05601-0488 (802) 828-4391
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Real Estate Appraiser Rules.
Vermont Proposed Rule: 07P041
AGENCY: Secretary of State, Office of Professional Regulations
FOR FURTHER INFORMATION, CONTACT: Rita Knapp, Administrator Office of Professional Regulation, National Life Building, North Floor 2, Montpelier, VT 05620-3402 802-828-2808.
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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
