Act No. 139 Page 1 of 1
2022
This act summary is provided for the convenience of the public and members of the General
Assembly. It is intended to provide a general summary of the act and may not be
exhaustive. It has been prepared by the staff of the Office of Legislative Counsel without
input from members of the General Assembly. It is not intended to aid in the interpretation
of legislation or to serve as a source of legislative intent.
Act No. 139 (H.515). Banking; insurance; captive insurance; securities
An act relating to banking, insurance, and securities
This act makes various technical amendments to Vermont’s banking,
insurance, and securities laws. In addition, the act makes several substantive
changes to Vermont law, as follows. First, the act requires licensees to register
virtual currency kiosks with the State and imposes on them disclosure
requirements similar to those applied to ATMs under current law. Second, the act
allows certain insurers to offer rebates to consumers if those rebates constitute
“value-added products and services” that relate to the insurance coverage and also
benefit both the consumer and the insurer. Third, it reduces the minimum
statutory interest rate to 0.15 percent under the standard nonforfeiture law that
applies to deferred annuities. Fourth, it enacts a regulatory scheme specific to
travel insurance. Fifth, it makes several changes to captive insurance law relating
to the following topics: the reporting of premium tax reconciliations, delinquency
proceedings against protected cells within a sponsored captive insurance
company, insurance of unaffiliated entities within a protected cell, reporting
requirements specific to sponsored captive insurance companies, and authority to
enter into parametric contracts. Sixth, it enacts the Vermont Insurance Data
Security Law. Seventh, it enacts the Vermont Whistleblower Award and
Protection Act. Eighth, it authorizes the Commissioner of Financial Regulation to
update its credit for reinsurance rules to comply with federal and NAIC
accreditation standards. Finally, the act requires the Department of Financial
Regulation, in consultation with the Public Utility Commission, to develop a
guidance document that includes recommendations related to standard insurance
requirements and measures applicable to Internet service providers that ensure
adequate coverage is in force for the duration of broadband construction projects
in Vermont.
Effective Date: May 27, 2022
VT LEG #363729 v.2


Statutes affected:
As Introduced: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-4085, 8-4085a, 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616
As Passed By the House -- Official: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-4085, 8-4085a, 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616, 8-3750(d)(1)(C)(iii), 8-3750, 8-3750(d), 8-3634a
As Passed By the House -- Unofficial: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-3750(d)(1)(C)(iii), 8-3750, 8-3750(d), 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616, 8-3634a
As Passed by Both House and Senate -- Official: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-4085, 8-4085a, 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616, 8-3750(d)(1)(C)(iii), 8-3750, 8-3750(d), 8-3634a
As Passed by Both House and Senate -- Unofficial: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-3750(d)(1)(C)(iii), 8-3750, 8-3750(d), 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616, 8-3634a
As Enacted: 8-3685(f)(1), 8-3685, 8-3685(f), 9-5302(e), 9-5302, 9-5305(b), 9-5305, 8-14106, 8-10405(c)(2), 8-10405, 8-10405(c), 8-4724(8), 8-4724, 8-3750(d)(1)(C)(iii), 8-3750, 8-3750(d), 8-4813i(c), 8-4813i, 8-6007(c)(2), 8-6007, 8-6007(c), 8-6038, 8-6032(7)(C), 8-6032, 8-6032(7), 8-6034, 8-6002(a), 8-6002, 8-6006a(b), 8-6006a, 9-5616, 8-3634a