Act No. 32 Page 1 of 1
2023
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. 32 (S. 95). An act relating to banking and insurance
Subjects: Insurance; banking; Vermont Life and Health Insurance Guaranty
Association
This act pertains to the regulation of banking, insurance, and securities. More
specifically, the subjects addressed in the act include the Vermont Insurance Data
Security Law, the obligations of the Department of Financial Regulation if it denies a
financial services license to an applicant, a debtor’s right to cancel a debt adjustment
contract, the legal rate of interest applicable to borrower deposits required by a lender,
confidentiality of proprietary information submitted to the Department of Financial
Regulation, the disclosure requirements applicable to rate increases for long-term care
insurance, the Vermont Life and Health Insurance Guaranty Association, the enhanced
protection of Federal Home Loan Bank loans to insurance companies in the event an
insurance company is the subject of a delinquency proceeding, and a study of the
business practices of automobile insurance companies in Vermont.
Effective Date: July 1, 2023
VT LEG #370888 v.2


Statutes affected:
As Introduced: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a(e), 8-8084a
As Passed By the Senate -- Official: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a(e), 8-8084a, 8-7033, 8-7065, 8-7067
As Passed By the Senate -- Unofficial: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a(e), 8-8084a, 8-7033, 8-7065, 8-7067
As Passed by Both House and Senate -- Official: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a(e), 8-8084a, 8-7033, 8-7065, 8-7067, 8-23(a), 8-23
As Passed by Both House and Senate -- Unofficial: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a, 8-23(a), 8-23, 8-7033, 8-7065, 8-7067
As Enacted: 8-6011(b), 8-6011, 8-4728(c)(7), 8-4728, 8-4728(c), 8-2103(b)(3)(A), 8-2103, 8-2103(b), 8-2759a(b)(2)(A), 8-2759a, 8-2759a(b), 9-43, 8-4688(e), 8-4688, 8-8084a, 8-23(a), 8-23, 8-7033, 8-7065, 8-7067