Insurance
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Trust Accounts
Section 1. Purpose
The purpose of this regulation is to ensure the sufficiency of funds held by third parties when the intended beneficiaries of the funds are insured, insurance policy applicants or insurers.
Section 2. Authority.
This regulation is issued pursuant to the authority vested in the Commissioner of Banking, Insurance and Securities by 8 V.S.A § 75 and § 4812.
Section 3. Applicability.
Managing General Agents, ReInsurance intermediaries, and Producer Controlled insurers
SECTION 1. CONTRACTS REQUIRED: MANAGING GENERAL AGENTS
Any contract between an insurer and a managing general agent required by 8 V.S.A. § 4818 shall, in addition to the specifics set forth in § 4818:
Minimum Requirements for Compliance with Title 8 VSA § 4080b
Section 1. Purpose
The purpose of this regulation is to set forth rules for the enrollment of registered non-group carriers, requirements for the sale of individual insurance, requirements for the filing of rates, and standards and the process for approval of common health care plans.
Section 2. Authority
This regulation is issued pursuant to the authority vested in the Commissioner of Banking, Insurance and Securities ("Commissioner") by Title 8 V.S.A., Sections 75, 4071, and 4080b(c).
Section 3. Applicability and Scope
Uniform Claim forms and Uniform Standards and Procedures for Processing
Section 1. Purpose.
The purpose of this regulation is to promote efficiency and cost savings in the payment of health insurance claims by the use of common claim forms and procedures and to improve the availability and consistency of health services information.
Section 2. Authority.
This regulation is issued pursuant to the authority vested in the Commissioner of Banking, Insurance and Securities (Commissioner) under Title 18 V.S.A. 9408.
Section 3. Applicability and Scope.
Life and Health Insurance Agreements
Section 1. Authority
This Regulation is promulgated pursuant to the authority granted by 8 V.S.A. §§ 75 and 3634a.
Defining Standards and Commissioner's Authority for Companies Deemed to Be in Hazardous Financial Condition
Section 1. Authority.
This regulation is promulgated pursuant to the authority granted by 8 V.S.A. § 15 and Chapters 101, 123, 125, 139, 141, 142, 145 and 151.
Section 2. Purpose.
The purpose of this regulation is to set forth the standards which the Commissioner may use for identifying, and the powers and authority of the Commissioner with respect to, insurers or other risk bearing entities found to be in such condition as to render the continuance of their business hazardous to the public or to holders of their policies or certificates of insurance.
Investments in Medium Grade and Lower Grade Obligations
Section 1. Authority
This regulation is promulgated pursuant to the authority granted in 8 V.S.A. § 75.
Section 2. Purposes
The purposes of this regulation are:
Minimum Requirements for Compliance With 8 VSA, Section 4080a (Small Group Carriers)
SECTION 1. PURPOSE
The purpose of this regulation is to set forth the rules for registration of small group carriers, requirements for the sale of individual insurance and the standards and process for approval of common health care plans.
SECTION 2. AUTHORITY
This regulation is issued pursuant to the authority vested in the Commissioner of the Department of Banking, Insurance and Securities ("Commissioner") by Title 8 V.S.A., Section 4080a.
SECTION 3. REGISTRATION
Independent Analysis of Proposed Medicare Supplement Rate Increases
§ 1. Purpose.
The purpose of this regulation is to set forth rules for the hiring of independent experts to analyze proposed rate increases in Medicare supplement health insurance policies pursuant to Title 33 V.S.A. § 6706.
§ 2. Authority.
This regulation is issued pursuant to the authority vested in the Commissioner of Banking, Insurance and Securities ("Commissioner") by Title 33 V.S.A. § 6706.