ACT NO. 178
This act (1) authorizes the commissioner of the department of banking, insurance, securities, and health care administration to participate in a national licensing system for licensed lenders and mortgage brokers; (2) conforms certain bank reporting obligations with the departments consumer reporting activities; (3) corrects the characterization of the method by which credit unions sample member accounts for verification purposes; (4) provides greater flexibility concerning banks authorized to issue letters of credit supporting the capital and reserve requirements of captive insurance companies; (5) establishes appropriate criminal penalties for unlicensed, unauthorized, false, and misleading transactions relating to insurance; and (6) authorizes the commissioner to exempt Prepaid Inpatient Health Plans and Prepaid Ambulatory Health Plans established in accordance with federal Medicaid and Medicare laws and regulations from Vermont laws relating to health maintenance organizations and certificates of need; (7) authorizes the formation of a captive insurance company that is established for the sole purpose of merging with or assuming existing insurance or reinsurance business from an existing Vermont licensed captive insurance company; and (8) adds certain provisions regarding the status, rights, and obligations of a sponsored captive insurance company licensed as a special purpose financial captive insurance company.
Effective Date: July 1, 2008, except Secs. 2 and 14, which take effect May 28, 2008.
The Vermont General Assembly
115 State Street