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BILL AS INTRODUCED 2007-2008

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H.705

Introduced by Representatives Clerkin of Hartford, Bissonnette of Winooski, Botzow of Pownal, Consejo of Sheldon, Kitzmiller of Montpelier and Livingston of Manchester

Referred to Committee on

Date:

Subject:  Banking and insurance; filing of rates and other information

Statement of purpose:  This bill proposes to provide an exemption from rate filing and review for insurers when offering policies covering unusual or unique risks.

AN ACT RELATING TO EXEMPTIONS FROM FILING AND REVIEW OF INSURANCE RATES

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  8 V.S.A. § 4688(i) is added to read:

(i)  Exemptions.  Notwithstanding any other provisions of this title, risks or portions thereof which are not rated according to manuals, rating plans, or schedules, including “a rates,” risks rated under the “referral to company,” and “individual risk situations” rules, are exempted from the rate filing and review provisions set forth in this subchapter.  Insurers shall maintain complete files on how they determined the rate for such risks and make these files available to the commissioner upon request.  The term “a rate” means a commercial insurance rate tailored by an underwriter to provide coverage and pricing that reflect exposure presented by unusual or unique risks.  The term may include commercial umbrella or excess insurance and professional liability coverage, but not medical malpractice.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us