Chapter 128 of Title 8, Vermont Statutes Annotated, requires insurance companies doing business in Vermont to submit rate information to the Department of Banking, Insurance, Securities and Health Care Administration in order to monitor competition.
Accordingly, the Department requires a Price Monitor Report to be completed annually providing year end data for the past two years. The Insurer will need to update the reporting years to reflect the two most current reporting years. (ie., February 2013 reporting would include 12/31/2011 and 12/31/2012) The Report should include licensed data from all companies in your Group writing business in the State of Vermont. The Report is due 45 days after the end of the most recent reporting year.
Vermont Price Monitor Report. The Department uses the report to calculate average premiums and price changes for the given lines of insurance.
If you have any questions regarding the Price Monitor Report please contact Kevin Gaffney at 802-828-4845.
Certification: The filer must certify using the following language that the filing has been properly completed and is in compliance with all applicable Vermont laws, regulations and policies:
Certification statement: "I certify that the attached filing has been completed in accordance with Vermont Regulation I-2010-03 and is in compliance with all applicable Vermont laws and Regulations."
Below is a complete list of Sub TOI's that must submit the above Certification statement:
•01.0002 Personal Property (Fire and Allied LInes) •02.3002 Personal Flood •03.0000 Personal Farmowners •04.0000 Homeowners - Combinations •04.0001 Condominium Homeowners •04.0002 Mobile Homeowners •04.0003 Owner Occupied Homeowners •04.0004 Tenant Homeowners •04.0005 Other Homeowners •09.0004 Pet Insurance Plans •09.0006 Other Personal Inland Marine •09.0008 Event Cancellation •09.0009 Travel Coverage •09.0010 Boatowners/Personal Watercraft •12.0002 Personal Earthquake •16.0000 WC - Combinations •16.0001 Alternative WC •16.0002 Employers Liability WC •16.0003 Excess WC •16.0004 Standard WC •17.0003 Comprehensive Personal Liability •17.1003 Comprehensive Personal Liability •17.2003 Comprehensive Personal Liability •17.0017 Personal Injury Liability •17.1017 Personal Injury Liability •17.2017 Personal Injury Liability •17.0021 Personal Umbrella and Excess •17.1021 Personal Umbrella and Excess •17.2021 Personal Umbrella and Excess •19.0000 Personal Auto Combinations •19.0001 Private Passenger Auto •19.0002 Motorcycle •19.0003 Recreational Vehicle •19.0004 Other •20.0000 Commercial Auto Combinations •20.0001 Business Auto •20.0002 Garage •20.0003 Other •20.0004 Truckers •21.0004 Mobile Homes under Transport •24.000 Surety •23.0000/24.0000 Fidelity and Surety •26.0002 Personal Burglary and Theft •28.2001 Creditor-Placed Home •28.2002 Creditor-Placed Auto •28.2003 Personal Property •28.2004 Credit Involuntary Unemployment •28.2005 Personal GAP Insurance •30.0000 Homeopwner/Auto Combinations •30.1000 Dwelling Fire/Personal Liability •33.0001 Other Personal Lines •34.0000 Title •35.0000 Personal/Commercial Interline Filings •35.0001 Personal Interline Filings
The completed application must have the following information:
Name and address of the Insurance Company
NAIC Code
Name and Address of the Insured
Description and location of the risk
Policy Number
Policy type
Effective date of the Endorsement
Manual Premium (if applicable)
Higher Premium Charged (if applicable)
Reason for Non-Standard coverage
Description of exposure or coverage eliminated
Signature of Insured
Signature of the Broker or Insurance company representative
The application must be signed by all named insureds. If the named insured is a Corporation, then only one signature is needed. If the application is submitted by U.S mail, a stamped self addressed envelope must be provided to receive an acknowledgement.
If you have any quesitons regarding the Consent to Rate Application contact: Nikki M Garand AINS, AIS, API, CPIW, ACSR Telephone: (802) 828-4840 Nicole.Garand@state.vt.us
Mail the completed Consent to Rate Application to: Banking, Insurance, Securities and Health Care Administration Insurance Rates & Forms 89 Main Street Montpelier, VT 05620-3101
Per Title 8: §3879-3883 / Fire & Casualty and §4711 / Property & Casualty policies, mid-term cancellations must be submitted to the insurance commissioner for approval. All mid-term cancellation requests must have the following information:
Named Insured(s)
Policy Number
Policy Term
Insured location address
Explanation of the increased hazard exposure
The following additional information would be helpful during the review.
Photos if applicable
The submitted information will be reviewed for cancellation consideration. Once a decision has been made, we will mail our response to you. All your correspondence regarding mid-term cancellations must go through the US mail; as we will not accept email or phone responses. If you have any questions regarding this requirement, please contact:
Nikki M Garand AINS, AIS, API, CPIW, ACSR Insurance Rate & Form Analyst II Tel (802) 828-4840 Nicole.Garand@state.vt.us
Please mail the mid-term cancellation request to: Banking, Insurance, Securities and Health Care Administration Insurance Rates & Forms 89 Main St Montpelier, VT 05620-3101
