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No Great Gains or Losses for Insurers During Vermont Legislative Session, Says NAMIC

INDIANAPOLIS (June 16, 2005)—“Although insurers faced a number of challenges during the 2005 session of the Vermont General Assembly, in the end there were no great gains or losses,” said National Association of Mutual Insurance Companies (NAMIC) State Affairs Manager Tami Stanton.

Of the 728 bills filed in the Vermont House and Senate, a total of 44 dealt with insurance. By the session’s June 4 ending, the chambers passed a total of 42 bills, three dealing with insurance. Unsuccessful onerous insurance measures included additional restrictions on the use of credit-based insurance scores, increased fees for motor vehicle records and enhanced penalties related to flood insurance coverage notifications.

Only House Bill 79 pertained to the business of property and casualty insurance. The measure amends the underinsured motor vehicle statute. Previously, the law said a person could receive policy information about any other involved party’s insurance company if that person were “legally entitled” to recover damages. Under the new act, the statute will state a person “reasonably claiming the right” will have access to such policy information.

Unfortunately, the insurance fraud legislation, House Bill 150, strongly supported by NAMIC and the insurance industry, did not move out of the House Judiciary Committee after it was referred there on May 4. The insurance fraud bill did pass out of the House Commerce Committee prior to its referral to the Judiciary Committee.

Despite the legislature’s adjournment, Gov. Jim Douglas says he is vetoing the budget and health reform bills; therefore, a special session looms.

Posted: Thursday, June 16, 2005 12:00:00 AM. Modified: Monday, September 12, 2005 1:16:35 PM.

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