VT| The Vermont Department of Financial Regulation (DFR) issued Insurance Bulletin No. 233 to mandate property and casualty insurers, including surplus lines carriers, to report claims data related to the June 22–September 1, 2024, flooding and rain events in Vermont. This data call aims to assess the impact of these disasters and ensure compliance with reporting requirements.
Key Points:
- Scope of Reporting: Insurers must provide detailed claims data across various lines of business (e.g., residential/commercial property, auto, flood, crop) for losses occurring between June 22 and September 1, 2024. Data should include policy counts, claim counts, payment statuses, total losses, and average claim closure times.
- Submission Deadlines: The first report is due by January 31, 2025, covering cumulative claims data as of December 31, 2024. Additional reports may be requested later.
- Reporting Process: Reports must follow a standardized template available via the NAIC online portal. Insurers with no claims to report must still submit zero-filled templates to confirm compliance.