VT| The Vermont Department of Financial Regulation Insurance Bulletin No. 236 announces changes to competitive market filing requirements for property and casualty insurance rates, effective July 1, 2025, based on Act 23 of 2025. Insurers must now file rates, supplementary rate information, and supporting documents on a “file and use” basis, with stricter pre-effective submission timelines and documentation requirements for regulatory compliance.
Main Points:
- Insurers must submit all rate filings, supplementary information, and required documentation no later than 30 days before the proposed effective date under a “file and use” system.
- Filings are only considered received when all regulatory requirements—including correct fees and complete supporting information—are met, triggering the 30-day review period.
- The bulletin details specific procedures for supporting documentation and confidentiality requests, and clarifies that incomplete submissions will be rejected until all mandatory criteria are satisfied.