Insurance holding‑company rule updated to align with NAIC model; committee approves minor administrative changes

Russ McCracken of the Vermont Department of Financial Regulation told the Legislative Committee on Administrative Tools on Aug. 7, 2025, that the department proposed conforming changes to Rule 25P17, Insurance Holding Company Systems, based on statutory changes from Act 110 of 2024 and updates to a National Association of Insurance Commissioners (NAIC) model law and regulation. McCracken said the changes clarify when commissioner‑issued exemptions from certain filings apply and specify requirements for agreements among insurance holding companies for cost‑sharing and management services. He told the committee the department also added administrative updates allowing filings by email. McCracken said the department held a public hearing and received no public comments. Committee members had no substantive questions and voted to approve Rule 25P17 as presented. The department characterized the changes as largely administrative and as responses to model‑law updates; no budget or programmatic impacts were raised during the committee meeting.