REGULATORY ACTIVITY:

• Issued Insurance Bulletin #206 regarding virtual adjustment of vehicle partial and total loss claims.  The Vermont Insurance Division has recently seen an increase in the use of “virtual claims adjustment systems” that require the insured or the insured’s body shop to submit photographs or videos to the insurer in lieu of having a claims adjuster assess the damage to an automobile in person.  At the same time, the Division has seen a rise in consumer complaints alleging that the virtual adjustment process has unreasonably delayed the settlement of vehicle damage claims or resulted in inadequate settlement offers. The purpose of this Bulletin is to clarify the Division’s position regarding the use of virtual adjusting in the settlement of motor vehicle partial and total loss claims.  To view the bulletin, go to https://dfr.vermont.gov/view/regbul?field_rb_type_value=Bulletin&term_node_tid_depth=All.

REGULATORY ACTIVITY:

• Published insurance bulletin number 206. The Vermont Insurance Division has recently seen an increase in the use of "virtual claims adjustment systems" that require the insured or the insured's body shop to submit photographs or videos to the insurer in lieu of having a claims adjuster assess the damage to an automobile in person. At the same time, the Division has seen a rise in consumer complaints alleging that the virtual adjustment process has unreasonably delayed the settlement of vehicle damage claims or resulted in inadequate settlement offers. The purpose of this Bulletin is to clarify the Division's position regarding the use of virtual adjusting in the settlement of motor vehicle partial and total loss claims. To view this bulletin, go to https://dfr.vermont.gov/view/regbul?tid=73&field_rb_type_value=All

REGULATORY ACTIVITY:

• Issued insurance bulletin No. 206 regarding interest on insurance claim payments. The purpose of this bulletin is to clarify the effect of the passage of Act 134 of the 201 7-18 legislative session on 8 V.S.A.  § 3665.  ("Timely payment of claims; interest; damages").  To view the bulletin, go to http://www.dfr.vermont.gov/view/regbul?tid=3&field_rb_type_value=Bulletin.

REGULATORY ACTIVITY:

• Has adopted Regulation I-79-2 Regarding Fair claims practices. The rule revises the existing insurance trade practices regulation to update the methodology used to determine the cash settlement value insurers pay in motor vehicle total losses. The rule clarifies how the value of a replacement vehicle is determined in the event that the claimant's vehicle is determined to be a total loss. The rule also codifies requirements for matching of replacement items and parts for partial losses.  The rule becomes effective July 1, 2018.  To view the adopted rule, go to dfr.vermont.gov/proposed-rules-and-regulations.

REGULATORY ACTIVITY:

• Posted notices of intent to revise Regulation 1-79-2 regarding Fair Claims Practices.  The proposed rule revises the existing insurance trade practices regulation to update the methodology used to determine the cash settlement value insurers pay in motor vehicle total losses. The rule clarifies how the value of a replacement vehicle is determined in the event that the claimant's vehicle is determined to be a total loss. The proposed rule also codifies requirements for matching of replacement items and parts for partial losses.  Public hearing:  11/6/2017 at 10 am., DFR offices, 89 Main Street, 3rd Floor Conference Room, Montpelier, Vermont. Deadline for comment:  11/14/17.