Launches earthquake early-warning system, ShakeAlert, which is operated by U.S. Geological Survey. It sends text messages so people can take cover before damage starts.
Puts Bedivere Insurance Company into liquidation. Most liabilities come from old asbestos and environmental liabilities of OneBeacon and Commercial Union, which merged in 2000 to create Bedivere.
Appoints first-ever chief resilience officer, Ben Duncan, who currently heads the state’s Disaster Recovery Office. The post will deal with disaster recovery and build a statewide plan for flood risk mitigation. Towns and counties will have to start integrating resiliency measures into comprehensive plans.
Division of Workers Compensation sent out guidance March 2, instructing insurers to submit an electronic first report of injury for reaction to COVID-19 vaccine. Carriers should file first injury report if employee misses one or more days of work after receiving job-related COVID-19 vaccination.
Gov. Spencer Cox signs law mandating aviation pilots carry at least $100,000 in liability insurance. It is only the 12th state in the U.S. to mandate liability coverage for aircraft operators.
Proposes Regulation 1-2021-01, “The Third Party Administrator Rule,” which largely aligns with NAIC Model Third Party Administrator Act. Vermont defines a TPA as any individual or entity that directly or indirectly underwrites, adjusts or settles claims, or collects fees, collateral or premiums for life, annuity, health or stop-loss coverage. HRAs, HSAs, FSAs and other tax-advantaged accounts for healthcare expenses fall under the rule. Submitted comments were being evaluated at press time.
Gov. Ralph Northam signs bill stipulating that healthcare workers who come in contact with a known COVID-positive patient and become disabled or die from the virus are entitled to workers comp benefits. The presumption is not available for employees who decline the vaccine if offered by their employer. There is an exemption for those with medical conditions that preclude vaccination. The bill is retroactive to March 12, 2020.
Insurance Commissioner Mike Kreidler issues COVID emergency order banning use of credit scores for personal property insurance rates on policies issued or renewed on or after June 20. He wants the order to extend for three years. A bill attempting to prohibit credit scoring in personal lines failed last year in the legislature.
Gov. Jim Justice signs bill to protect businesses and healthcare providers from COVID-19 liability except in cases of malicious intent.
Closes $3 billion investment from BDT Capital Partners and gets an additional $454 million from consortium of investors attracted by last July’s acquisition of AI firm Tulco. A portion of this overall capital went to repurchase, in full, existing senior preferred stock and certain warrants. >> Launches asset management division and hires Patrick Rogers to lead new unit. His experience includes leadership at Gateway Investment Advisors and Quadrant Capital Group.
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