Memorandum of Understanding Between State of Vermont Office of Secretary of State and Department of Financial Regulation

USA (United States of America), State of Vermont, memorandum between the Secretary of State and Department of Financial Regulation to collaborate on an initiative to potentially implement digital ledger technology or blockchain technology for the purposes of digital record keeping within the captive insurance industry. An excerpt of the Memorandum of Understanding (MOU) appears below:

The Parties shall work collaboratively to launch a pilot program offering new Vermont captive insurance companies the option of registering with SOS through Blockchain for a term to be determined by the Parties;

Any and all Blockchain registration as part of the pilot program described in this MOU shall be voluntary on the part of the registrant;

The Parties shall work collaboratively to develop and issue a request for information (“RFI”) that shall be used to identify the feasibility of the pilot program and the scope of work required for its successful implementation;

The Parties shall work collaboratively to develop and issue a request for proposals (“RFP”) that may be used to jointly select a qualified third-party vendor (“Vendor”) to develop and/or implement Blockchain for the use of the Parties during the pilot program;

The Parties shall jointly negotiate contract terms related to the pilot program with any selected Vendor. SOS shall administer the contract with the Vendor once executed and for the remainder of the contract term, and DF R shall assist SOS with such administration as requested;

The Parties shall share on an equal basis all costs associated with the development and issuancelof the! RF I and RFP, selection of the Vendor, contract with the Vendor, and other reasbnable costs associated with the pilot program;

The Parties shall undertake a comprehensive review of Vermont statutes, rules, regulations, and bulletins relating to their respective areas of oversight prior to the execution of a contract with the Vendor to determine whether changes and/or amendments to Vermont statutes, rules, regulations, and/or bulletins are necessary for the implementation of the pilot program;

Document Details

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Year of Document: 
2019
Date of Document: 
Friday, January 11, 2019
Document Authors: 
Vermont State Department of Financial Regulation Commissioner and Vermont Secretary of State

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