SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under The Securities Exchange Act of 1934
(Amendment No. 1)
Health Insurance of Vermont, Inc.
____________________________________________________________
(Name Of Issuer)
Common Par
_______________________________________________________________________
(Title of Class of Securites)
422182105
______________________________
(Cusip Number)
Check the following box if a fee is being paid with this statement.
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than 5% of the
class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or
less of such class.) (see rule13d-7.)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
(Continued on the following page(s))
Page 1 of 6 Pages
SEC 1745 (9-82)
<PAGE>
CUSIP No. 422182105 13G Page 2 of 6 Pages
Health Insurance of Vermont, Inc.
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<S> <C> <C>
- ----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON.
Chemical Banking Corporation - CBC
The Portfolio Group - TPG
- ----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A)
(B)
- ----------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Chemical Banking Corporation - CBC
The Portfolio Group - TPG
- ----------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF CBC - 0
SHARES TPG - 0
BENEFI- ------------------------------------------------------------------
CIALLY 6 SHARED VOTING POWER
OWNED BY NONE
EACH ------------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON CBC - 0
WITH TPG - 0
------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
- ----------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
CBC - 0
TPG - 0
- ----------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ----------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
CBC - 0 %
TPG - 0 %
- -----------------------------------------------------------------------------
12 TYPE OF PERSON REPORTING*
CBC - HC
TPG - IA
- -----------------------------------------------------------------------------
</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
PAGE 2 OF 6
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Health Insurance of Vermont, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G Under
The Securities Exchange Act of 1934
(Amendment No.1)
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<S> <C> <C>
Item 1(a). Name of Issuer: Health Insurance of Vermont, Inc.
Item 1(b). Address of Issuer: One Roosevelt Hwy
P.O.Box 630
Colchester, Vt 05446-0630
Principal Executive Officer: John Mahoney, Pres.
Item 2(a). Name of Person Filing: This notice is filed by CHEMICAL
BANKING CORPORATION (CBC) and its
wholly owned subsidiary,
The Portfolio Group (TPG).
Item 2(b). Address of Principal
Business Office: CBC: 270 Park Avenue
Office: New York, NY 10017
TPG: 600 Fifth Avenue
New York, NY,10020
Item 2(c). Citizenship: CBC - Delaware
TPG - New York
Item 2(d). Title of Class of Securities: Common Par
Item 2(e). CUSIP Number: 422182105
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Page 3 of 6
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Health Insurance of Vermont, Inc.
<TABLE>
<S> <C>
Item 3. If this statement is filed pursuant to Rules 13d-1(b),
or 13d-2(b), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of
the Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19)
of the Act.
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act.
(e) [X] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or endowment Fund
[see Section 240.13d-1(b)(1)(ii)(F)].
(g) [X] Parent Holding Company, in accordance with Section
240.13d-1(b)(ii)(G).
(h) [ ] Group, in accordance with Section 240.13d-1(ii)(H).
Item 4. Ownership:
(a) Amount Beneficially Owned: CBC - 0
TPG - 0
(b) Percent of Class: CBC - 0%
TPG - 0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
CBC - 0
TPG - 0
(ii) Shared power to vote or to direct the vote:
CBC - None
TPG - None
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Page 4 of 6
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Health Insurance of Vermont, Inc.
<TABLE>
<S> <C>
(iii) Sole power to dispose or to direct the
disposition of:
CBC - 0
TPG - 0
(iv) shared power to dispose or to direct the
disposition of:
None
Item 5. Ownership of Five Percent or Less of a Class:
Originally reported in error for December 1994.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
Item 7. Identification and Classification of the Subsidiary Which
Holds the Security Being Reported on by the Parent Holding
Company:
Pursuant to Rule 13(d) - 1 (c): This notice is filed
on behalf of oth CBC and its subsidiary, TPG. In lieu of
attaching an exhibit hereto, the identity of TPG is as set
forth on the cover page hereof. TPG is classified as
an Investment Advisor, as such term is defined in
Section (3) (a) (6) of the Securities Exchange Act of 1934,
as amended.
Item 8. Identification and Classification of Members of this Group:
Not applicable.
Item 9. Notice of Dissolution of Group:
Not applicable.
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Page 5 of 6
<PAGE>
Health Insurance of Vermont, Inc.
<TABLE>
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Item 10. Certification:
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and did not have
the effect of changing or influencing the control
of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect.
</TABLE>
Signature: After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: May 11, 1995
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<S> <C>
THE PORTFOLIO GROUP CHEMICAL BANKING CORPORATION
/s/Allan Nemethy /s/John B. Wynne
Allan Nemethy John B. Wynne
Trust Officer of Secretary
Chemical Bank
Page 6 of 6
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