Vermont Department of Financial Regulation News

Vermont Lawmakers Say Businesses Should See $28M Reduction in Expenses

Vermont businesses should see a $28 million reduction in expenses this year from lower workers’ compensation and unemployment insurance costs. Democratic House Speaker Mitzi Johnson tells the Rutland Herald the state Department of Labor projected there will be a $76 …

Vermont to See Decrease in Costs for Workers’ Compensation Insurance

Vermont Governor Phil Scott has announced that workers’ compensation insurance will cost less for most Vermont employers when new rates approved by the Vermont Department of Financial Regulation (DFR) become effective on April 1. This is Vermont’s first rate decrease …

East Regulation Report Card: Vermont Ranks Best for 3rd Straight Year

The R Street Institute, a nonprofit public policy research organization headquartered in Washington, D.C., has found that Vermont has the best insurance regulatory environment in the U.S. for the third straight year in its annual Insurance Regulation Report Card. The …

Vermont Governor-Elect Reappoints Commissioner Pieciak

Vermont Governor-elect Phil Scott announced he would reappoint Michael Pieciak as commissioner of the Department of Financial Regulation. The department will also retain the deputy commissioners for each of its four divisions, which include Cynthia Stuart for Banking, Kaj Samsom …

Vermont Law Tightens Regulation for Consumer Litigation Funding Companies

A new Vermont law introduces changes to the legal requirements for consumer litigation funding companies in the state. These companies will now need to get licensed and post a surety bond in order to operate legally. Vermont House Bill 84, …

Vermont Governor Names Pieciak Chief of Financial Regulation

Vermont Gov. Peter Shumlin has appointed Michael Pieciak as the commissioner of the Department of Financial Regulation (DFR), replacing Susan Donegan whose last day on the job was June 30. Pieciak previously served as deputy commissioner of DFR’s securities division. …

Vermont Issues Bulletin on ‘Non-Cumulation’ Policy Provisions

The Vermont Department of Financial Regulation (DFR) has issued a bulletin reminding carriers that “non-cumulation” policy provisions and endorsements in occurrence-based liability policies are not permissible under Vermont law. DFR Commissioner Susan L. Donegan said in the Insurance Bulletin No. …

Donegan to Step Down as Vermont Commissioner

Susan L. Donegan, who has been serving as commissioner of the Vermont Department of Financial Regulation (DFR) for past three years, will step down from her position. Donegan’s last day in office will be June 30, according to a department …

Vermont Fines 2 Insurers for Non-Compliance

Vermont Department of Financial Regulation (DFR) Commissioner Susan L. Donegan announced that Travelers Insurance Co. and Liberty Mutual Insurance Co. have paid Vermont $154,000 in fines and repaid consumers another $54,500. Donegan said on March 10 that the two insurance …

Vermont Fines Continental Indemnity for Workers’ Comp Premium Overcharges

Vermont Department of Financial Regulation Commissioner Susan L. Donegan announced on Feb. 26 that Continental Indemnity Co., a subsidiary of Applied Underwriters Inc., a Berkshire Hathaway Company, has paid Vermont $335,000 and owes 16 Vermont businesses an additional $352,000. The …