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About Us

Overview

The work of the Department of Financial Regulation touches on the lives of every Vermonter through the intricacies of its fiscal oversight, regulations and investigations. Its origins date back to the early days in banking regulation, which began sometime during the start of the 1800s when the federal government began requiring banks to provide a one-time report on specific balance sheet items. By 1832, when Congress passed a resolution allowing the Treasury to collect an annual state of condition from banks, many states already had been collecting this data annually, since many were majority stakeholders of the banks.

Established through a series of legislative acts throughout state history, the Vermont Department of Financial Regulation today encompasses four main regulatory components: banking, captive insurance, insurance, and securities/investments.


Organizational Structure

The Department structure includes four divisions and an administration unit comprised of the Commissioner Office and legal and administrative staff. The Commissioner is assisted by four Deputy Commissioners - banking, captive insurance, insurance and securities - and an in-house general counsel. Division directors lead diverse teams of highly qualified examiners, analysts, and consumer and regulatory affairs services and administrative staff. All are committed to protecting consumers against unfair and unlawful business practices in banking, investments, insurance, and captive insurance, while ensuring that those licensed to provide services remain financially healthy. The Department work ensures that all Vermonters can access financial and insurance-related services with confidence knowing that:

  • Consumers are treated fairly, according to the terms of contracts and laws.
  • Regulated companies, institutions, and individuals operate within the law.
  • Regulated entities operate in a financially sound manner, and remain able to deliver on consumers’ earnings, benefits, claims, or other services.
  • Costs and services are reasonable for the marketplace.

A Brief History

Department of Financial Regulation | 2012 - Present

The Department of Financial Regulation was established by Act 78 of 2012, succeeding the Department of Banking, Insurance, Securities and Health Care Administration. The Department is administered by a Commissioner appointed by the Governor biennially and is responsible for regulating and supervising the industries of banking, insurance, securities, and captive insurance; and the administration of health care.

The Department of Banking, Insurance, Securities and Health Care Administration | 1996 - 2012

The Department of Banking, Insurance, Securities and Health Care Administration was established by Act 180 of 1996, succeeding the Department of Banking, Insurance, Securities and the Vermont Health Care Authority. The department was created to have jurisdiction over and supervise all banks, savings and loan institutions, credit unions, small loan companies, insurance companies broker-dealers, investment advisors and other similar entities; the administration of health care, including oversight of the quality and cost containment of health care provided in this state by conducting and supervising the process of health facility certificates of need, hospital budget reviews, health care data system development and maintenance, funding and cost containment of health care. The department was superseded by the Department of Financial Regulation in 2012.

The Department of Banking, Insurance and Securities | 1990 - 1996

The Department of Banking, Insurance and Securities was established by Act 225 of 1990, succeeding the Department of Banking and Insurance.  Its duties were to supervise banks, savings and loans, credit unions, small loan companies, and other such entities and to regulate banking, insurance, lending money, and related activities.  In 1996, the Department of Banking, Insurance and Securities merged with the Vermont Health Care Authority to form the Department of Banking, Insurance, Securities and Health Care Administration.

Vermont Health Care Authority | 1992 -1996

The Vermont Health Care Authority (VHCA) was established by Act 160 of 1992 to be supervised and directed by the Vermont Health Care Authority Board. The Authority was dissolved by Act 180 of 1996 when the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) was established.

Department of Banking and Insurance | 1923 - 1990

The Department of Banking and Insurance was established by Act 7 of 1923.   As directed by the Commissioner of Banking and Insurance, its duties were to supervise banks, savings and loans, credit unions, small loan companies, and other such entities and to regulate banking, insurance, lending money, and related activities.  The department was superseded by the Department of Banking, Insurance and Securities in 1990.