Vermont native Crosby Sherman is returning to the state to take up the role of deputy commissioner of the insurance division at the Vermont Department of Financial Regulation (DFR).
He began his career here at DFR in the 1980s, where he worked as an insurance examiner of property and casualty, life and captive insurance companies. He also oversaw domestic and captive examinations and played a key regulatory role during the initial stages of Vermont’s captive insurance market.
Sherman will be leaving his role as chief of captive insurance at the New Jersey Department of Banking and Insurance after 10 years.
Despite reports that Sherman has been recruited by the DFR in a captive insurance capacity, current deputy commissioner of the captive insurance division David Provost, explained that Sherman has been hired for his expertise in traditional insurance regulation.
“We’ll certainly be working together on some projects, and picking each other’s brains, but we both have plenty to do with our regular roles. Sherman is a Vermonter, and we’re happy to welcome him home,” added Provost.
Susan Donegan, commissioner of the DFR, said: “We are excited to welcome Sherman back home to DFR and look forward to utilising his vast expertise in the insurance field.”
“He has extensive experience in all aspects of the insurance regulatory process particularly solvency regulation which is DFR’s highest priority for consumer protection.”
Sherman starts at the DFR on 8 July.
