The banking, insurance and captive insurance divisions for the Department of Financial Regulation (DFR) of Vermont have each received a further five year accreditation from their respective national regulatory associations.
The accreditation teams of former state regulators carried out thorough reviews of each division’s policies, procedures and operations.
The captive insurance and insurance divisions were renewed by the National Association of Insurance Commissioners (NAIC), who conducted financial analysis of Vermont-domiciled insurers to determine solvency and regulate rates, forms and market conduct.
The NAIC found there were no recommendations for improvement regarding the regulation of the financial conditions of insurance companies.
Michael Pieciak, commissioner of financial regulation, comments: “The DFR routinely examines the financial firms operating in Vermont to ensure their compliance with our laws; accordingly, it is important for independent experts to examine our operations to ensure we are following best practices and providing the highest level of service.”
Dave Provost, deputy commissioner of captive insurance, adds: “The accreditation reflects the hard work our team puts into professional regulation of the companies under our watch and is a critical element to maintain Vermont’s Gold Standard regulatory approach within the captive insurance industry.”
