Vermont Commissioner of Insurance

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Vermont

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The Vermont Commissioner of Insurance is a position in the Vermont state government. The Division of Insurance falls under the purview of the Vermont Department of Banking, Insurance, Securities and Health Care Administration and bears responsibility for regulating the state's insurance industry.

Current officeholder

The current commissioner of the Department of Banking, Insurance, Securities and Health Care Administration is Steve Kimbell.

Authority

The commissioner's authority is established in Title 8, Chapter 1, Section 12 of the Vermont State Code.

8 V.S.A. § 12:

The department shall be administered by a commissioner of banking, insurance, securities, and health care administration who shall be appointed by the governor biennially, in the month of February, with the advice and consent of the senate. Commissioner, as used in this title, shall mean the commissioner of banking, insurance, securities, and health care administration.

Qualifications

There are no specific qualifications to hold this office.

Appointments

The commissioner is appointed by the governor, with the advice and consent of the state senate, to a two-year term.[1]

Duties

The Insurance Division is generally responsible for regulating the insurance industry in Vermont. To that end, the division:

  • enforces solvency laws that require insurance companies to operate in a fiscally responsible manner
  • enforces consumer protection laws that require companies to sell legal insurance products through licensed producers, treat consumers fairly, and pay claims in a timely manner
  • reviews and approves all insurance policies sold in Vermont to ensure that they provide the protections required by state law[2]

The specific duties of the commissioner are outlined in Title 8, Chapter 1, Section 8 of the Vermont State Code:[3]

Divisions

  • Company Licensing
  • Consumer Information
  • Law, Regulations, Orders, Bulletins & Market Conduct
  • Producer & Individual Licensing
  • Publications & Reports
  • Rates & Forms
  • Workers' Compensation

Compensation

In 2010, the Vermont Commissioner of Insurance was paid an estimated $96,054 according to the Council of State Governments.[4]

Contact information

Vermont

Department of Banking, Insurance, Securities & Health Care Administration
89 Main Street
Montpelier, VT 05620-3101

  • Phone: (802) 828-3301
  • Consumer services: (800) 964-1784

See also

External links

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References


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