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Vermont Commissioner of Insurance
Contents |
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
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
References
- ↑ Vermont Statutes Online, "Title 8, Chapter 1, Section 12," accessed November 28, 2011
- ↑ Bischa.state.VT.us, "Insurance Division home page," accessed November 28, 2011
- ↑ Vermont Statutes Online, "Title 8, Chapter 1, Section 8," accessed November 28, 2011
- ↑ The Council of State Governments,"The Book of States 2010 Table 4.11," retrieved April 23, 2011
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