Code of Vermont Rules Agency 21 - DEPARTMENT OF FINANCIAL REGULATION
Here’s a structured, detailed overview of Agency 21 – Department of Financial Regulation in the Code of Vermont Rules:
📚 Agency 21 – Department of Financial Regulation
🧭 Sub‑Agencies & Major Divisions
Sub‑Agency 000 – General (Chapters 001–004)
Covers procedural rules, administrative processes, contested-case hearings, definitions, docketing, and rulemaking protocols under the Vermont Administrative Procedure Act (law.cornell.edu).
Sub‑Agency 010 – Banking Division (Chapters 005–017)
Regulates banks and financial institutions, including licensing, examinations, branching, capital requirements, consumer protection, and “closely related activities” (law.cornell.edu, codes.findlaw.com).
Sub‑Agency 020 – Insurance Division (Chapters 001–075)
Oversees a wide array of insurance-related rules:
Accident & Sickness Minimum Standards (Ch. 001)
Advertising (Ch. 002)
Fair Claims Practices (Ch. 008)
Captive Insurance (Ch. 005, Ch. 021)
Life & Health Filings, Mortality Tables, Risk-based Capital, and Medicare-rate increases (Chs. 010, 014, 040, 025)
Annual Financial Reporting (Ch. 062) (regulations.justia.com, casetext.com)
Sub‑Agency 030 – Securities Division (Chapters 001–007)
Manages securities and investment regulations:
Vermont Securities Regulations (S‑2016‑01) (Ch. 001)
Investment Adviser rules (S‑95‑1) (Ch. 002)
Broker/dealer standards (Ch. 003)
Privacy rules (Ch. 004)
Federal-covered securities registration, senior designations, small business offerings (Chs. 005–007) (law.cornell.edu)
Sub‑Agency 040 – Division of Health Care Administration (Chs. 006–027)
Includes healthcare-financial overlap—e.g., Chapter 019 focuses on Privacy of Consumer Financial & Health Information, governing consumer notification, consent requirements, and third-party disclosures, aligned with Gramm-Leach-Bliley and Vermont statutes (regulations.justia.com).
Sub‑Agency 050 – Captive Insurance Division (Ch. 013)
Addresses regulation of captive insurers domiciled in Vermont—an important segment for self-insurance frameworks within the state (regulations.justia.com, vermontcaptive.com).
⚖️ Statutory & Leadership Highlights
The Commissioner of Financial Regulation is appointed biennially by the Governor (Title 8 V.S.A. § 12) and leads the Department across all divisions (banking, insurance, securities, health-care administration) (ballotpedia.org).
In April 2025, Kaj Samsom was named Commissioner by Governor Phil Scott; previously, the acting head was Sandy Bigglestone, installed December 2024 (vermontcaptive.com).
✅ Why It Matters
Holistic regulation: Agency 21 consolidates oversight of banking, securities, insurance, captive insurance, and health-financial intersections under one centralized structure.
Consumer protection: The code enforces robust standards for claims handling, fair insurance practices, privacy, financial transparency, and ethical rulemaking.
Specialized regimes: Captive insurance—a notable niche—enables creative risk management while subject to rigorous state regulation.
📋 Summary Table
Division
Key Rule Chapters
Focus Areas
000 – General
001–004
Administrative procedures
010 – Banking
005–017
Licensing, consumer banking
020 – Insurance
001–075
Insurance rates, claims, capital, captives
030 – Securities
001–007
Investment advisor, broker-dealer conduct
040 – Health Care Admin
006–027 (e.g., Ch 019)
Privacy & financial information
050 – Captive Insurance
Ch 013
Captive insurer regulation
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