Vermont Department of Financial Regulation

Office address: 89 Main St, Montpelier, VT 05620  
Website: dfr.vermont.gov 
Year established: 2012 
Employees: 111+ 
Key people: Kaj Samsom (commissioner); Sheila Grace (general counsel); Dave Cameron and Joseph Valenti (directors); Mary Block, Sandra Bigglestone, Aaron Ferenc, and Amanda Smith (deputy commissioners) 
Operating budget: $20.7 million (FY 2026) 

The Vermont Department of Financial Regulation (DFR) oversees insurance, banking, securities, and captive insurance for Vermont’s financial marketplace. The Vermont Department of Insurance, a division under DFR, is in charge of regulating insurance companies and safeguarding Vermont policyholders. 

History of Vermont Department of Financial Regulation 

The Vermont DFR began with early banking oversight. Vermont started collecting yearly bank reports in 1832 to protect depositors. In 1923, the state formed the Department of Banking and Insurance to supervise banks, savings and loans, credit unions, and insurance companies.  

Below are more important events in the Vermont Department of Financial Regulation’s history: 

• 1990: Department of Banking, Insurance and Securities is formed by merging earlier agencies 
• 1992: Vermont Health Care Authority is established for health care oversight 
• 1996: Department of Banking, Insurance, Securities and Health Care Administration is created 
• 2012: Department of Financial Regulation is established, replacing the previous agency 
• 2015: the commissioner’s salary was set at $110,302 to show the department’s leadership in financial regulation 
• 2020: DFR gave guidance and support to insurance companies and banks during the COVID-19 pandemic 
• 2021: it increased financial education and outreach to help Vermonters avoid scams and learn about insurance and banking 
• 2023: the agency responded to the July floods by sharing recovery resources and warning about flood-related insurance scams 
• 2024: Sandy Bigglestone became acting commissioner of financial regulation, keeping DFR focused on strong oversight 

The Vermont Department of Financial Regulation has helped the state lead in captive insurance regulation. The department backed a 2025 law letting public utility districts own captive insurance companies. 

Vermont Department of Financial Regulation mandate 

The Vermont DFR is backed by Title 8, Chapter 1, Section 12 of the Vermont State Code. Its main mission is to protect consumers, promote fair business practices, and support a stable financial sector.  

The department includes these divisions and key units: 

1. Banking 
2. Captive Insurance 
3. Insurance 
4. Securities 
5. Administration  

• Commissioner’s Office  
• Legal Counsel 
• Operations 

The agency’s commissioner is chosen by the governor and approved by the state Senate. Kaj Samsom is the current commissioner. 

Key responsibilities  

The Vermont Department of Financial Regulation oversees many tasks to keep Vermont’s financial sector safe and fair. Here are its main responsibilities: 

• licensing and supervision: approves banks, insurance companies, and securities firms  
• consumer protection: investigates complaints and resolves financial disputes  
• market regulation: checks compliance with Vermont laws and rules  
• financial examinations: audits company records for financial health  
• enforcement actions: addresses fraud and illegal practices  
• policy and rulemaking: updates and creates financial regulations  
• education and outreach: provides public resources and alerts  
• captive insurance oversight: regulates Vermont’s captive insurance industry  

DFR also issues press releases and consumer alerts to keep Vermonters informed. The agency’s team includes deputy commissioners, legal counsel, and operations staff. 

Recent initiatives and regulatory focus 

Vermont’s Department of Financial Regulation recently licensed 35 new captive insurers in early 2025. This steady captive growth helps businesses manage risk and keeps Vermont’s insurance sector strong. Assistant Director Jim DeVoe-Talluto said these efforts support jobs and economic stability statewide. 

It also developed the 2025 housekeeping bill, H.137, with input from industry groups. Governor Phil Scott then signed the bill into law to modernize licensing and clarify rules for managers and mutual insurers. These updates help companies by making Vermont’s regulatory process clearer and more attractive for new business. 

Consumer protection and outreach 

The Vermont Department of Financial Regulation offers many programs to protect and educate the public: 

• How to File an Insurance Complaint: Vermont Department of Insurance helps people resolve insurance problems 
• Flood Insurance Resources: gives tips and support for flood-related insurance questions 
• No Surprises Act: shields against surprise medical bills from private health insurance 
• Securities Restitution Fund: provides restitution for victims of securities law violations 
• Avoid Scams and Fraud Pamphlet: teaches how to spot and avoid financial scams 

These initiatives give Vermonters clear steps to solve insurance problems and report scams. The DFR’s outreach makes it easier for people to get help fast.