19 January 2015Law & regulation

Vermont DFR reappoints commissioner

The Vermont Department of Financial Regulation has reappointed Susan Donegan as commissioner for a period of two years.

Donegan is the chief regulator of Vermont’s financial-services industry, which supervises traditional and captive insurance companies and their representatives, state-chartered banks and credit unions, licensed and brokers and all other non-depository financial institutions, as well as securities broker dealers and investment advisors.

She also represents the National Association of Insurance Commissioners (NAIC) at the International Association of Insurance Supervisors as vice-chair of the governance working group.

Donegan said: “I am honoured to be reappointed as commissioner of the Department of Financial Regulation and look forward to serving the people of Vermont for another two years.

“I remain steadfast in my commitment to maintain Vermont’s exceptional stature in the captive community and to help Vermont welcome new companies that have proven they deserve to be included in the list of ‘gold standard’ captives here. I recently signed captive insurance license number 1029 and we hold steady with 581 active licenses.

“I plan to continue my committee work with the NAIC particularly relating to principal-based reserves and other issues that impact the captive world. And I am always happy to help our sister states learn best practices from us since we have proven experience in regulatory issues.”