The Commissioner of the Vermont Department of Financial Regulation is a position in the Vermont state government. The commissioner serves as the chief regulator of the state's financial services sector.
Current officeholder
The current Vermont Commissioner of Insurance is Kevin Gaffney (nonpartisan). Gaffney assumed office in 2022.
Authority
The commissioner's authority is established in Title 8, Chapter 1, Section 12 of the Vermont State Code.
8 V.S.A. § 12:
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| 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.
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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]
Vacancies
Note: Ballotpedia's state executive officials project researches the constitutional or statutory text that details the process of filling vacancies for a state executive office. That information for the Vermont Commissioner of Financial Regulation has not yet been added. After extensive research, we were unable to identify any relevant information on state official websites. If you have any additional information about this office for inclusion on this section and/or page, please email us.
Duties
As of January 2021, the stated mission of the Department of Financial Regulation was:[2]
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The Department of Financial Regulation is a state agency that touches the lives of every Vermonter through the regulation and monitoring of a broad spectrum of financial industry activities. The department’s job is to protect consumers against unfair and unlawful business practices in the areas of banking, securities (investments), insurance, and captive insurance, while ensuring that licensed entities are financially healthy. The ongoing work of the department on behalf of Vermonters helps consumers access financial and insurance-related services with confidence that:
- Consumers are treated fairly, according to the terms of contracts and laws.
- Regulated companies, institutions, and individuals operate within the law.
- Regulated entities operate in a financially sound manner, and remain able to deliver on consumers’ earnings, benefits, claims, or other services.
- Costs and services are reasonable for the marketplace.[3]
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The specific duties of the commissioner are outlined in Title 8, Chapter 1, Section 8 of the Vermont State Code:[4]
Divisions
As of January 27, 2021, divisions within the Department of Financial Regulation included:[5]
- Administrative and Commissioner
- Public Information
- Banking
- Captive Insurance
- Insurance
- Securities
State budget
- See also: Vermont state budget and finances
The budget for the Division of Insurance in Fiscal Year 2024 was $18,764,229.[6]
Compensation
- See also: Compensation of state executive officers
2022
In 2022, the officer's salary was $134,389, according to the Council of State Governments.[7]
2021
In 2021, the commissioner received a salary of $129,043, according to the Council of State Governments.[8]
2020
In 2020, the commissioner received a salary of $126,630 according to the Council of State Governments.[9]
2019
In 2019, the commissioner received a salary of $118,726 according to the Council of State Governments.[10]
2018
In 2018, the commissioner received a salary of $118,726 according to the Council of State Governments.[11]
2017
In 2017, the commissioner received a salary of $116,106 according to the Council of State Governments.[12]
2016
In 2016, the commissioner received a salary of $111,969 according to the Council of State Governments.[13]
2015
In 2015, the commissioner received a salary of $110,302 according to the Council of State Governments.[14]
2014
In 2014, the commissioner was paid an estimated $107,286 according to the Council of State Governments.[15]
2013
In 2013, the commissioner was paid an estimated $105,290 according to the Council of State Governments.[16]
2010
In 2010, the commissioner was paid an estimated $96,054 according to the Council of State Governments.[17]
Historical officeholders
Note: Ballotpedia's state executive officials project researches state official websites for chronological lists of historical officeholders; information for the Vermont Commissioner of Financial Regulation has not yet been added because the information was unavailable on the relevant state official websites, or we are currently in the process of formatting the list for this office. If you have any additional information about this office for inclusion on this section and/or page, please email us.
Recent news
The link below is to the most recent stories in a Google news search for the terms Vermont Commissioner Insurance. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
Contact information
Department of Financial Regulation
89 Main Street
Montpelier, VT 05620-3101
See also
External links
- ↑ Vermont Statutes Online, "Title 8, Chapter 1, Section 12," accessed January 27, 2021
- ↑ Vermont Department of Financial Regulation, "About Us," accessed January 27, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Vermont Statutes Online, "Title 8, Chapter 1, Section 8," accessed January 27, 2021
- ↑ Vermont Department of Financial Regulation, "Contact Us," accessed January 27, 2021
- ↑ Vermont Legislative Joint Fiscal Office, "Act 78," accessed December 6, 2023
- ↑ Council of State Governments, "Book of the States 2022 Table 4.11: Selected State Administrative Officials: Annual Salaries," provided to Ballotpedia by CSG personnel
- ↑ Issuu, "The Book of the States 2021," accessed September 28, 2022
- ↑ Council of State Governments, "The Book of the States 2020," accessed January 27, 2021
- ↑ Council of State Governments, "The Book of the States 2019," accessed January 27, 2021
- ↑ Council of State Governments, "The Book of the States 2018," accessed January 27, 2021
- ↑ Council of State Governments, "The Book of the States 2017," accessed January 27, 2021
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2016," accessed August 27, 2016
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2015," accessed August 27, 2016
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries," accessed December 8, 2014
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries," January 31, 2014
- ↑ The Council of State Governments, "The Book of States 2010 Table 4.11," accessed April 23, 2011
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