Vermont (vt) Annuity Information
The State of Vermont (VT) Department of Financial Regulation - Insurance Division
The mission of the Insurance Division is to maintain affordability and availability of insurance for Vermontarians, as well as to ensure that insurers are able to meet their contractual obligations. In addition they have a mission to ensure reasonable and orderly competition among insurers, and to protect Vermont consumers against unfair and unlawful business practices.
The Insurance Division regulates the insurance industry in Vermont and protects the public in these general areas:
Solvency laws require insurance companies to operate in a fiscally responsible manner so that, after taking their customers' money (premiums), they can be counted on to pay claims down the road.
Consumer protection laws require companies to sell legal insurance products through licensed producers, treat consumers fairly, and pay claims in a timely manner.
Health insurance laws require that consumers are afforded full disclosure of information, a full and fair review of a grievance and that health plans meet quality and access standards for care.
Health insurance plans are audited annually and periodically by the Insurance Division for compliance with Vermont regulations.
All insurance policies sold in Vermont are reviewed and approved by the Insurance Division to ensure that they provide the protections required by Vermont law.
Kaj Samsom was appointed Deputy Commissioner of Insurance in 2014. He joined the Department in 2006 as an Insurance Examiner In-charge with a background in accounting and auditing. In 2011 he became Director of Licensing and Examinations. In that role, he managed a team of CPAs and was responsible for all licensing and examinations of insurance companies, as well as financial analysis and transactional oversight for the Division.
Mr. Samsom has a strong interest in the intersection of financial regulation and public policy.
He is a graduate of the University of Vermont and earned a master’s degree in Public Administration from UVM. He is a certified public accountant (CPA) and a certified financial examiner (CFE).
He has also served on various boards including the American Institute of Certified Public Accountants Governing Council, the Vermont Society of Certified Public Accountants (past President), and the Moretown Elementary School Board (Chair).
Vermont Annuity Resources: The Vermont Department of Financial Regulation is part of the U.S. insurance regulatory framework, a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace. Through the National Association of Insurance Commissioners (NAIC), insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in all its major standard-setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.
|State Commissioner:||Kaj Sampson|
|Annuity Guarantee Limit:||$250,000|
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