DFR Commissioner Pieciak to head international securities organization

Dale Schaft, Information Management Officer, 802-828-4872
10/04/2017 (All day)

 

MONTPELIER, Vt. – Michael S. Pieciak, commissioner of the Vermont Department of Financial Regulation, was named president-elect of the North American Securities Administrators Association (NASAA) last week at the NASAA annual conference in Seattle. Pieciak will serve as president-elect for one year and begin his term as president in September 2018.

Scam Alert

DFR has recently received reports from people who have received calls from someone claiming to be from Quality Insurance Co. offering a free quote. The caller says he is working with State Farm Insurance but when questioned about the company, hangs up. The caller ID number was 603-397-0014. The caller may also refer to Farmers and Allstate. We have checked with State Farm and they have confirmed that they are not affiliated with Quality Insurance Co. and consumers should not share any information. For info, call DFR Insurance Division at 802-828-3302.

Vermont’s Captive Insurance Company Number 1,100

DFR has licensed Vermont’s 1,100th captive insurance company. AssureCap Indemnity was formed by Assurance Agency, Ltd., which was recently named the 41st largest insurance broker in the United States by “Business Insurance” magazine and is now the largest independent insurance brokerage in Illinois. Assurance creates value by minimizing risk and maximizing health for 6,000 businesses and individuals across the country. Headquartered in Schaumburg, Ill., it is a repeated “Best Place to Work” winner.

Press release:
http://www.dfr.vermont.gov/press-release/vermont-celebrates-1100th-licen...

Equifax announces data breach

Equifax, one of the major credit reporting agencies, announced Friday, Sept. 8, 2017, that a breach occurred between mid-May and July 2017. The hackers accessed people’s names, social security numbers, birth dates, address, and some drivers license numbers, as well as credit card numbers. Equifax has set up a website for consumers to check if their information was exposed: https://www.equifaxsecurity2017.com/  Click the “Potential Impact” tab at the bottom of the page, enter your last name and the last six digits of your social security number. Please make sure you are on a secure computer and use an encrypted network connection. The website will let you know if you have been affected by the breach.DFR believes that Vermont financial institutions have maintained an extremely strong security posture, however, consumers need to be constantly vigilant.

Here are some steps consumers can take to help protect themselves after a data breach:

  • Check your credit reports from Equifax, Experian, and TransUnion — for free — by visiting annualcreditreport.com. Accounts or activity that you don’t recognize could indicate identity theft. Visit IdentityTheft.gov to find out what to do.
  • Consider placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing accounts.
  • Monitor your existing credit card and bank accounts closely for charges you don’t recognize.
  • If you decide against a credit freeze, consider placing a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name really is you.
  • File your taxes early — as soon as you have the tax information you need, before a scammer can. Tax identity theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS.

Things financial institutions can do:

  • Confirm credit report information with customers – Before originating loans and before denying any loan, financial institutions should confirm your credit report information.
  • Additional security measures – If a customer informs a bank that they were one of the consumers whose information was stolen, the bank can code the customer account with a “red flag” to contact the customer at a pre-designated contact number or e-mail prior to opening an account, applying for credit, or making any changes on existing accounts. The customer can also contact the major credit reporting bureaus to put a fraud alert on their account.
  • Patch Management – Verify that all information technology and information security patches have been installed.

Helping Harvey Victims

In a press release August 28, six years after Tropical Storm Irene's devastation in Vermont, Gov. Phil Scott said: “As we mark this anniversary, our thoughts are with the communities in Texas currently facing the impact of Hurricane Harvey. Vermont stands ready to lend support and the knowledge gained through our experience recovering from Irene.” DFR received notice today from FEMA on how we as private citizens can help: https://www.fema.gov/news-release/2017/08/29/how-help-disaster-survivors...

Data Broker Regulation Working Group Information

The Data Broker Regulation Working Group held public meetings on July 25 and July 26 at the Burlington office of the Vermont Department of Financial Regulation.

To watch what happened: http://www.orcamedia.net/show/data-broker-working-group-part1

Information relating to the Data Broker Regulation Working Group, including all videos, announcements and comments are posted on the Attorney General’s website.

Not sure about flood insurance, storm damage? DFR can help.

Fallen TreeHas your property been damaged by the recent severe storms? Do you have questions about your insurance coverage or dealing with your insurance company?
It’s good to be prepared but it’s also necessary to know what to do when disaster strikes. DFR’s Insurance Division is here to help. Call toll free 800-964-1784.

http://www.dfr.vermont.gov/press-release/not-sure-about-flood-insurance-...

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