The Vermont Insurance Division oversees and regulates the insurance industry in Vermont. The Company Licensing Section monitors the financial stability of both domestic and foreign insurers licensed in Vermont. In addition, the Section licenses or authorizes new insurers to do business in the state.
The Section's objective is two-fold:
- To detect, as early as possible, the financial deterioration of insurers, which may lead to the restriction of a company’s authority to do business, thereby minimizing financial loss to policyholders and/or the Vermont Guaranty Associations; and
- To license or authorize new insurers that meet the needs of Vermont policyholders, as well as the criteria for licensing.
Please note the above does not pertain to Vermont Captive insurers or foreign risk retention groups.