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Department of Financial Regulation outlines FY26 budget; highlights captive insurance growth and key staffing items
Summary
The Department of Financial Regulation told the Senate Appropriations Committee it seeks a FY26 appropriation of about $20.7 million, largely from special funds, with no new positions proposed; presenters highlighted rising captive insurance revenue, three positions tied to pharmacy benefit manager work and a federal CMS grant of about $250,000.
The Department of Financial Regulation (DFR) presented its FY26 budget to the Senate Appropriations Committee on Feb. 25, describing a $20.7 million request largely covered by special funds from fees and assessments, and no new ongoing positions in the governor's recommendation.
Acting Commissioner Sandy Biblestone said DFR's mission centers on consumer protection and regulation of banking, insurance and securities in Vermont. "We operate under the governor's recommended budget, which is [largely] funded by special funds generated by user fees," Biblestone told senators.
Nut graf: DFR officials emphasized steady revenue from captive insurance and other regulated activities, cited accreditation and national…
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