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Department of Financial Regulation presents flat FY26 budget, flags pharmacy‑benefit manager work and captive‑insurance growth
Summary
The Department of Financial Regulation reported a largely flat FY26 budget to the House Appropriations Committee, noted new regulatory work on pharmacy benefit managers that will be staffed with budgeted positions, and highlighted continued growth in Vermont’s captive insurance industry that drives general‑fund transfers.
The Department of Financial Regulation (DFR) told the House Appropriations Committee on Feb. 21 that its FY26 request carries no new program initiatives but includes funding to support recently authorized positions and ongoing regulatory activity, particularly for pharmacy benefit manager oversight and captive insurance supervision.
“DFR protects the financial welfare of Vermont consumers and facilitates strong, stable, and competitive financial markets,” Acting Commissioner Sandy Bigglestone said. She emphasized that roughly 83% of the department’s budget is salaries and benefits and that staffing expertise is critical to regulating complex financial entities.
Why it matters: DFR supervises insurance, banking, securities and captive…
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