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State insurance premiums rise in FY2026 proposal; workers' compensation fund deficit being amortized
Summary
Agency officials told the House Appropriations Committee on Feb. 11 that premiums for Vermont’s self‑insurance funds are rising in the FY2026 budget proposal, and that the administration is working to amortize a previous workers’ compensation deficit.
The Agency of Administration told the House Appropriations Committee on Feb. 11 that premium charges for the state’s self‑insurance funds will increase in FY2026 and that the administration is managing prior deficits through actuarial smoothing.
Nick Bramer, chief operations officer, said the state maintains three internal service funds (ISFs) for insurance: workers’ compensation; general liability and auto; and a catch‑all “all other insurance” fund. “There are amounts that we work with an actuary to set every year as sort of our required contribution to our self insurance funds,” Bramer said, adding that “the major drivers of cost there are market conditions and our…
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