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Regulators urge rate adequacy, governance changes and targeted reinsurance as tools to shore up Vermont’s insurance market
Summary
DFR told the committee that solvency is the regulator’s chief consumer protection goal, recommended stronger monitoring and governance at Blue Cross, and outlined reinsurance and risk‑sharing options while cautioning reinsurance costs money and value‑based care or provider risk sharing may offer more sustainable relief.
Department of Financial Regulation officials told lawmakers on Jan. 9 that preventing insurer insolvency is their foremost consumer protection responsibility and that protecting a domestic carrier requires a combination of adequate rates, cost‑control actions and stronger governance.
Commissioner Mary Sampson opened DFR’s testimony by saying the agency’s top duty is ensuring domestic insurer solvency. "They have to have adequate rates," she said, adding that adequacy and cost controls must work in parallel to rebuild and maintain the surplus buffer regulators require.
Sampson…
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