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DFR tells Appropriations committee Vermont insurers need adequate rates to avert Blue Cross insolvency
Summary
DFR Commissioner Kai Sampson told the House Appropriations Committee that suppressing rates cannot by itself control health‑care costs and that recent multi‑year losses on Medicare Advantage and exchange plans drove Blue Cross Blue Shield of Vermont toward a statutory intervention threshold; DFR has required action plans and tightened oversight while urging careful coordination with the Green Mountain Care Board.
The Vermont Department of Financial Regulation warned lawmakers on Wednesday that ensuring the solvency of Blue Cross Blue Shield of Vermont requires adequate insurance rates and tighter coordination across state regulators. "You cannot, meaningfully control health insurance or health care costs for Vermonters by suppressing rates," DFR Commissioner Kai Sampson told the House Appropriations Committee.
Sampson framed the department's role as the state's primary insurer regulator—responsible for solvency, consumer protection and form reviews—while noting the Green Mountain Care Board controls rate approval for certain health products. That split, he said, limits DFR's direct authority to set or approve rates even as the agency must police insurers' financial health.
The department's Act 68 review found that Blue Cross lost roughly $50 million on Medicare Advantage and about $70 million on Qualified Health Plans (the…
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