Volume 42 • November 2025 | Vermont Department of Financial Regulation | | November: A Month of Gratitude | | Happy Thanksgiving to All from the Department! We are honored and grateful to be of service to Vermonters and the industries we oversee. DFR offices will be closed Thursday and Friday for the holiday and will reopen on Monday, December 1, with regular office hours. | | Captive Industry News: Deputy Bigglestone to Depart and Vermont Named International Domicile Again | | Mixed emotions and excitement at the Department this month as Captive Insurance Division Deputy Commissioner Sandy Bigglestone announced her intentions to retire on January 1, 2026, after nearly 30 years in public service. As Deputy Commissioner, Bigglestone led the administration and regulation of Vermont’s captive insurance companies and risk retention groups—an industry that has become a cornerstone of Vermont’s financial sector and a model of regulatory excellence worldwide. Under her leadership, the Division earned a reputation for robust oversight, responsive regulation, and a collaborative approach that balanced industry innovation with strong solvency protections. “Sandy’s leadership has been instrumental in sustaining Vermont’s global reputation as the gold standard for captive insurance regulation,” DFR Commissioner Kaj Samsom said. “Her expertise, professionalism, and commitment to integrity have not only shaped the Department but have influenced the captive insurance industry around the world. We thank her for her extraordinary service and congratulate her on a remarkable career." | | Meanwhile, her leadership is reflected in the fourth consecutive year that the State of Vermont garnered the International Domicile of the Year Award at the Captive Review European Awards 2025. Held annually in Luxembourg, the evening awards program always immediately precedes the European Captive Forum held this year on November 5 and 6. Other nominees included Bermuda, Hong Kong, Cayman Islands, Oklahoma and the State of Hawaii. Hosted in the United States and Europe by Captive Review, a publication of Newton Media (parent company of Captive International), the awards recognize and celebrate excellence, innovation and dedication within the European and American captive insurance industries and highlight outstanding performance in areas such as client satisfaction, risk management and service quality across various categories. Vermont also received the Domicile of the Year award at the Captive Review US Awards 2025 held August 11 in Burlington. | November is National Caregivers Month: How Insurance Plays Into It | |
Gratitude for the work and efforts of the nations' more than 63 million family caregivers is at the heart of the National Family Caregivers Month public awareness campaign. Since 1994, November has been recognized through presidential proclamations, nonprofit campaigns and community events nationwide as National Family Caregivers Month. Each year features a unique theme chosen by the Caregiver Action Network to spotlight an important issue in caregiving. The 2025 theme "Plug-in to Care" focuses on connection for caregivers -- helping them Plug-in to Care and easily connect to vital support tools, networks and educational resources." Joining the effort this year is National Life Group, which, in partnership with Homethrive, is adding free caregiver support for certain policyholders. "As part of the partnership, Homethrive’s services will be automatically included with all new eligible 2025 National Life Group FlexLife Indexed Universal Life (IUL) policies at no additional cost to policyholders. This new benefit helps caregivers navigate daily challenges as well as more complex medical and long-term care situations with confidence." Homethrive, a leading caregiving support solution that assists employers as well as caregivers, provides one-on-one live guidance, coaching and emotional support from experienced social workers in addition to other free support services. National Life Group says the strategic "collaboration aims to provide meaningful relief and resources to families and individuals across the full spectrum of caregiving situations, from childcare and elder care to disability, neurodivergence and after-loss support."
In 1994, the National Family Caregivers Association (now Caregiver Action Network) began promoting national recognition for caregivers. In 1997, President Clinton signed the first Presidential Proclamation; each year since - with the exception of this year -- every president has issued a proclamation to make it an official annual event. The purpose of the monthly campaign is to highlight caregivers’ challenges, celebrate their dedication and connect them to the resources they need in addition to honoring them for their commitment, resilience and love.
Noting that caregiving for a family member or other loved one is full-time, typically unsalaried position, the National Association of Insurance Commissioners suggests considering the impact of the sudden loss of a caregiver; no longer available to continue providing care. According to the NAIC, the majority of family caregivers – 85 percent – "provide care for a relative with 49 percent of those caring for a parent or parent-in-law. Providing full-time care for a family member."
| | Support for Blue Advantage Policy Holders | | The departure of Vermont Blue Advantage from the Medicare Advantage market, the ongoing Medicare Open Enrollment combined with the longest government shutdown in the nation's history helped send consumers, regulators, lawmakers, healthcare providers and others scrambling for answers and solutions. The Department has updated its Medicare Information webpage to include Medicare Open Enrollment resources, tools and contacts and will be adding additional updates. Need a source for Medicare information? Bookmark this webpage. Also, be sure to see the information provided on Medicare guaranteed issue rights. Part of a nationwide market trend, as other major health insurers have also announced cutbacks or exits from various Medicare Advantage markets for 2026, Blue Cross Blue Shield chose to pare down or eliminate some Medicare Advantage plans due to an unsustainable market caused by such factors as rising member utilization and healthcare costs that outpace federal reimbursement rates. In addition to market trends, reimbursement rates, rising healthcare costs and use, insurers also note other reasons for exiting or paring down include lack of scale in rural areas like Vermont, financial losses and market volatility. | | National Career Development Month: Time to Highlight VCIEL and DFR Summer Intern Program | | |
The need for comprehensive career guidance and support for people at all stages of their professional lives was the driving force behind the origin of National Career Development Month, held annually in November along with National Career Development Week (this year November 11-21) and National Career Development Day (November 19 in 2025). Promoted since 1967 by the National Career Development Association (NCDA), the month-long national public awareness initiative encourages lifelong learning, career exploration and professional growth. And this year, it announced its 60th annual National Career Development Month Poetry & Art Contest: the theme – The Evolution of Work: Careers in the Past, Present and Future. Deadlines for entries are fast approaching. "Winning entries for each division will be recognized and displayed on the NCDA website in June, as well as at the annual Global Career Development Conference held every summer. National winners will also receive a special certificate from the National Career Development Association. Complete contest rules are listed in the brochure."
Deadlines:
- Building/School Contest Submitted to State Contest by December 20, 2025
- State Contest submitted online to National Contest by February 20, 2026
- Individual (no state/building) submitted by February 20, 2026
Vermont Captive Insurance Emerging Leaders | Focusing on future career opportunities in the captive insurance industry is at the heart of the Vermont Captive Insurance Emerging Leaders, a collaborative effort begun in 2023 by the Vermont Captive Insurance Association. VCIEL works with colleges and captive services providers to educate students and other young professionals about the captives industry and its various career opportunities. Similarly, the Department Summer Internship program allows students an opportunity to explore, among other things, the various legislative, financial and regulatory facets of the Department work. In recognition of National Career Development Month, the Department has been sharing social media posts about VCIEL and the DFR Summer Intern Program. The NCDA began as the National Vocational Guidance Association, founded in 1913. In 1985 NVGA was renamed and became the National Career Development Association. "Thus, NCDA is the first, longest running and preeminent career development association in the world."
| Record Holiday Shopping Sales Prompt Reminders About Black Friday and Cyber Monday Scams | The National Retail Federation estimates consumers will spend more than $1 trillion this holiday shopping season, so the Department has been issuing reminders about the rise in cybercrime during Black Friday and Cyber Monday along with tips, resources and tools to help learn how to avoid them. Black Friday and Cyber Monday have become a global shopping phenomenon, with Black Friday alone being considered the top day for online scams. In addition, retailers perceive it as the worst period for increased fraud activity. People's holiday shopping excitement, their eagerness for discounts and a proliferation of email advertisements flooding their inboxes - many of them fraudulent - make them a prime opportunity for targeted attacks as unsuspecting victims. "The continued digital transformation of retail has introduced new shopping channels and new vulnerabilities, and threat actors now deploy increasingly sophisticated scams, including fake e-commerce platforms, deceptive social media promotions, and phishing emails impersonating trusted retailers. With the rising adoption of mobile commerce, digital wallets, and third-party payment solutions, attackers have more potential entry points than ever before." Phishing. Fake websites. Malicious ads. Brand impersonation. Delivery scams. Those are just some of the more common online scams. And the FBI recently announced a surge in account takeover scams, as artificial intelligence has made it more difficult to differentiate between real and fake websites. Cyber criminals are increasingly impersonating financial institutions to steal money or sensitive information, the FBI notes. Scammers this year reportedly also impersonated patent office officials. Education, awareness and reporting suspected scams and fraud are the best ways to help mitigate the rise in seasonal cybercrime. Amazon recently warned customers about impersonation scams and retailers are bracing for a significant surge in "friendly fraud" this holiday season. That’s why DFR and many other agencies are advising consumers and businesses to remain vigilant about the sophistication and accessibility of cybercrime tools. | | DFR Orders, Regulations and Bulletins | | |
Use the FTC Action Plan to Help You Avoid Scams
Scams can affect anyone at any time. Scammers prey upon the unsuspecting and the uniformed. That’s where the FTC’s new tool, How I’ll Avoid a Scam: My Action Plan, can help. Use the new FTC tool and share it with others to help them learn how to spot and avoid scams.
Help Kids Protect Their Devices
Heads Up: Stop. Think. Connect.| Learn ways to helps kids reduce the risks that come with socializing online. Online safety starts with protecting your kids’ devices from hackers and scammers. Here are some steps to keep kids safer while they’re on a phone, tablet, or laptop. Consider taking these steps on your kids’ behalf and, as they get older, teaching them how to secure their devices and build good online habits. Learn more information about protecting kids online while enhancing their safety, privacy, and healthy development at the FTC Protecting Kids Online webpage.
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CFTC, 30 State Regulators Obtain Over $51 Million in Sanctions, Restitution for Victims in California Precious Metals Fraud - CFTC Release Number 9139-25 11.20.25
"The Commodity Futures Trading Commission today announced the U.S. District Court for the Central District of California entered a final judgement against Safeguard Metals LLC and Jeffrey Ikahn (aka Jeffrey Santulan and Jeffrey Hill) ordering them to pay $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for operating a nationwide, precious metals fraud. The CFTC obtained the order Sept. 30 in coordination with 30 state securities regulatory agencies that are members of the North American Securities Administrators Association. 'This resolution shows the impact the CFTC and state regulatory agencies have when joining forces to combat fraud and is a testament to the hard work of staff at the CFTC and our state regulator co-plaintiffs,' said Charles Marvine, Acting Chief of the Division of Enforcement’s Retail Fraud and General Enforcement Task Force. Previously, the court entered a consent order that found the defendants liable for running a nationwide fraudulent scheme that took in approximately $68 million from more than 450 customers – most of them elderly or retirement-aged. ... The following NASAA state regulatory agencies were CFTC’s co-plaintiffs in this action and the CFTC thanks them for their assistance: ... Vermont Department of Financial Regulation;"
Vermont Leaders Warn of Gov. Shutdown Impacts to Medicare - MyChamplainValley 11.19.25
"The shutdown may be over, but a 43-day impact is long enough to still worry many of us. Vermont’s congressional delegation held a virtual get together tonight listening to Vermonters’ concerns and trying to give answers. Senators Bernie Sanders and Peter Welch, along with Congresswoman Becca Balint took phone calls from Vermonters. And people were asking about a slew of things, such as cost of living, social security, an aging workforce, but the most frequent questions focused on health care. Specifically, people are worried they’ll have to pay more for health insurance through the Affordable Care Act, unless Republicans vote to extend the ACA tax credits in December. Senator Sanders says at least 30,000 Vermonters could see their rates double. Saying, if anything, the government should expand Medicare to cover dental, hearing and vision."
Why is Bitcoin Plunging? - VTCNG 11.18.25
"The value of bitcoin has fallen sharply since reaching record heights last month, briefly falling below $90,000 on Tuesday compared with above $126,000 at the start of October. Below AFP explains why investors are turning away from the volatile asset. Prior to the recent slump, bitcoin broke a series of record highs in the wake of Donald Trump's return to the White House. The US president came out strongly in favour of cryptocurrencies before his re-election and has continued to do so. Bitcoin first surpassed $100,000 in May before reaching its latest record of around $126,251 last month. Support came also from expectations of an interest-rate cut from the Federal Reserve following weak US jobs data, which weighed on the dollar. However, after Trump reignited fears of a trade war with China last month, investors sought safer assets over volatile cryptocurrencies. Those who had bet on bitcoin continuing to rise lost heavy amounts."
Government Shutdown Becomes the Longest on Record as Fallout Spreads Nationwide - AP 11.05.25
"The government shutdown has entered its 36th day, breaking the record as the longest ever and disrupting the lives of millions of Americans with federal program cuts, flight delays and federal workers nationwide left without paychecks. President Donald Trump has refused to negotiate with Democrats over their demands to salvage expiring health insurance subsidies until they agree to reopen the government. But skeptical Democrats question whether the Republican president will keep his word, particularly after the administration restricted SNAP food aid, despite court orders to ensure funds are available to prevent hunger. Trump, whose first term at the White House set the previous government shutdown record, is set to meet early Wednesday for breakfast with GOP senators. But no talks have been scheduled with the Democrats."
Vermont Sees Growing Interest from Firms in Europe - Captive International 11.04.25
"Vermont is seeing a steady increase in interest from European corporations seeking a stable domicile for their captives, Sandy Bigglestone, deputy commissioner of the Captive Insurance Division at the Vermont Department of Financial Regulation, has said. Speaking to sister publication Captive Review ahead of the European Captive Forum, where she will appear on two panels on the first day, Bigglestone said: "Over the last few years, Vermont has licensed nine new captive insurance companies from foreign countries outside the US, including three from European-based ownership. Two European-based corporations formed Vermont captives in 2025, and we have had a few prospective captive meetings with European companies seeking to form captives.' As of the third quarter of 2025, Vermont is home to a total of 47 captive insurance companies with European corporate ownership. The majority of these are from the UK, Germany, and the Netherlands — nations with deep-rooted insurance traditions and a sophisticated understanding of risk management."
TD Bank is Closing 51 US Locations in January 2026, 2 Branches in VT. Here's Where - BFP 11.04.25
"Vermont won't be spared from the nationwide TD Bank branch closures coming into effect on Jan. 29, 2026. The Cherry Hill, New Jersey-headquartered national bank confirmed to the Burlington Free Press that they would be shutting down two branches in Vermont. According to multiple reports, TD Bank plans to close 51 branches across the United States, affecting 12 different East Coast states, including Massachusetts, Vermont, Connecticut, New Hampshire, and Maine."
Exploring the Issue of Eroding Trust Between Consumers and Insurance Companies - November 2025
"Pinnacle congratulates analysts Kobe Balson and Travis Peralta on publication of an article exploring the issue of eroding trust between consumers and insurance companies. The piece, 'Beyond the Policy: Exploring the Landscape of Trust in Insurance,' was co-authored with University of Texas actuarial science student Honggeol Jun and is the cover story of the November/December issue of Actuarial Review. The article is a product of the team’s work on their 2025 Pinnacle University research project. Pinnacle University is an annual program that partners actuarial students from various universities with Pinnacle’s professionals to explore topics of actuarial- and insurance-related significance and interest. The trust in insurance team presented their research at Pinnacle University in March and assembled their findings into this new article in Actuarial Review."
| | DFR Is Hiring: EIC and Rate & Form Analyst | | |
The DFR Insurance Division is recruiting for following position at three levels (application deadline is December 3, 2025):
The Captive Insurance Division seeks an Examiner-In-Charge
Req ID: #52725 • Application Deadline: December 2, 2025
As an Examiner-in-Charge (EIC) for the Vermont Department of Financial Regulation, Captive Insurance Division, your primary responsibilities include examinations and ongoing oversight of Vermont domiciled captive insurance companies. Utilizing a risk-focused approach, an EIC leads a team of examiners in evaluating areas of captive insurance company operations and business practices, including corporate governance, strategy, business plan, IT systems, internal controls, financial reporting and regulatory compliance.
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