Vermont Governor Phil Scott introduced Commissioner Mike Pieciak shall be stepping away from his function main the Vermont Division of Monetary Regulation (DFR) subsequent month to pursue different alternatives.
Pieciak was appointed to lead the buyer watchdog company by Gov. Scott in January 2017.
He joined DFR in 2014 as deputy commissioner of the Securities Division, appointed by Gov. Peter Shumlin.
Along with his duties at DFR, in 2018 Pieciak was elected president of the North American Securities Directors Affiliation and served a five-year time period on the Securities and Trade Fee Small Enterprise Capital Formation Advisory Committee in Washington, D.C.
Deputy Commissioner Kevin Gaffney will function interim commissioner following Pieciak’s departure on Might 16.
Gov. Scott mentioned Pieciak advocated for shoppers and labored to strengthen the state’s monetary providers business In his eight years of service to the state. Below his management, DFR recouped $13 million for Vermonters, together with a report $1.8 million settlement with a South Carolina insurance coverage firm for promoting unapproved and insufficient medical health insurance insurance policies to Vermont faculty college students.
Pieciak additionally expanded the division’s supervision of on-line securities buying and selling and cryptocurrency platforms throughout his tenure. Earlier this yr, a DFR probe of the digital-asset firm BlockFi led to a multi-state $100 million settlement.
With the onset of the pandemic, Pieciak and DFR headed the state’s COVID-19 modeling and he has appeared recurrently at COVID press briefings. DFR additionally required well being insurers to cowl the price of testing and therapy for COVID-19 and directed premium reduction of over $25 million again to Vermonters. Moreover, Pieciak led a volunteer workforce of 20 DFR workers who administered $32 million of COVID hazard pay grants to twenty,000 front-line Vermont employees. This system was created and administered in simply over 10 weeks through the first yr of the pandemic.
In 2019, DFR explicitly prohibited insurers from utilizing age to disclaim gender-affirming care to Vermont youth. Pieciak additionally instituted a collection of initiatives to handle senior monetary abuse.
Matters
Vermont
Crucial insurance coverage information,in your inbox each enterprise day.
Get the insurance coverage business’s trusted e-newsletter