Gov.-elect Phil Scott announced Tuesday he will retain the leadership of the Department of Financial Regulation, including Commissioner Mike Pieciak, who took over the post in July.
The deputy commissioners of the department’s four divisions — banking, insurance, securities and captive insurance — will also continue in their roles under Scott’s administration.
Pieciak, who replaced Susan Donegan, was appointed commissioner in July by outgoing Gov. Peter Shumlin. He previously worked as the deputy commissioner for the securities division, where he led the state’s investigation into an alleged massive fraud scheme at Jay Peak by developers using the federal EB-5 foreign investor program.
“Michael has demonstrated a strong commitment to protecting Vermonters’ financial security — especially throughout the EB-5 investigation — while also thinking outside the box to help foster entrepreneurship by modernizing systems to help Vermont meet the demands of a new marketplace,” Scott said in a statement.
“I’m looking for leaders in every agency and department to step up and think differently about how we can better serve Vermonters and grow our economy,” he added. “Michael and his deputy commissioners have each shown that it is possible to be innovative and modernize, while also safeguarding the security of Vermonters and Vermont businesses.”
Scott said Cynthia Stuart will remain deputy commissioner for banking, while Kaj Samsom, William Carrigan and David Provost will retain their deputy commissioner jobs in insurance, securities and captive insurance, respectively.
The banking division regulates financial services entities, including banks, credit unions, lenders, mortgage brokers, sales finance companies, debt adjusters and money servicers.
The insurance division is responsible for maintaining affordability and availability of insurance for Vermonters, ensuring reasonable competition among insurers and protecting consumers against unfair and unlawful business practices.
Carrigan, a certified fraud examiner, was also a member of the team that investigated the alleged EB-5 fraud. The securities division he will continue to oversee is tasked with protecting Vermonters investments from fraud while promoting development of Vermont’s capital markets.
The captive insurance division maintains and enforces a regulatory system for the state’s captive insurance market, which is now the largest in the country.
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