Montpelier
Donegan has served as the chief regulator of Vermont’s financial services industry for three years.
Her department oversees state-chartered banks and credit unions, licensed lenders, traditional and captive insurance companies, and securities activities in the state of Vermont.
Donegan has been featured in news headlines over the past few years.
She led an effort to help homeowners and businesses deal with flood insurance in the aftermath of Tropical Storm Irene in 2011 and 2012. Donegan denied a license in 2013 to the Vermont Health Co-op, a new insurance company that would have sold policies on the state health exchange.
More recently, she has led a financial review of the Q Burke Hotel and AnC Bio Vermont projects in the Northeast Kingdom.
Donegan said she is leaving now “because it is the right time.” She plans to take several months off before she lines up her next job.
“It’s always important to take stock personally and professionally in taking the next steps,” Donegan said in an interview.
“I’m kind of excited,” she said. “The department is in good shape, and it’s a good time for me to step down. I have had a blast being commissioner.”
Donegan is an attorney who has specialized in financial services regulation. She served as deputy commissioner of the department in 2011 and 2012. It was her second “tour of duty” with DFR.
She previously worked for the department from 1985 to 1990 as the director of securities regulation. She was counsel to the commissioner of the Massachusetts Division of Insurance from 2008 to 2011.
Donegan informed Gov. Peter Shumlin earlier this week and will work with the administration on a transition plan over the next three months.