Vermont has passed new legislation to strengthen its captive insurance laws, designed to increase efficiency while adding flexibility to regulatory policy and procedures.
The bill, signed by Governor Phil Scott, includes new policies related to Vermont’s captive protected cells, which the state has identified as a promising area for growth within its industry.
“COVID-19 has dramatically changed the way we all work, live and play, however it has not changed Vermont’s continued commitment to be the ‘gold standard’ within the captive insurance industry,” said Governor Scott.
“The bill I signed demonstrates – as we do every year – that Vermont does not take this sector for granted and we are firmly committed to keeping pace with the ever-evolving needs of the captive insurance industry.”
Deputy Commissioner of Captive Insurance Dave Provost also commented: “One of the key changes recognizes the importance of cells in the captive industry, and makes it clear that a cell can operate—and should be regulated—much the same as an individual captive. I believe the captive industry will welcome this change, along with other updates included in the bill.”
Additional key updates include allowing separate accounts within a cell of a sponsored captive and simplifying an agency captive owner’s disclosure requirements.
Other focuses of the legislation include alignment with the National Association of Insurance Commissioners (NAIC) statutory accreditation standards for Risk Retention Groups and allowing dormant captives to remain intact at a minimum capital level so they may be reactivated in the future.
“Even in the midst of a pandemic where the attention of the Governor and legislature is rightly focused on the health and welfare of its citizens, Vermont’s state leaders came through and passed a bill that updates and strengthens Vermont’s captive insurance statutes,” said Richard Smith, President of the Vermont Captive Insurance Association.
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June 16, 2020 at 09:11PM
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Vermont strengthens captive insurance laws - Reinsurance News
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