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PR & Articles

Apr 13, 2017

Ian Davis to Become Vermont’s Chief Marketing Official for Captive Insurance. Replaces Dan Towle as New Director of Financial Services

Vermont’s Secretary of the Agency of Commerce & Community Development has announced that Ian Davis, 30, of South Burlington will replace Dan Towle as the next Director of Financial Services. The position is responsible for the marketing and business development for the State of Vermont’s Captive Insurance Industry. “This industry has continued to be an important contributor to our economy,” said Vermont Governor Phil Scott. “I have no doubt that Ian will continue the long standing tradition of representing Vermont as the ‘Gold Standard’ in this area.” MORE [+]

Mar 9, 2017

Vermont’s Captive Insurance Industry Director to Leave State Government

Dan Towle, Vermont’s Director of Financial Services and a fixture in the state’s captive insurance industry since 1999, has announced his plans to leave State Government. Towle will be accepting his new role as President of the Captive Insurance Companies Association (CICA), the only global domicile-neutral captive insurance association. For more than 17 years Towle has been a nationally recognized leader in captive insurance and has been credited as a key figure in advancing the captive insurance industry in Vermont and beyond. MORE [+]

Jan 24, 2017

2016 Provides a Strong Year of Growth for Vermont's Captive Insurance Industry

Vermont licensed 26 new captive insurance companies in 2016, according to data released by the Vermont Department of Financial Regulation. The new captives were made up of 15 pure captives, 5 Risk Retention Groups (RRGs), 3 special purpose financial insurers, 1 sponsored captive, 1 industrial insured captive, and 1 association captive. There were 8 companies in the healthcare sector to form new captives in 2016. Two captives were redomesticated from the Cayman Islands and one from Washington, D.C. MORE [+]

Jan 13, 2017

Vermont’s Captive Insurance Officials Voted into Captive Review’s “Power 50” Ranking and Inducted into “Hall of Fame.”

The State of Vermont's Dave Provost, Dan Towle and Sandy Bigglestone have all been recognized by Captive Review Magazine, a leading publication for the captive insurance industry, for their influence in the global captive insurance industry. The magazine has published, for the first time, an industry-wide Hall of Fame recognizing the most influential individuals the captive insurance industry has produced, or been served by, over the past 50 years. Vermont’s own Dave Provost has been selected as one of 13 inductees chosen for this prestigious honor. MORE [+]

Nov 8, 2016

Vermont Wins Captive Insurance ‘Non-European Union Domicile of the Year.’ Captive Review Magazine Unveils European Captive Service Awards.

The State of Vermont has won the top award at the first European Captive Services Award Ceremony in the category of ‘Non-European Union Captive Domicile of the Year’. The award ceremony was held the night prior to the start of the European Captive Forum and organized by Captive Review Magazine, a trade journal headquartered in London. The award is given to the top captive insurance domicile in the world outside the European Union that has “outperformed their competitors and demonstrated the highest levels of excellence in the captive insurance industry,” in servicing the European marketplace. MORE [+]

Aug 9, 2016

Vermont Wins Top U.S. Domicile for Captive Insurance for Fourth Year. Captive Review Magazine Unveils Industry Awards.

The State of Vermont has again been awarded the top U.S. Domicile for “Vermont’s inability to stand still and its continued desire to lead the captive industry.” This is the fourth year that the State of Vermont has been honored with this award, which was presented by Captive Review Magazine during the U.S. Captive Services Awards held on August 8 in Burlington, Vermont. Judges commented that “despite Vermont being one of the most mature domiciles in the world, its net captive formation numbers remain positive while premium and asset under management figures are the largest in the world.” The award describes Vermont as “investing in its captive and RRG examination team as well as the solid commitment demonstrated by state government in the annual update of captive legislation.” MORE [+]

Jul 12, 2016

Vermont: Leading The Captive Insurance Industry Today and Into The Future

With 589 active captives, as the state recognizes the 35th anniversary of the Vermont domicile in July and 1071 licenses issued to date, Vermont has demonstrated a commitment not only to the domicile but to captive insurance broadly as a risk transfer mechanism. While the state has long been known for its “firm but fair” approach to captive regulation, Vermont’s regulators have always proven ready to listen to new ideas about captive insurance use, embracing those that made sense and demonstrating a willingness to evolve with the industry, though always in responsible fashion. MORE [+]

Jul 12, 2016

Vermont Celebrates 35th Anniversary of Captive Insurance Legislation

MONTPELIER, VT – Over the last 35 years, Vermont has grown to become known as the ‘Gold Standard’ of domiciles in the Captive Insurance industry and is held up as the model of sound regulation by other domiciles. This July marks the 35th anniversary of Vermont’s captive insurance legislation signed into law by the now late, Governor Richard Snelling. In 1981, Snelling’s vision was to create a premiere captive insurance environment that would rival offshore competitors and to create economic opportunities for Vermonters. MORE [+]

Apr 20, 2016

Vermont Captive Insurance Legislation Signed into Law

MONTPELIER, VT – Governor Peter Shumlin has signed new legislation passed in the 2016 session strengthening Vermont’s captive insurance legislation in a variety of areas. MORE [+]

Jan 11, 2016

2015 Provides a Strong Year of Growth for Vermont’s Captive Insurance Industry. Eleven Redomestication and Healthcare Captives Drive New Formations

Vermont licensed 33 new captive insurance companies in 2015, according to data released by the Vermont Department of Financial Regulation. The new captives were made up of 12 pure captives, 7 Risk Retention Groups (RRGs), 7 sponsored captives, 4 special purpose financial insurers, 2 industrial insured captives, and 1 association captive. There were 11 ‘redomestications’, which is when an existing captive moves from another captive domicile to Vermont. That is the largest number ever to occur in a single year in Vermont. The redomestications came from the following jurisdictions: South Carolina (3), Arizona (3), Bermuda (2), Cayman Islands, Nevada, and Kentucky. MORE [+]

Dec 21, 2015

Zurich North America Forms Vermont Captive Insurance Company

Zurich North America has selected Vermont as the domicile for a new sponsored cell captive company, according to the Vermont Department of Financial Regulation. The captive, Hoplite Reinsurance Company of Vermont, is Vermont’s 1,052nd license. MORE [+]

Dec 18, 2015

Vermont’s Captive Insurance Officials Voted to Captive Review’s Power 50 List

Vermont’s chief regulator, David Provost, Deputy Commissioner of the Captive Insurance Division has once again topped the Captive Review Power 50 world ranking at number one. This is the fourth year Provost has come in one of the top three spots, having been voted second last year. Dan Towle, Director of Financial Services for the Agency of Commerce & Community Development is listed as 19th on the list. Provost and Towle combined have over 31 years of service with the State and represent arguably the most experienced team of any domicile in the world. MORE [+]

Aug 12, 2015

Vermont Wins Top U.S. Domicile for Captive Insurance for Third Year

The State of Vermont has again been awarded the top U.S. Domicile for “an innovative and competitive environment for captives to flourish.” This is the third year that the State of Vermont has been honored with this award, which was presented by Captive Review Magazine during the U.S. Captive Services Awards on August 10. MORE [+]

Jul 31, 2015

14 New Vermont Captive Insurance Companies Make Strong Start to the Year Redomestications and Healthcare Lead the Growth

The Vermont Department of Financial Regulation reports the licensing of 14 new captives. The newly licensed captives include 7 Pure, 3 Risk Retention Groups, 1 Special Purpose Financial Captives, 1 Industrial Insured, 1 Sponsored and 1 Association. Five of the new captives have been redomesticated from other domiciles and three of them are in the Healthcare Sector. MORE [+]

May 5, 2015

Vermont Captive Insurance Legislative Agenda Signed into Law

Governor Peter Shumlin signed new legislation passed in the 2015 session strengthening Vermont’s captive legislation in a variety of areas including groundbreaking changes to the investment guideline to allow marketable securities along with cash, trusts and letters of credit to meet the minimum capital requirement. MORE [+]

Jan 22, 2015

Vermont Captive Insurance Gross Written Premium Nears $30 Billion in 2014.

2014’s new licensees brings Vermont overall total licenses to 1029 with 581 active captive insurance companies. An active pipeline of prospective captive insurance companies is already underway for 2015. MORE [+]

Dec 22, 2014

Vermont’s Captive Insurance Regulator Dave Provost Deemed “Most Influential.”

Captive Review Magazine announces the Power 50 list of the most influential people in the captive insurance industry. The State of Vermont's chief regulator, David Provost is the number two in the overall world ranking. MORE [+]

Oct 16, 2014

Vermont Wins Top U.S. Domicile for Captive Insurance for Second Year

Captive Review Magazine Announces 2014 Industry Awards.The State of Vermont has again been awarded the top U.S. Domicile for “outperforming their competitors and demonstrating the highest levels of excellence over the past 12 months.” MORE [+]

Aug 11, 2014

From the newsroom of the VCIA: Captive Insurance Coalition Praises New Federal Legislation

New legislation to clarify the Non-Admitted Reinsurance Reform Act (NRRA) as it pertains to captive insurance was introduced by Senator Patrick Leahy (D-VT) and Senator Lindsay Graham (R-SC) in the U.S. Senate. A companion bill was introduced by Congressman Peter Welch (D-VT) in the U.S. House of Representatives. Efforts to clarify the law have been a priority of the Coalition for Captive Insurance Clarity (CCIC) and were met with praise by coalition members. MORE [+]

May 7, 2014

Vermont Captive Insurance Pioneer Ed Meehan Dies At Age 73

Vermont’s first director of captive insurance, Edward "Ed" Meehan, leaves a lasting legacy. The captive insurance community is mourning the loss of Meehan, who passed away Sunday at his home in North Fort Myers, Fla., after a prolonged illness. MORE [+]

Apr 17, 2014

Vermont’s New Captive Insurance Legislation Signed Into Law

Governor Peter Shumlin signed new legislation passed in the State Legislature updating Vermont’s captive law, amending the reciprocal insurer section and creating a new “dormant” status for captives. MORE [+]

Jan 16, 2014

Banner Year for Vermont Captive Insurance Finishes with Strong Captive Formations

Vermont celebrated a banner year in 2013 with the 1000th new captive insurance company licensed and the licensing of 29 new captives... MORE [+]

Dec 4, 2013

Vermont’s Captive Insurance Regulator Deemed “Most Influential”

The November 2013 edition of Captive Review featured their ranking of the 50 “most influential people in the captive industry,” and according to those contributing to the international poll, once again Vermont has considerable influence. Vermont’s chief regulator, David Provost, Deputy Commissioner of the Captive Insurance Division is number one in the overall world ranking up from third most influential in 2012... MORE [+]

Oct 10, 2013

Vermont Celebrates 1000th Licensed Captive Insurance Company

Governor Peter Shumlin announced today that the Department of Financial Regulation (DFR) has licensed Vermont’s 1,000th captive insurance company. Cassatt Insurance Group is a group of nine independent non-profit hospitals in southeastern Pennsylvania that share risk in providing medical liability coverage for 1,200 physicians... MORE [+]

Jun 20, 2013

Vermont Captive Insurance Legislative Amendments Signed Into Law

Governor Peter Shumlin signed new legislation passed in the recently concluded session addressing sponsored captives and incorporated cells, association and pure captive account rules, branch and separate purpose financial captives, and captives and risk retention groups organized as reciprocals... MORE [+]

Jun 20, 2013

Vermont Captive Insurance Official Elected to Chair RIMS Committee

Dan Towle, Vermont’s Director of Financial Services, has been elected Chair of the Risk and Insurance Management Society’s (RIMS) Exhibits Advisory Committee (EAC)... MORE [+]

Jun 4, 2013

National Law Firm Anderson Kill & Olick Opens Vermont Office

Anderson Kill & Olick, P.C., a national law firm known primarily for representing policyholders in insurance coverage disputes, today announced the opening of a new office in Burlington, Vermont... MORE [+]

Feb 27, 2013

Leading National Law Firm Anderson Kill & Olick Concludes NRRA Not Intended to Apply to Captive Insurance Companies

Leading national law firm Anderson Kill & Olick (AKO) concludes NRRA not intended to apply to captive insurance companies. The law firm publishes a white paper in the Bloomberg BNA Daily Tax Report affirming that captives should not change domiciles based on NRRA... MORE [+]

Feb 7, 2013

New Jersey Congressman and Co-Author of NRRA Affirms Dodd-Frank is Not Applicable to Captive Insurance

U.S. Congressman Scott Garrett (R-NJ), the co-author and one of the principal sponsors of the Nonadmitted and Reinsurance Reform Act (NRRA) of the Dodd-Frank Act addressed the Speaker of the U.S. House of Representatives on February 6 to state unequivocally that the legislation was never intended to apply to captive insurance... MORE [+]

Jan 16, 2013

2012 Steady For New Vermont Captive Insurance Formations

The State of Vermont licensed 32 new captives in 2012 finishing with strong showings by the construction and manufacturing sectors which each had five new licensees, according to data released by the Vermont Captive Insurance Division... MORE [+]

Jan 7, 2013

U.S. House Subcommittee Chair, Judy Biggert, Affirms Dodd-Frank is Not Applicable to Captive Insurance Industry

The outgoing Chairman of the Subcommittee on Insurance of the Committee on Financial Services in the House of Representatives has reaffirmed that the Nonadmitted and Reinsurance Reform Act (NRRA), which is part of the Dodd-Frank Act was never intended to apply to captive insurance... MORE [+]

Nov 15, 2012

Coalition Launched to Address NRRA Confusion on Captive Insurers

A new coalition of the captive insurance industry has been formed under the leadership of the Vermont Captive Insurance Association (VCIA) to push for legislative language that would clarify that the intent... MORE [+]

Sep 19, 2012

Captive Review Magazine Announces 2012 Captive Insurance Awards: Vermont Wins Top U.S. Domicile

The State of Vermont has been awarded the top U.S. Domicile for “excellence in captive insurance services.” The award was presented by Captive Review Magazine during the inaugural U.S. Captive Services Awards on Monday September 10, at the Fairmont Hotel in Chicago. MORE [+]

Apr 16, 2012

Vermont's Captive Insurance Industry Off To Best Start Since 2005

First quarter licensure of new captive insurance companies is off to a strong start with eight new captive licenses in 2012, according to data released by the Vermont Department of Financial Regulation (formerly BISHCA). Vermont’s legislature has also passed new captive insurance legislation that has been signed into law by Vermont Governor Peter Shumlin. MORE [+]

Mar 22, 2012

Vermont Prominent in Captive Review Magazine's Most Influential List

The March 2012 edition of Captive Review Magazine features their ranking of the 50 “most influential people in the captive industry” and according to those contributing to the international poll Vermont has some considerable influence. MORE [+]

Jan 10, 2012

2011 Very Strong for Vermont Captive Insurance Licenses

2011 was the 6th year Vermont surpassed the 40 new captives licensed mark with 41 new captive insurance companies bringing the total number of licenses to 952 with 590 active captive insurance companies. Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association. MORE [+]

Nov 8, 2011

Captive Insurance Industry Experts Continue to Weigh In on Nonadmitted and Reinsurance Reform Act: No Captive Insurance Impact

The McIntyre White Paper Report on the new federal Nonadmitted and Reinsurance Reform Act (NRRA), part of the recently passed Dodd Frank Act, continues to garner agreement among captive insurance industry experts concluding that the law has no applicability to captive insurance. The white paper was prepared by the law firm of McIntyre and Lemon, PLLC of Washington, DC. MORE [+]

Oct 14, 2011

Nonadmitted and Reinsurance Reform Act: No Captive Insurance Impact

The new federal Nonadmitted and Reinsurance Reform Act (NRRA), often referred to as the Dodd Frank Act, has no applicability to captive insurance. That is the conclusion of an independent white paper prepared for the Vermont Captive Insurance Association (VCIA) by the law firm of McIntyre and Lemon, PLLC of Washington, DC. MORE [+]

Jun 8, 2011

Vermont’s Captive Insurance Industry Celebrates 30th Anniversary

The 30th anniversary of the signing of Vermont’s captive insurance legislation will be celebrated in Burlington on June 22 led by Governor Peter Shumlin at a reception in the historic Union Station on Burlington’s waterfront. The event is co-hosted by the State of Vermont and the Vermont Captive Industry Association (VCIA). MORE [+]

May 20, 2011

Vermont Strengthens Captive Insurance Legislation

Legislation passed by the 2011 session of the Vermont Legislature and signed into law by Governor Peter Shumlin expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. The bill was signed into law before a group of industry supporters on May 11. MORE [+]

Apr 21, 2011

Vermont Captive Insurance Company Formations Start Strong

Vermont licensed 7 new captives in the first quarter of 2011 which is the strongest start since 2005, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). The 7 new captives consisted of 4 single-parent, 2 risk retention groups and a special purpose captive. MORE [+]

Mar 22, 2011

New Captive Insurance Legislation Proposed for Vermont

After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont is proposing changes to the Captive Insurance law in the Legislature as part of its annual enhancements to its captive statute. The proposed bill expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. MORE [+]

Jan 12, 2011

Vermont Licensed 33 New Captive Insurance Companies in 2010

Captive Insurance formations continue despite the soft market as the State of Vermont licensed 33 new captive insurance companies in 2010 and surpassed the 900-license milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]

Aug 10, 2010

Vermont Captive Insurance Surpasses 900 License Mark

The State of Vermont has issued its 900th captive insurance company license to Lincoln Financial Group, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]

Jul 21, 2010

Vermont’s Captive Sector Strong So Far In 2010

The State of Vermont’s captive insurance sector has had a good first half of 2010, licensing 17 new captive insurance companies as the state approaches the 900-license milestone, officials said. MORE [+]

Jun 9, 2010

Long-time Vermont Captive Insurance Regulator Leaving

Peter Raymond, a fixture in Vermont's captive insurance industry for 22 years, has announced his plans to leave his state regulatory position and take a job outside of the captive insurance sector. MORE [+]

May 20, 2010

The Front Man

Dan Towle, director of financial services for the state of Vermont, has been a mainstay of the Vermont captive insurance industry for the last dozen years, representing the No. 1 U.S. domicile around the world. MORE [+]

Jan 7, 2010

2009 Captive Growth Strong Despite Weak Economy

MONTPELIER – The State of Vermont licensed 39 new captive insurance companies in 2009 as it approaches the 900-license milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]

May 27, 2009

Governor Douglas Signs Legislation to Build on Vermont’s Lead in the Captive Insurance Industry

Burlington, Vt. – Vermont Governor Jim Douglas has signed into law a bill that will enhance the regulation and expansion of the captive insurance industry in Vermont, a key provider of revenues and jobs for the state. MORE [+]

May 27, 2009

Statement of Vermont Governor Jim Douglas On New Captive Insurance Law

As our state tackles budget and revenue challenges, my administration continues to recognize how critical the captive insurance industry is to Vermont and the need to continue investing in our infrastructure and innovating in our regulation. MORE [+]