Happy Anniversary Vermont!
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Beginning Tuesday, August 9, there will be a multiday celebration in honor of the 35th anniversary of Vermont’s captive insurance legislation. Since Vermont became a captive in 1981, there have been significant legislative and regulatory changes. The green mountain state has built an exemplary reputation as the nation’s leading captive insurance domicile.
“Regulatory discipline with an emphasis on companies with sound business plans has been a tradition in Vermont that has served us well,” stated David Provost, the Vermont deputy commissioner of captive insurance. “Vermont’s first regulator, the late Ed Meehan, set the foundation for our regulatory excellence that was followed by Len Crouse and myself for the past 35 years.”
With 589 active captives and a total of 1,071 licensed captives, Vermont is the world’s third largest captive domicile. In 2015, Vermont captives wrote more than $27.5 billion in gross premiums.