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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

A FREE 12-page special report from Captive.com

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Captive Insurance Domicile Milestone—Happy 35th Anniversary, Vermont

Vermont State Capitol
July 26, 2016

The 35th anniversary of Vermont's enactment of captive insurance legislation will be a multiday celebration starting Tuesday, August 9, 2016, during the Vermont Captive Insurance Association (VCIA) Annual Conference.

The Conference will continue through Thursday, August 11, 2016. Captive.com will be represented.

There has been significant change in Vermont's captive-related legislation and regulations as well as the number of captives licensed since 1981. One of Captive.com's coeditors can recall being a member of a feasibility study group in 1984 seeking to form a captive in Vermont and secure a license to write workers compensation reinsurance. At that time, the Vermont captive insurance regulators would not grant licenses to group captives interested in providing workers compensation coverage to their members. (That captive has since redomiciled to Vermont after a number of years' operations.)

Times change. State regulatory knowledge, experience, and expertise have built an exemplary infrastructure. The Captive Insurance Division has also led by counseling the state legislature to enact legislation that has contributed to Vermont becoming the leading captive insurance domicile in the United States.

"Regulatory discipline with an emphasis on companies with sound business plans has been a tradition in Vermont that has served us well," David Provost, Vermont deputy commissioner of captive insurance, stated in a recent press release. "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."

Vermont has 1,071 licensed captives with 589 currently active. It is the largest captive insurance domicile in the United States and the third largest in the world, according to the press release. Vermont captives wrote more than $27.5 billion in gross written premium in 2015.

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