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Vermont Captive Delegation To Visit Mexico in 2020

Mexico Travel-SF
August 07, 2019

The State of Vermont and the Vermont Captive Insurance Association (VCIA) will send a delegation comprised of government, regulatory, and industry representatives to Mexico next year to highlight Vermont's captive industry at an educational forum.

The delegation, which will work with the US Commercial Service, a trade and promotional unit of the US Department of Commerce, will lead the captive educational forum. The forums will be held in Mexico City during the week of March 23, 2020.

"There is growing interest in captives among insurance and risk professionals in Latin America. Our aim is to help ensure that the captive concept is well understood and communicated, including the benefits of being in a reputable onshore jurisdiction like Vermont," David Provost, Vermont's deputy commissioner of captive insurance in Montpelier, said in a statement.

"The goal of this trade mission is to increase awareness of Vermont as the leading US domicile for captive insurance and highlight our state's mutually beneficial trade relationship with Mexico," added Ian Davis, Vermont's director of financial services.

Participants in the educational forums will include representatives from Vermont's captive industry. Included in the educational forums will be informative panel discussions and educational content, while there also will be networking opportunities for Latin American insurance and risk management professionals who are interested in setting up captives.

"As the captive market in the region continues to grow, we want to make sure those companies know Vermont is open for business," VCIA President Rick Smith said in a statement.

With 580 captives at the end of 2018, Vermont is the largest captive domicile in the United States and the world's third largest. Its captive statute goes back to 1981, making Vermont one of the oldest US domiciles.

Vermont lawmakers have frequently passed measures to keep the captive statute up to date. For example, legislation was passed earlier this year that gives captives more time between mandatory financial examinations, as well as offers group captives the option to follow current investment rules or develop an alternative investment plan. That investment plan would have to be submitted for review to the state insurance commissioner.

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