Regulatory Insight: How Vermont Evaluates Captive Insurance Applications

In this episode of The Edge of Risk Podcast by IRMI, we sit down with Jim DeVoe-Talluto, assistant director of captive insurance at the Vermont Department of Financial Regulation, for a detailed discussion on navigating captive insurance company applications. With more than 20 years of regulatory experience, Mr. DeVoe-Talluto provides a clear, practical look at what companies should expect when pursuing a captive, and how to position their program for a smooth regulatory review. 

Mr. DeVoe-Talluto walks through the full application lifecycle—from feasibility studies and internal loss data to board composition, actuarial analysis, and draft policy development—highlighting the most common stumbling blocks and how to avoid them. He emphasizes the importance of early planning, senior leadership buy-in, and assembling a strong team of advisers, including captive managers, actuaries, and legal counsel familiar with domicile requirements. 

The conversation also explores Vermont's regulatory philosophy, including timely communication, transparency, and balanced oversight designed to support innovation while maintaining rigorous standards. For organizations considering their first captive or evaluating where to form one, Mr. DeVoe-Talluto shares actionable insights on capital expectations, long-term planning, and how to build a captive that enhances enterprise risk strategy rather than simply reacting to market cycles. 

Whether you are new to captives or refining your approach to regulatory engagement, this episode offers a valuable perspective from one of the industry's most experienced captive regulators.