VCIA Impact Report 2024: Key Developments and Industry Initiatives

The Vermont Captive Insurance Association (VCIA) has released its 2024 Impact Report, outlining the association's activities, membership trends, legislative and regulatory efforts, and strategic objectives. The report provides data on industry engagement, conference participation, advocacy initiatives, and future planning.

Membership and Engagement Trends

According to VCIA, the association recorded 236 full members, 98 associate members, and 24 honorary members in 2024. Membership spans 41 US states and international jurisdictions, reflecting continued global engagement. The report notes that 161 member volunteers actively serve on VCIA committees, contributing to advocacy and industry education.

Per the report, VCIA hosted 13 programs and events in 2024, drawing 1,793 attendees. The association recorded 139,000 total website pageviews, with 43,000 active users, and 14,000 contacts on its mailing list, maintaining a 32 percent email open rate, which the report describes as above industry averages. Additionally, VCIA gained 454 new LinkedIn followers, with 3,393 interactions on the platform.

Legislative and Regulatory Initiatives

The report said that the association continues to collaborate with the Vermont Department of Financial Regulation (DFR) and the Vermont Legislature on industry-related policies. In May 2024, Vermont Bill H. 659 was signed into law by Governor Phil Scott, introducing measures to streamline regulatory processes, remove redundancies, and align requirements with the captive marketplace.

Per VCIA, the association invests significantly in advocacy efforts, reporting a $118,000 investment in captive legal advocacy in 2024. Since 2004, VCIA has allocated $2 million to legal advocacy initiatives. The report states that 10 VCIA members are actively engaged in the 2025 Legislative Committee, which is tasked with shaping industry-friendly policies at the state level.

According to VCIA, the association monitors federal legislative developments through its partnerships with McIntyre + Lemon and Primmer Piper Eggleston & Cramer. The 2025 VCIA Hill Day in Washington, DC, will focus on potential changes to captive taxation, discussions about the Federal Insurance Office (FIO), and regulatory frameworks affecting captives.

Annual Conference and Educational Programs

Per the report, VCIA's 2024 Annual Conference drew 1,082 attendees, with 310 captive owners in attendance, a 40-person increase from 2023. The conference featured 28 educational sessions, including 7 discussion groups and multiple keynote speakers. A post-event survey indicated a 96 percent satisfaction rate among participants. Additionally, the 75-booth exhibit hall was fully booked.

VCIA said that educational outreach remains a priority, with multiple programs conducted throughout the year. The March "Home" Burlington Roadshow had 181 participants, making it the largest VCIA roadshow to date. The Spring Member Mixer was held at the Essex Resort and Spa's newly opened farmhouse, part of VCIA's strategy to select high-quality venues for networking events.

Strategic Initiatives for 2025 and Beyond

Per VCIA, the 2025 Strategic Roadmap includes several new initiatives, including the following.

• The launch of an updated, resource-rich website with an artificial intelligence-driven assistant
• Evaluation of additional regional events for industry engagement
• An assessment of strategic initiatives based on key performance indicators
• Execution of VCIA's 40th Anniversary Conference, scheduled for August 11–13, 2025, in Burlington, Vermont

According to VCIA, the association is also exploring new approaches to member engagement and advocacy, including potential adjustments to its event structure and sponsorship models to maximize industry impact.