Vermont Enhances Branch Captives and Standardizes Annual Filing Date

Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes.

"As we do every year, we work with the Vermont Captive Insurance Association [VCIA] and the Department of Economic Development to develop a consensus bill that helps enhance our laws while maintaining prudent regulatory standards," said David Provost, deputy commissioner of Vermont's Captive Insurance Division. "The legislative process ensures our captive law meets the needs of businesses within a regulatory framework that recognizes the special purpose for which captives are formed," he added.

"We are constantly looking for ways to help improve the ease of doing business in Vermont," said Ian Davis, director of Financial Services. "This year's bill included some common-sense changes to our annual filing date and reporting requirements, as well as changes that will help streamline processes and provide an even higher level of consistency for our regulated entities."

Rich Smith, president of VCIA, said, "The alliance between Vermont's Governor, legislature, regulators and, VCIA enables Vermont to continuously refine its captive statute and be a leader in this ever-evolving sector."