Captive Insurance Division

David Provost
David Provost
Deputy Commissioner of Captive Insurance

The mission of the Captive Insurance Division is to maintain a regulatory system that attracts quality business to Vermont, promotes our reputation in the industry, and safeguards the solvency of captive insurers while recognizing the special purpose for which they were created. The Division pursues this mission by:

  • Attracting and licensing quality programs whose primary purpose is risk management or risk financing
  • Performing ongoing financial surveillance
  • Performing periodic financial examinations
  • Implementing and enforcing laws and regulations
  • Developing effective and reasonable policies and procedures
  • Advancing the growth of Vermont’s captive industry

Resource Center

 

Captive Insurance Contact Information

Department Mailing Address:

State of Vermont
Department of Financial Regulation – Captive Division
89 Main Street
Montpelier, VT 05620-3101
Phone: (802) 828-3304
Fax: (802) 828-3460

Advantages of Captive Insurance

Increase Control, Reduce Costs

Captive insurance refers to a subsidiary corporation established to provide insurance to the parent company and its affiliates. A captive insurance company represents an option for many corporations and groups that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers. The advantages of going captive are:

Steps to Form a Captive

The Department encourages all companies interested in forming a captive to contact one of the approved managers. The prospective captive owner can rely on the manager's expertise in this area.  If at any point you wish to contact the Department directly, please feel free to do so!

General Licensing Forms and Instructions

At the bottom of this page are links to application forms for admission as a captive insurance company together with a sample letter of credit form and biographical affidavit form. Special Purpose Financial Captives may be subject to different instructions and forms. If you are forming a Special Purpose Financial Captive, please contact us directly to obtain additional information.