MONTPELIER – David Provost, deputy commissioner of the Vermont Department of Financial Regulation’s Captive Insurance Division, has been named number one on Captive Review magazine’s “Power 50” list.
The magazine called him the most recognized person in the captive insurance world and praised him for his approachability, captive expertise and leadership. Up from number three in 2012, Provost’s guidance through the process of licensing Vermont’s 1,000th captive this past October “further reinforced his position as 2013’s premier captive figure,” the magazine wrote.
Commissioner Susan L. Donegan said she is proud of Provost’s work.
“David is a tribute to his profession, an invaluable asset to the department and the captive insurance industry,” she said, “he strives every day to preserve and broaden Vermont’s ‘gold standard’ reputation.
“Vermont is renowned for its tradition of quality regulation and David is at the helm. He is well-respected among his peers and his opinion is routinely requested on a global level,” Donegan said.
Since becoming deputy commissioner in 2008, Provost has guided 176 captive insurance companies to licensure in the state. He attributes some of his success to his open management style.
“It is important to promote open communications and keep up with the changing needs of the industry,” he said, “and that is accomplished by listening to our companies and paying attention to their needs while regulating them in a way that is appropriate to their limited purposes.
“Companies choose Vermont because they are confident in the service they will receive, our experience and the consistency of governmental support,” he said.
Captive insurance is a regulated form of self-insurance created by companies or groups of companies as an alternative to traditional insurance and is designed to better manage their own risk. Vermont’s captive insurance industry employs more than 1,400 people in full- and part-time positions and is the largest captive insurance domicile in the U.S. and the third largest in the world. Since October, two more captive insurance companies have been licensed in Vermont bringing the total to 1,002.