The state of Vermont has been awarded the top US Domicile for “excellence in captive insurance services.” The award was presented by Captive Review Magazine during the inaugural U.S. Captive Services Awards on Sept. 10, in Chicago. The awards ceremony was attended by more than 200 captive management professionals.
“We’re delighted to receive this recognition,” said David Provost, Vermont’s chief regulator and deputy commissioner of the Vermont Captive Insurance Division. “It really is a reflection of the commitment of our staff to excellence and the hard work that they do every day. We are also fortunate to work with the best captive managers and services providers on a daily basis in Vermont. They also deserve a lot of credit for this recognition.”
Captive Review Magazine is a monthly publication read by more than 12,000 subscribers, 60 percent of whom are captive owners. The magazine and web site are also widely used by captive management firms and the wider captive insurance service provider sector.
Gov. Peter Shumlin congratulated Vermont staff members.
“Our staff is the best in the business and we hear it often from the people who rely on them for good service and knowledgeable counsel in managing their captive operations,” Shumlin said, “Congratulations to Vermont’s hard-working staff.”
Vermont has continued to take a leadership role in all areas of captive insurance including at the NAIC and in the captive insurance community.
“We believe that to maintain our reputation as the ‘gold standard of domiciles” we should be out front on issues that affect all domiciles,” commented Dan Towle, director of Financial Services for the Agency of Commerce and Community Development. “This award is in part a reflection of that commitment.”
Captive insurance is a regulated form of self-insurance that has existed since the 1960s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.
(Information submitted by Captive Review Magazine)