Vt. Passes New Captive Law.(captive insurance)(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, June, 2001 by McDONALD, CAROLINE

Vermont is celebrating its 20th year as a domicile for captive insurers with something even better than fireworks--new captive legislation. "Everything passed the Senate and the House," said Len Crouse, director of captive insurance in the Vermont Department of Banking, Insurance and Securities in Montpelier.

The bill has not yet been signed into law by Gov. Howard Dean, "but in all honesty, we know it's a done deal," he added. (At press time, a representative at the governor's office said they were confident that Gov. Dean would sign the bill, but did not know exactly when.) Senate Bill 139 "will lessen the in vestment restrictions for sponsored captives," said Derick White, assistant director of captive insurance. At present, risk retention groups...

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