Vermont Honors the Legacy of Captive Industry Leader
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Stephanie Brackin, Information Management Officer Department of Financial Regulation (802) 828-4872 | stephanie.brackin@vermont.gov
Montpelier, Vt. – The State of Vermont honors the legacy of Leonard “Len” Crouse after his passing on May 6, 2021. Len was appointed the first Deputy Commissioner of the then newly created Captive Insurance division in 2003 and prior to that served as the Director of Captive Insurance since 1990 for the Vermont Department of Financial Regulation (formally, the Department Banking, Insurance, Securities, and Health Care Administration). While Deputy Commissioner, Len was responsible for Vermont’s administration and regulation of captive insurance companies at a time when the industry was rapidly growing.
Continued Impact of COVID-19
The measures taken by the Vermont Department of Financial Regulation (the “DFR”) in 2020 in response to the COVID-19 pandemic have been extended through 2021. These include a recognition that in-person board meetings in Vermont may not be feasible until travel restrictions have been relaxed. Captives are invited to request a waiver of the physical presence requirement for their 2021 annual meetings.
2021 Captive Legislation
Despite its focus on the State’s COVID-19 response, the Vermont legislature is on track to pass its annual captive “housekeeping” bill, which was jointly proposed by the DFR and the Vermont Captive Insurance Association. The current version of the bill includes the following notable provisions:
Vermont Captive Insurance Recognizes George Chaffee, Pioneer of Captive Industry benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Vermontâs captive industry celebrates the life of George Chaffee
23-02-2021
10-02-2021
Phil Scott, the Governor of Vermont, has paid tribute to George Chaffee, the author of the state’s captive insurance legislation, after he passed away on February 6, 2021.
Chaffee was the former president and founding board member of the Vermont Insurance Institute at Champlain College, which is now known as the International Center for Captive Insurance Education (ICCIE) at the University of Vermont. He was also a founding director of the Vermont Captive Insurance Association (VCIA).
“While I didn’t have the privilege of knowing him personally, by all accounts, George Chaffee was a tireless public servant and Vermonters will continue to benefit from his contributions to our state for decades to come,” said Scott.
Thu, 01/21/2021 - 1:03pm tim
Vermont Business Magazine The Vermont Department of Economic Development announced today that the State of Vermont licensed 38 new captive insurance companies in 2020, Vermont is now home to 589 licensed captives, consisting of 564 active and 25 dormant captive insurance companies.
“It is great news that Vermont has remained a consistent leader in the captive industry during the coronavirus pandemic,” said Commissioner of Economic Development Joan Goldstein. “Captive insurance plays a key role in our efforts to strengthen the state economy and its growth is welcomed as the pandemic continues to impact every sector of our economy.”
The new captives were licensed in healthcare, real estate, manufacturing, insurance, transportation, technology, construction, and professional services. New and notable companies this year include the University of Southern California, State Street Bank, Saputo, and the Blackstone Group. At least six of Vermont