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New Vermont captive legislation signed by Governor Phil Scott

New Vermont captive legislation signed by Governor Phil Scott
PR Web
Phil Scott signed new legislation into law strengthening
Vermont s captive regulation in a variety of areas. This year s bill, S.88, combined changes to
Vermont s insurance and captive insurance statutes in a single bill to help minimize the number of items before the legislature. The bill made several updates to
Vermont s captive law, including clarifying the ability for a cell to convert to another type of entity, and simplifying processes around redomestication, mergers, and the filing of organizational documents prior to licensure.
This year
marks 40 years since the passage of the Special Insurer Act of 1981, which created the captive industry in ....

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Vermont licensed 38 new captive insurance companies in 2020, 589 total

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 ....

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