Vermont Governor signs captive bill

Governor Phil Scott of Vermont has signed into law H76, a new bill that directly affects the captive industry in the state.

The bill makes tweaks to the captive reporting requirements in Vermont and increases the funding available to the Vermont Department of Financial Regulation for the regulation of captive insurance companies.

It also amends slightly the information that the Department requires to be submitted about the business plans of any captives or protected cell companies.

The bill will come into effect on July 1, 2023.

When signing H76, Governor Scott issued the following statement: “Vermont continues to be the worldwide leader in the captive insurance market, and this bill makes additional steps to enhance our strong reputation. The hard work of the Vermont Department of Financial Regulation and their partnerships in the industry ensure Vermont continues to see the significant economic benefits that comes with our leadership in this sector.”