Vermont’s Department of Financial Regulation (DFR) will offer waivers to captives and other businesses that are unable to hold board meetings in coming months due to the spread of COVID-19.
“If circumstances dictate that you are unable to hold a board meeting in Vermont in 2020, just send a letter to DFR.CaptiveMail@vermont.gov to request a waiver,” it said in a note that was circulated by the Vermont Captive Insurance Association.
DFR stressed the invitation only relates to requirements for board meetings in Vermont. “Captives should continue to hold board meetings per their own governance rules either in their own offices or virtually,” it said.
The DFR said that although it likes to meet captive owners before they submit applications to register in the state, it will hold most meetings via teleconference or video conference for the foreseeable future.
It warned that circumstances may require the DFR to ask for additional reporting from captives in the future to check on their financial health amid difficult market conditions.
The DFR, like many other businesses, has instructed most of its employees to work from home until further notice.
Vermont Captive Insurance Association, Department of Financial Regulation