The new dormant designation will enable captive parents to retain the license of captives that have ceased to function, enabling them to resume operations quickly and efficiently.
Commenting on the amendment, Governor Shumlin said: “I’m proud to sign this bill in response to the industry’s desire to have more options for their captives. I commend the Legislature in continuing our long tradition of making sure our captive regulations are the industry gold standard.”
Deputy commissioner of Vermont’s captive division, David Provost worked diligently with the Legislature on the new changes. “This legislation updates several components in our law to keep Vermont at the forefront of domiciles,” said Provost. “The updates to our reciprocal law will make it more attractive than ever for educational institutions, health care providers and other not-for-profit organizations to domicile in Vermont.”
“We’re delighted that once again the Governor and Legislature have joined together to respond to the rapidly changing environment for captives,” said Dan Towle, Vermont’s Director of Financial Services. “It is just one of the many benefits to domiciling in a proactive jurisdiction like Vermont.”