Speaking at the NAIC Summer National Meeting, Vermont Insurance Commissioner Susan Donegan said that New York’s concerns about special purpose insurers (SPI) did not apply to her state and that Vermont had no interest in any moratorium efforts.
She said: “we feel that if special purpose vehicles are properly regulated that they are a valuable tool for life insurance companies. We have standards in Vermont that are very high and we feel that’s a safety net for carriers.”
Donegan concluded: “those states which want to continue can with proper regulation. Those that need some assistance in coming around can learn about how you want to regulate these types of entities. We’re just going to continue to do what we do best, and that is adequate and sufficient regulation that promotes the kind of regulatory response that we require to earn that Vermont captive emblem, but also to allow companies to decide whether we’re the right jurisdiction for them.”
Vermont, special purpose insurers, shadow insurance