David Provost, State of Vermont Department of Financial Regulation
26 May 2022USA analysis

Provost to retire from Vermont Captive Insurance Division

David Provost, the deputy commissioner of the Captive Insurance Division at Vermont’s Department of Financial Regulation (DFR), is to retire at the end of the summer to ensure a smooth transition within the department to new leadership.

“We wish Dave all the best in his future and we thank him for his immeasurable contribution to Vermonters and businesses around the world,” said Governor Phil Scott. “We are committed to appointing a replacement that will maintain the tone and standard Dave has set in Vermont.”

Provost has over 30 years of experience in captive insurance in both the private and government sectors. He joined Vermont’s then Department of Banking, Insurance, Securities and Health Care Administration in 2001 and was appointed to the role of deputy commissioner of the Captive Insurance Division in 2008 by then Governor James Douglas. Provost is the third to serve in the role in Vermont’s forty-year history.

Former Governor Douglas said, “At the time we charged Dave with maintaining Vermont’s status as a global leader in the industry. We didn’t want to fall behind. Not only did Dave maintain our gold standard, but he’s kept Vermont on a constant upward trajectory as a visible leader and innovator. He’s a true public servant; I’m grateful for his hard work.”

In his time as deputy commissioner, Vermont’s regulatory staff increased to 30 staff members, dedicated solely to captive insurance.  Provost licensed over 400 captive insurance companies in his time as deputy commissioner and had a hand in the formation of many more throughout his career.

Dan Towle, current president of the Captive Insurance Companies Association and former Vermont director of financial services said, “On a professional level, Dave has been an active champion of the captive industry, always advocating for doing the right thing and his influence is going to have a lasting impact.  On a personal level, Dave has a great sense of humour, is always happy to share his expertise and he really cares about good outcomes for everyone.  His presence will be missed.”

The DFR said that plans are being made for retirement recognition events, where captive industry professionals can celebrate Provost’s contribution to the industry. An announcement regarding a new appointment to the deputy commissioner position will be made in the coming weeks.