Vermont’s Provost highlights noble role of captives as he accepts CICA Award
David Provost, deputy commissioner of Vermont’s Captive Insurance Division, highlighted the noble role the captives industry plays in preventing accidents and managing risk, as he accepted the CICA 2022 Distinguished Service Award at the Captive Insurance Companies Association (CICA), taking place in Tucson this week (March 6-8).
The CICA Distinguished Service Award is presented annually, when appropriate, to a single individual or entity that has made a significant contribution to the captive insurance industry.
Provost has more than 30 years of experience in captive insurance in both the private and government sectors. He joined Vermont’s Department of Insurance in 2001 and has served as deputy commissioner since 2008. He is recognized by his industry peers as one of the most experienced and knowledgeable captive insurance regulators having been involved in licensing hundreds of captive insurance companies in Vermont.
He has been visible and vocal in helping to defend the captive industry from potentially harmful legislation. Provost believes in the power of volunteering. He actively shares his knowledge by speaking at conferences in the US and Europe.
Upon receiving the award Provost said he appreciates that “it’s called a ‘service’ award, because that’s what I feel like this job is about: serving the captive insurance industry. As a state regulator, you have unlimited opportunities to listen, learn, participate, and contribute, and I’ve taken advantage of as many of those as I could fit in one person’s schedule.”
He also stressed the fundamentally good role the industry plays in sharing a common goal of preventing accidents happening. He gave several examples around how it helps companies create safer working environments and how captives often give surplus to good causes, such as education that prevents claims occurring in hospitals. “We share best practice and common concerns and that can make an important difference in the real world,” he said.