Vermont has further strengthened its proposition as the US’s leading captive domicile passing the Legacy Insurance Management Act, which will enable to creation of specialist insurance company that will acquire state run-off business.
Commenting on the development, Len Crouse, partner at JLT Towner says: “This law is good for Vermont. Vermont has demonstrated it has the ability, insurance talent and infrastructure to do this. LIMA is another way Vermont leads the way in providing sound, alternative risk financing mechanisms.”
Susan Donegan, Vermont’s Commissioner of the Department of Financial Department, describes the development as “landmark legislation” that responds to a unique insurance objective.
Donegan says the new legislation is a “golden opportunity for the state to expand its innovative financial services regulatory niche.”