Vermont Governor Phil Scott has signed into law the Department of Financial Regulation’s (DFR) 2025 housekeeping bill H.137, an act relating to the regulation of insurance products and services.
The new law includes important updates identified by the DFR’s captive insurance division, with stakeholder input, particularly from the Vermont Captive Insurance Association (VCIA).
“It’s important for Vermont to consistently modernize captive insurance laws in this highly competitive sector,” said Governor Scott. “By working collaboratively with industry partners and the Legislature, Vermont maintains its strong reputation in this sector and continues to be a place where companies choose to conduct business in.”
Highlights of this year’s bill include:
• Aligning captive licensing authority more closely with the DFR’s insurance statutes by referencing 8 V.S.A, Section 3301
• Amendments to acknowledge and distinguish the signing authority of individuals in a manager-managed limited liability company;
• Implementing provisions relating to mutual insurers; and clarifies language for captives conducting business as reinsurance companies.
“It’s clear that Vermont’s strength as a global leader is due to our regulatory framework, and the DFR’s ability to work effectively with the robust network of service providers who have built a strong foundation for success in the industry,” said Kaj Samsom, Commissioner, Department of Financial Regulation.
“I am proud the DFR continues the tradition of working well with industry to advance and improve upon the regulatory environment for the long-term success of our domicile,” said Sandy Bigglestone, deputy commissioner of the Captive Insurance Division, Department of Financial Regulation.
“The VCIA has worked with Vermont’s regulators and lawmakers over decades in a collaborative and efficient manner to evolve the industry and improve the experience of captive insurance companies that choose Vermont,” said Kevin Mead, chief executive of the VCIA.
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