Vermont’s captive industry celebrates the life of George Chaffee
Phil Scott, the Governor of Vermont, has paid tribute to George Chaffee, the author of the state’s captive insurance legislation, after he passed away on February 6, 2021.
Chaffee was the former president and founding board member of the Vermont Insurance Institute at Champlain College, which is now known as the International Center for Captive Insurance Education (ICCIE) at the University of Vermont. He was also a founding director of the Vermont Captive Insurance Association (VCIA).
“While I didn’t have the privilege of knowing him personally, by all accounts, George Chaffee was a tireless public servant and Vermonters will continue to benefit from his contributions to our state for decades to come,” said Scott.
He was joined by Vermont’s Agency of Commerce and Community Development (ACCD) and Department of Financial Regulation (DFR), both of which honoured Chaffee.
Deputy Commissioner of captive insurance, David Provost, said: “Vermont is considered by the captive industry to be the ‘Gold Standard’ due to the expert regulatory staff, the vast infrastructure of service providers in Vermont, and the strong support of the legislature, all of which can be attributed to the work and vision of George Chaffee.”
Jeff Johnson, former Commissioner of banking, insurance and securities and current lawyer at Primmer Piper Eggleston & Cramer, who worked with Chaffee, said his personal touch “set a tone that has distinguished Vermont apart from other domiciles from the very beginning.”
Chaffee became Deputy Commissioner of the then Banking and Insurance Department in 1977 and was appointed by Governor Richard Snelling as Commissioner of the department on March 21, 1980. He introduced his landmark legislation in 1981, paving the way for Vermont to become a global hub for captive insurance companies.
Since the passing of the captive insurance legislation 40 years ago the captive industry has directly created approximately 400 jobs in Vermont and contributed about $96 million to its gross domestic product.
Chaffee’s family has asked that donations be made in his name to the Rokeby Museum in Ferrisburgh, Vermont.