Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Vermont captive insurance leaders press Legislature for more regulator resources, workforce and conference capacity
Summary
Representatives of the Vermont Captive Insurance Association and a St. Louis-based construction firm told the Senate Finance Committee Jan. 22 that Vermont’s captive insurance industry needs more investment in regulator systems, workforce development and local convention infrastructure to sustain growth.
Kevin Meade, chief executive officer of the Vermont Captive Insurance Association, told the Vermont Senate Finance Committee on Jan. 22 that captive insurance — insurance companies owned by their policyholders to retain and finance risk — plays a large role in commercial insurance and that Vermont must invest to remain competitive.
“Risk obviously comes with a cost… The only way of avoiding risk is to do nothing,” Meade said, describing captives as regulated insurance companies owned by the parent firm that pays premiums to the captive and receives claims payments from it.
Meade told senators that Vermont is the largest global domicile for captives, that nearly 700 captive insurance companies are registered in the state, and that captives are used for a wide array of coverages — from medical malpractice to warranty and parametric weather products. He urged the committee to strengthen resources for the Department of Financial…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
