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House advances captive-insurance statutory cleanup, lowers agency-captive capital requirement
Summary
The Vermont House accepted committee amendments to H.659, a statutory cleanup affecting captive insurance law, including lowering a minimum capital requirement for agency captive insurers and clarifying conversion and confidentiality provisions; third reading was ordered.
The Vermont House on the floor advanced H.659, a bill offered by the Department of Financial Regulation to update the state’s captive insurance statutes, accepting committee amendments and ordering the bill for third reading.
The bill’s sponsor and committee spokesperson said the bill is largely technical and intended to align statute with current regulatory practice. Representative White (member from Bethel) told colleagues that Vermont’s captive industry brings in roughly…
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