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Vermont committee reviews captive-insurance bill to bar certain RRG loan‑backs, require attestations for protected cells
Summary
The Vermont House Commerce & Economic Development Committee reviewed a housekeeping captive-insurance bill Jan. 13 that would bar risk-retention groups from lending to parent companies, codify quarterly NAIC filings and require sworn funding attestations for protected cells, regulators and industry said.
The Vermont House Committee on Commerce and Economic Development heard testimony Jan. 13 on a captive-insurance housekeeping bill that would prohibit risk-retention groups from making loans or investments in parent companies and affiliates, require quarterly filing with the National Association of Insurance Commissioners (NAIC) and obligate protected-cell captives to file sworn attestations that they held required funding before commencing business.
Acting Deputy Commissioner Christine Brown of the Vermont Department of Financial Regulation said the loan prohibition largely codifies existing departmental practice and protects premium dollars held to pay claims. "We want to protect the premium dollars and the capital that's in the captive, and make sure that that…
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