Dan Towle from the State of Vermont and I had great meetings on Capitol Hill this week regarding a couple of issues that have dogged the captive insurance industry for a long time and some that have just flared up. Oh, wait… you are confused by my opening line “great meetings on Capitol Hill” no doubt. Well, perhaps it helps when you meet with staff from Vermont’s Congressional delegation on captive issues. Erica Chabot and Maggie Gendron from Senator Patrick Leahy’s office and Patrick Satalin from Congressman Peter Welch’s office not only gave us their undivided attention, but understand the captive insurance industry and provided excellent advice for us on a number of issues going forward.
The issues we discussed ranged widely: Next steps in moving the NRRA clarification bill (sponsored by Sen. Leahy and Graham in the Senate and Congressman Peter Welch in the House); a proposal that updates the Liability Risk Retention Act (LRRA); and the recent proposal from the Federal Housing Finance Agency (FHFA) to revise its regulations governing Federal Home Loan Bank (FHLB) membership that would define the term “insurance company” to exclude from Bank membership captive insurers. One of the benefits Vermont captives have is the deep understanding and support of our Congressional delegation (along with our State policy makers and regulators). Although “logjam” is the catchword used more often than not when describing the Hill, it is a real pleasure to work with those who know how to cut through it.
Thank you all very much and I always enjoy hearing from you! Oh, and please follow VCIA on our other social media platforms, too:
- On facebook at Vermont Captive Insurance Association
- On twitter @vciaconference
- On our linkedin group at Vermont Captive Insurance Association