Just a quick blog today to say that yesterday the Vermont Senate agreed to all the VCIA requested provisions in the captive bill already approved by the House General Assembly. That means the bill only has to get final approval in both houses before it heads to the Governor’s desk for his signature. We couldn’t be more pleased with the process and the cooperation we continue to receive from the State’s leaders and legislature!
As a reminder, the bill makes a number of technical changes to clean-up and streamline some current statutory language and practices, including codifying governance standards for RRGs. It also does a number of things that will enhance Vermont as a captive domicile. It would reduce the capital requirements for cell company structures from $500K to $250K. The bill would also change the structure on capital requirements for all captive companies by allowing captives to include marketable securities along with cash, trusts and letters of credit. This allows a captive to manage its liquidity needs effectively and gives Vermont an advantage in the captive field. If you are interested in seeing a copy of the bill, please go to our website at www.vcia.com and click here.
Thank you all very much, and I look forward to hearing from you soon.