Happy Cinco de Mayo!

Rich-CincoMay has been a very good start for us here in Vermont. First, and foremost, spring is here and we all start getting pretty excited about warmth and sunshine.

But, second, VCIA’s registration for our August conference opened officially on May 1st!  Our theme this year is Mission Possible! So, whether you are new to captive insurance or have many years of experience, there is something for you to learn and someone for you to meet at VCIA.  Register today at our website www.vcia.com to join us in August for great captive education and opportunities to connect with risk professionals from around the world!

Third, but not least, on May 1st I joined Governor Phil Scott as he signed new legislation passed in the 2017 session strengthening Vermont’s captive legislation in a variety of areas including adding agency captives to the portfolio of captives types allowed in Vermont. An agency captive is a reinsurance company controlled by an insurance agency or brokerage. Through a reinsurance agreement with a traditional insurer agency captives create a long-term relationship between the agency and the insured, where interests are aligned: risk appetite, selection, pricing, loss control, claims management, etc. Besides the agency captive provision, changes to Vermont’s captive law allows broader accounting systems, expands dormant captives and clarifies risk retention governance standards among other things.

Now you see why we are celebrating! Thank you all very much, and I look forward to hearing from you.

Rich Smith
VCIA President

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