I am not expecting a Netflix development contract to come my way after my TV appearance (well, YouTube – the recordings can be found here and here) testifying before Vermont’s Senate Finance and House Commerce committees, but you never know. In fact, I was just the ‘warm-up guy’ for the real stars, VCIA Board Chair Tracy Hassett, and the VCIA’s Legislative Committee Chair, Ben Gould. Tracy had a compelling story about saving millions of dollars for edHEALTH (a member-owned higher education group) through their medical stop-loss captive, while Ben detailed how the legislation that these two committees work on keeps Vermont as the Gold Standard of the industry. Both committees were very receptive to us, and look forward to updating and finalizing a captive bill for 2023. As soon as there is any progress, we will let VCIA members know!
Following committee testimony, VCIA’s legislative advocate Jamie Feehan organized a slate of a Legislative Leadership meetings, where nearly 30 VCIA stakeholders heard from House and Senate Minority Leaders, House Speaker, Lieutenant Governor and the State’s Treasurer on what their priorities are for the legislative session, how the parties work together, and why they will continue to be champions of the captive industry and optimize the legislation that supports it.
But I need to back up! Before all of this, the VCIA’s Board held a public session where we heard from the DFR’s Sandy Bigglestone and the DED’s Brittany Nevins on the state of the captive industry in Vermont. 41 new formations (another ‘top 10 year’)! This was followed up by an informal lunch, where House and Senate legislators were able to mix with VCIA members and staff and learn about what we do. Attendees also heard comments from DFR Commissioner Kevin Gaffney and DED Commissioner Joan Goldstein, both of whom pledged support for and praised the Vermont captive industry and VCIA. The common question of the day from lawmakers: where can I find the next captive industry for Vermont? We didn’t have an answer, but we responded quite passionately that we will continue to protect and strengthen the actual captive industry in Vermont!
Headcount restrictions in place at various locations precluded us from having a mass turnout as in past years, but rest assured that this was an effective and informative Legislative Day that we can build on after two years of virtual attendance.
Given that our advocacy work at a federal and state level is always rated as one of our strongest benefits, there’s no better time to become a VCIA Member.