The Vermont General Assembly began the first half of the legislative biennium this month. Both houses of the Vermont legislature now have a supermajority of Democrats, so Governor Scott (R) will have less room to push back on any legislation he doesn’t support. That being said, the House Commerce Committee’s new chair is Mike Marcotte, a Republican and former vice chair of the committee. Senate Finance remains in the hands of veteran Ann Cummings; both these committees oversee captive insurance in Vermont and both are strong captive insurance supporters.
As we do every year, VCIA initiated a process to build an agenda for suggested changes to the captive statutes for the 2019 legislative session. With the results from our membership survey in hand, we meet with Vermont’s captive management firms and law firms to hear their suggested changes. Then comes an iterative process with Dave Provost’s team at Vermont’s Department of Financial Regulation resulting in a consensus bill to present to the legislature. This year’s captive bill will be mostly tweaks and technical corrections, but even those are important in staying current in our ever-changing industry.
On another note, congratulations again to DFR and the State of Vermont! For the fifth straight year, Vermont was ranked the BEST insurance regulatory environment in the United States, according to the R Street Institute’s Insurance Regulation Report Card, an annual examination of which states best regulate the business of insurance.
Don’t forget that January 23rd is VCIA’s annual Legislative Day in Montpelier, Vermont’s capital. It’s a full day of meeting and hearing from Vermont’s political leaders on the captive industry and issues facing the State broadly. Go to www.vcia.com and register today!
Thank you and I look forward to hearing from you.