All Hat… No Cattle

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I always loved this Texan saying, and it is so appropriate as I am heading off to San Antonio to the humongous RIMS conference there next week and I have neither hat nor cattle.

A small, but intrepid, Vermont contingent heads to the RIMS conference every year where we proselytize on the magnificence of captives to the passing hoard (usually about 10,000 or so folks). Ian Davis will be our valiant captain as a bunch of us hang out at the cool Vermont booth for the conference. And Dave Provost and a number of the DFR champions will join us as well. So if you are going to be down there, please swing by the booth and grab a bowl of Ben & Jerry’s or pure Vermont maple syrup!

Speaking about the opposite of All Hat, No Cattle, Business Insurance handed out a couple of their 2018 US insurance awards to risk management programs recently, and one of our outstanding members picked up a trophy.  The honor for 2018 Risk Management Team of the Year went to global electrical power company AES Corp., American International Group Inc. and Marsh L.L.C. for their innovative approach of embedding terrorism and resultant damage cyber coverage within AES’ existing global captive property program, eliminating potential gaps between policies, providing additional limits and expanding cover to all AES insured assets. Andrew Baillie, program director of global insurance for AES, is the facilitator at our session of captive owners looking at international issues at VCIA’s annual conference this August.

Registration for the VCIA Annual Conference opens May 1st. We look forward to seeing many of you there for another excellent program!   Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Another Year, Another Bill

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I want to thank all those VCIA Members who travelled to Montpelier last week during one of our ongoing snow storms to join Vermont Governor Phil Scott in signing this year’s captive bill into law.

H.764, introduced during VCIA’s Legislative Day in  January, quickly made its way through the legislative process and on to the Governor’s desk a week or so ago. Every year, VCIA and the State work to improve the ease of doing business in Vermont by proposing refinements to Vermont’s captive bill. This year’s bill included some common-sense changes to our annual filing date and reporting requirements which will help streamline processes and provide a new level of consistency for our regulated entities.

As Governor Scott said at the signing, “It is critical that we are responsive to the needs of the industry. These improvements to our captive legislation illustrate Vermont’s ongoing commitment to the captive insurance industry…  This bill will further advance Vermont’s reputation as the ‘Gold Standard’ of domiciles and will provide greater flexibility and consistency for our companies going forward.”

Joining the Governor was Department of Financial Regulation Commissioner Mike Pieciak, Deputy Commissioner Dave Provost, Director of Financial Services Ian Davis, and a number of DFR staffers. With me were VCIA Members Jonathan McKenzie from Alterna, Pattie Henderson from SRS, Dustin Partlow from JLT, Steve Killoran from Maple Capital (straight from maple sugaring – or so he looks in the picture!), Sandi Prescott from Performa, David White from AIG, David Angus from The Angus Law Firm, Keith Jones from National Life, Kristen Sharrow from Johnson Lambert, and Bill Mourelatos and Patti Pallito from Aon. Thank you all for coming on down!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President