Vermont Ranks High for Fair and Reasonable

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The results of the most recent Lawsuit Climate Survey conducted for the U.S. Chamber Institute for Legal Reform were just released and Vermont gets another set of high marks. The poll explored how fair and reasonable the states’ liability systems are perceived to be by U.S. businesses. These perceptions matter because they can be influential in business decisions about where to conduct, expand, and constrict business operations or sales.

Vermont ranked #2 in the 2017 Lawsuit Climate Survey: Ranking the States, staying consistent with the 2015 Survey. The state came in first in the key element categories of scientific and technical evidence and judges’ impartiality.  I think this is just another example of the high standards we set for ourselves and our industries here in Vermont; standards that are also reflected in the recognized Gold Standard status of our captive insurance industry and regulation.

I will be out in Seattle next week for one of our world famous Captive Road Shows! Featuring the Risk Managers from Microsoft Corporation and Starbucks Coffee Company, attendees will learn the why’s and how’s of captive insurance, as well as hear their experiences in forming and operating and all about the captive climate and regulatory requirements in Vermont. Go to www.vcia.com/Events to see more. I hope you will join us if you can!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Old Home Week

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As many of you know, VCIA hosts a couple of educational sessions in different cities across the country to espouse the virtues of captive insurance. We call these our World Famous Road Shows, well, because the Ringley Brothers Barnum & Bailey Circus is no more! It is an afternoon that focuses on the basics of captive insurance companies, including the reasons for formation, the feasibility process and key issues in putting a successful captive program together.  A brief overview of Vermont as a captive domicile is also discussed.

It hit us late last year that we have never brought our Road Show to our Homeland – the Great State of Vermont! So next Wednesday, October 25th at the Burlington Hilton we will presenting the Road Show for companies in Vermont (and neighboring regions), as well as enticing finance, business and accounting students from local colleges to come learn about this great industry in their backyard.

We will have Vermont’s chief regulator, Dave Provost on a panel with Rusty Young, a Shareholder at Burlington law firm Primmer Piper Eggleston & Cramer, PC. The panel will be moderated by Ian Davis of Vermont’s Department of Economic Development. I will host the second panel of two of the industry’s experienced captive owners. Jan Klodowski is vice present of Agrisurance Inc. and is responsible for developing and administering their successful Captive/Alternative Risk Financing programs. She manages Agrisurance, Inc., a Vermont-domiciled Sponsored Captive focused on service the farming and agricultural industry. And Wilda Seymour, the corporate director of Professional Liability for the University of Pennsylvania Health System and vice president, Franklin Casualty Insurance Company, their Vermont-domiciled captive.

Hope you can join us to get a better idea why Vermont is the #1 captive domicile in the United States!

One last thing – we need your input! Today is the deadline to submit topics for VCIA’s annual conference next August. Please click link below to submit a conference topic suggestion:

http://conta.cc/2uY3JFL

 

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

 

Cleveland Rocks!

hair-bandVCIA had another great turnout in Cleveland for our world-famous Road Show that we like to take across America. Cleveland is always a terrific venue for us with so many great companies and non-profits situated in Ohio.

Pattie Henderson, from SRS, brought her extensive knowledge and abundant sense of humor to the first panel with our usual lineup of Dave Provost and Dan Towle. Our second panel featured Team Barbara: Barbara Rhoades, CEO of Ohio Transit Risk Pool and the President of Transit RE out of Wadsworth, and Barbara Thomas, CEO of Kendal at Oberlin & Kendal Northern Ohio out of Oberlin, each providing their stories about the formation of their captives and experiences through the process. Probably my favorite line of the day was Barbara Rhoades talking about her bus drivers alerted to “high pedestrian days” when jay-walkers abound. Thank you, Barbaras and thank you, Cleveland!

Don’t forget: the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA 2015) mandates the collection of data from insurers and associated reporting to the U.S. Treasury Department related to the effectiveness of the Program. The filing deadline to provide the data to Treasury is currently May 15th of this year (there has been some discussion from Treasury about further postponing the deadline). Fear not! VCIA is hosting a one-hour webinar on February 22nd entitled “TRIA Data Collection for Captives”. Our panel of specialists will explain how this requirement affects captive insurance companies and discuss the important latest developments. Register now at the link below. This session is designed to make the filing process more understandable to all parties involved. CPE / CLE / ICCIE credit for participation is offered as well.

Register now!

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President