Come Sail Away, Come Sail Away, Come Sail Away… with VCIA

Rich-Styx

Sure, not all of you are Styx fans, and may have never heard this hallmark anthem from the late 70’s, but I wanted to make sure you were all invited to our annual Spring Mixer next Wednesday, May 15th at the Burlington Community Sailing Center overlooking beautiful Lake Champlain.

Join us for a unique opportunity to connect with industry colleagues at a number of activities that are taking place that day. Hear updates from VCIA’s Board of Directors at the General Session Meeting from 3:30 pm – 4:00 pm in the Big Education Classroom on the second floor at the Sailing Center.

Immediately following the board meeting in the same room from 4:00 pm – 4:30 pm, our favorite regulators from Vermont’s Department of Financial Regulation will be on hand to share what’s on their minds and take questions from our members.

And finally, we move onto the Merrill Family Terrace on the rooftop of the Sailing Center to mix and mingle with your colleagues in this beautiful setting.

All of this is FREE to members graciously sponsored by our friends at Johnson Lambert LLP.  So, come to all are part of the day’s events and come sail away… at least for the evening!

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

Rich Smith
VCIA President

You Bet Your CPA!

Today, it’s a given that captive insurance professionals are some of the top people in their fields of expertise. However, it wasn’t that long ago that VCIA and the Vermont captive industry had to fight to prove that experience in captive management should count toward earning the Certified Public Accountancy (CPA) designation.

Back in 2005, the Vermont Board of Public Accountancy questioned the value of work experience in a captive management firm towards achieving a CPA designation.  Through hard work and smart advocacy, VCIA and its members were able to turn the tide and get that recognition.

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Christopher Plumpton, SRS

Today, two of the most important CPA organizations in Vermont are chaired by  captive professionals.  Christopher Plumpton, Senior Account Manager at SRS, is the Chair of the Vermont Society of CPAs, whose mission is to promote, protect, and represent the interests of their members and the profession while fostering the highest ethical standards.

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Josh Partlow, Johnson Lambert

And Josh Partlow, Partner at Johnson Lambert, who recently stepped down as Chair of the Vermont Board of Public Accountancy and is a member of AICPA, where he served on their national Auditing Standards Board.  The Board was created by the legislature whose members are appointed by the governor to administer the laws for this profession in the state of Vermont.

 

 

At the VCIA Annual Conference in August there will be terrific education for accountants, including Update on Federal & State Tax Issues Involving Captives, Financial Statements 101, and looking to the future Blockchain & Distributed Ledgers. Make sure to register soon at www.vcia.com to get our early bird rates that expire June 1st.

We look forward to seeing you in Vermont in August. Thank you all very much!

Rich Smith
VCIA President

VCIA Spring Fling – Thank you Johnson Lambert!

 

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It was a beautiful evening in Burlington, Vermont for the VCIA Spring Mixer! From left to right: Christine Brown and Sandy Bigglestone from the Vermont Department of Financial Regulation, VCIA Board Chair Jan Klodowski and Dawne Ware from Marcum LLP

One of my favorite VCIA events of the year is our annual Spring Mixer in Burlington, where 100 or so of our members join us for a little education, a little networking and a lot of fun! This year’s event on May 16 was no exception.

At the VCIA Board of Directors open meeting, an overview of the upcoming VCIA Annual Conference was presented to members. The conference, taking place August 7 – 9, is our 33rd annual conference and the theme is “VCIA: Where the Captive World Comes to Meet!” This is an apt description of our annual event, which highlights the power of collaboration among people from all sectors of the captive industry.  This year, special focus has been placed on professional development as well, with sessions such as Presenting to Board/Management, Building Better Relationships and a new young professionals forum.

Ian Davis, Director of Financial Services for the State of Vermont, then gave an update on the State’s captive insurance activities, including the fact that Vermont has already licensed 11 new captives in 2018 with more in the pipeline. Dave Provost, Sandy Bigglestone and Christine Brown from Vermont’s Department of Financial Regulation (DFR) gave a report on their ever attentive zeal on making the regulatory process for captives in Vermont efficient and cost effective.  Dave also announced the Governor signing the DFR bill this week, which includes a change to the captive statute that will offer an onshore affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax on reinsurance ceded to offshore affiliates. An affiliated reinsurance company is an insurance or reinsurance company that reinsures risks only from its parent or affiliates, and is subject to a financial solvency regulatory system separate from that generally applicable to traditional insurers and/or reinsurers in the ceding entity’s domestic jurisdiction.

And finally, the part of the day we all wait for (and deserve!): the cocktail mixer under beautiful blue skies on the patio of the Hotel Vermont/Marriott Courtyard. Our thanks to our great friends at Johnson Lambert for sponsoring this wonderful event!  Not only do our Vermont members show up en masse, but friends from New York, Connecticut and even South Carolina joined us for a great evening of friendship and comraderie.

We look forward to seeing you in Vermont in August. Thank you all very much!

Rich Smith
VCIA President

Its spring… so let’s party

 

2017-spring-mixerVCIA hosted a Board meeting and our Spring Mixer at the beautiful Hotel Vermont this past Wednesday night. We had a great turnout and a great evening outdoors with friends from the VCIA community.

At the board meeting, I provided an update on our activities since the beginning of the year and reported on legislative activities VCIA is heavily involved with at the State and Federal levels. Ian Davis, the newish Director of Financial Services for Vermont’s Department of Economic Development gave what I would call “the first 100 days” report and thanked all in the industry who have welcomed him and provided guidance and support. We all look forward to working with Ian going forward!

Dave Provost and Sandy Bigglestone from Vermont’s Department of Financial Regulation (DFR) hosted a Q & A with members where they covered topics ranging from the provision in the newly enacted updates to Vermont’s captive statute that allows agency captives to be licensed, to how quickly we might see a captive licensed for the emerging marijuana industry – just a hint: not that soon.

Then it was cocktail hour (or so) with our members, old and new, on the outside patio of the hotel Vermont overlooking the lake – a perfect way to end a busy day!

I look forward to hearing from you.

Rich Smith
VCIA President