Sometimes, governments move with an almost glacial slowness. Not the case here in Vermont with the 2024 Captive Bill. On January 10th I visited the Vermont State House as the House Commerce Committee took up the Bill for consideration. Together with Deputy DFR Commissioner Sandy Bigglestone and Brittany Nevins, the Captive Insurance Economic Development Director at the Vermont Department of Economic Development, I provided testimony supporting H.659. In short, we demonstrated that the “proof was in the pudding” and made a compelling case as to why the updated captive bill matters for Vermont in strengthening its Gold Standard and retaining the world’s #1 domicile status. Find the entire testimony below.
Sandy certainly did all of the heavy lifting. She walked the Committee through the Bill and the changes that it imparts and explained the reasons to the members of the Committee. Brittany and I supported her testimony, adding why maintaining and enhancing the legislation on captives is essential to ensuring the continued primacy of Vermont in the marketplace of captive domiciles.
Next week, we will be back at the State House for our annual Legislative Day. In addition to returning to the House Commerce Committee to update them on the successes of the VCIA and the captive sector, we will also appear before the Senate Finance Committee as they in turn take up consideration of the Bill. We are fortunate to have VCIA Board member Gail Newman, who will testify about her captive success story with Bright Horizons, the largest provider of employer-sponsored child care.
For this year, the Bill contains important clarifications on parametric risk and privacy, and, once passed, will again set the standard for the effective regulation of this dynamic industry. The Bill is fast moving and will be sent to the Senate shortly. Stay tuned with VCIA on the latest developments.
Earlier in the week, the fully virtual VCIA staff held our first in-person staff meeting of the year. As is our recent custom, we visited ourselves upon a VCIA member, and borrowed meeting space for the day. This month, our gracious hosts were WTW, and the firm’s Jason Palmer, the VCIA Board’s Vice-Chair, provided insights on the firm and the industry. As is also our habit, we asked Jason for his opinion on the state of the industry from where he sits. “We are fast out of the gate,” was his response. “In fact, we are already working on 2025 business.” More evidence that the industry in general and Vermont in particular continues to be robust.