Despite flooding, Vermont captive regulator back at work
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MONTPELIER, Vt.—Even as the state recovers from the flooding resulting from Tropical Storm Irene, officials from Vermont’s Captive Insurance Division and the state’s captive insurance industry say they are back on the job.
In a statement, Vermont captive officials noted that while state offices were closed Monday, the division was back at work reviewing captive applications by midweek with the hope of issuing one or more new licenses before the Labor Day weekend.
The agency also noted that Vermont’s captive insurance-related documents are secure from a catastrophe that might destroy the Montpelier offices of Vermont’s Department of Banking, Insurance, Securities and Health Care Administration. All documents are digitally scanned and recorded, and documents are stored off-site and backup records are saved on multiple secure servers, according to the statement.
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