Vermont lawmakers Friday gave final approval to legislation to clarify that certain types of captives, such as sponsored and industrial insured captives that are not writing any business be allowed to enter a dormant status, exempting the captives from Vermont's minimum annual premium tax.
The measure, H. 538, also allows for cells to be converted from a protected cell to an incorporated cell, allows cells to be transferred or sold, and allows cells to be converted to stand-alone captives of any type.
The bill now goes to Gov. Peter Shumlin, who is expected to sign it.
At year-end 2015, Vermont was the world's third largest captive domicile and the largest in the United States with 596 captives.
The Captive Insurance Companies Association on Tuesday said it has elected Lisle, Illinois-based Michael Bemi chairman of its board of directors.