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Vermont Gov. Phil Scott signed legislation Monday to amend the state’s captive law by adding agency captives and expanding dormant captive status to all captives.
The legislation added agency captives — a reinsurance company controlled by an insurance agency or brokerage — to the types of captives that can be formed in Vermont, according to a government press release.
Richard Smith, president of the Burlington, Vermont-based Vermont Captive Insurance Association, said in a statement that he has already been contacted by several entities interested in Vermont’s new agency captive provision.
The legislation also expands dormant status to all captive types, which allows companies to stay in Vermont at a low cost, ready to be reactivated when and if the need arises, according to the press release.
The law takes effect immediately.
The number of captives in the state has remained stable during the past five years, with Vermont reporting 593 captives in Business Insurance’s most recent captive survey, down from 596 in 2015, but up from 587 in 2014.
There was a total of $1.7 billion of property/casualty catastrophe bond capacity issued through five transactions during the first quarter of 2017, said London-based Willis Towers Watson Securities in a report issued Tuesday.