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Vermont Gov. Peter Shumlin this week named Michael Pieciak as commissioner of the Department of Financial Regulation, succeeding Susan Donegan, who left at the end of June.
Previously, Mr. Pieciak served as deputy commissioner of the department's Securities Division. Before that, he was an attorney with the law firm Skadden, Arps, Slate, Meagher & Flom L.L.P. in New York.
A key Department of Financial Regulation unit is its Captive Insurance Division, which regulates Vermont-domiciled captive insurers. Currently, Vermont has 588 captives, making it the largest captive domicile in the United States and the third largest in the world.
Vermont Gov. Peter Shumlin has signed legislation clarifying 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.