Captive Insurance Companies Vermont
Captive insurance is an alternative to self insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself.
Captive insurance companies vermont. The vermont captive insurance association was established in 1985 and is the largest trade association for captive insurance in the world. Provost cfe is deputy commissioner of the captive insurance division of the vermont department of financial regulation. Captive insurance refers to a subsidiary corporation established to provide insurance to the parent company and its affiliates. After another successful year of captive growth vermont s ian davis and david provost reveal what plans are in place for 2020 as well as the state s key priorities.
A captive insurance company represents an option for many organizations from fortune 500 companies to nonprofits that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third party. For nearly 40 years we have been at the forefront of the captive insurance industry and we work diligently to set and then raise the bar. Located in burlington vermont vcia provides education and legislative advocacy for the captive industry. Between our experience and dedication the state of vermont is ready to work with a company like yours.
Vermont s captive insurance industry serves 48 of the fortune 100 corporations and 18 of the dow 30. We re more than pastoral landscapes and maple syrup. The tax is computed annually on premiums collected. Experience vermont s gold standard.
He has been with the division since 2001 and was appointed deputy effective june 1 2008. Vermont is also a five time winner of captive review s top us domicile honor. The captive insurance premium tax is paid by captive insurance companies licensed by the department of financial regulation. He is responsible for the administration and regulation of captive insurance companies and risk retention groups.
Mandate for electronic filing of returns filing online through the vermont department of taxes online system myvtax has been mandated by the commissioner. Captive insurance alternative risk transfer and related insurance domicile profiles. Learn why we are the number one us domicile with over 1 100 licensed captives to date.
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