Captive Insurance Companies Vermont
The main purpose of doing so is to avoid using traditional commercial insurance companies which have volatile pricing and may not meet the specific needs of the company.
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. Provost cfe is deputy commissioner of the captive insurance division of the vermont department of financial regulation. Vermont is the leading onshore captive insurance domicile with over 1 000 licensed captive insurance companies and with more than 30 years of experience working with the captive insurance industry. He has been with the division since 2001 and was appointed deputy effective june 1 2008.
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. 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. 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.
The tax is computed annually on premiums collected. Between our experience and dedication the state of vermont is ready to work with a company like yours. Located in burlington vermont vcia provides education and legislative advocacy for the captive industry. Captive insurance alternative risk transfer and related insurance domicile profiles.
The captive insurance premium tax is paid by captive insurance companies licensed by the department of financial regulation. Mandate for electronic filing of returns filing online through the vermont department of taxes online system myvtax has been mandated by the commissioner. 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. Vermont is first worldwide in gross written premium and assets under management and ranks third in the number of active captive insurance companies.
The vermont captive insurance association was established in 1985 and is the largest trade association for captive insurance in the world. Experience vermont s gold standard. Learn why we are the number one us domicile with over 1 100 licensed captives to date.
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