State Governor Phil Scott has signed new legislation into law that aims to modernize Vermont’s captive insurance statutes and remove inconsistencies.
This year’s bill proposed several updates to Vermont’s captive insurance law, including the ability for captive insurance companies to enter into parametric risk transfer contracts.
It also looks to simplify reporting requirements, improve solvency procedures for sponsored cell captives, and clarify an inconsistency related to the treatment of affiliated business in sponsored cell companies.
