Legislative changes are being proposed to Vermont’s captive law today.
The changes have been introduced as part of H.538, although they are still subject to change.
The proposed changes include allowing sponsored or industrial captives to enter dormant status, so they remain in Vermont rather than dissolve.
In addition, Vermont wants to allow sponsored or industrial insured captives to file reports on a fiscal year-end. Some captives are only open to affiliates, and would prefer to have the captive’s year match the insured’s.
Vermont passed governance standards on risk retention groups in 2015. In this year’s legislative session, it will propose some minor adjustments to the governance standards.
Richard Smith, president of Vermont Captive Association, is to testify before the Vermont House Commerce Committee on its behalf this afternoon.
