Vermont’s Department of Financial Regulation (DFR) has issued guidelines for the financial sector within the state regarding the COVID-19 pandemic, including restricting captive board meetings.
Commenting on captive insurance board meetings, the department said that it recognises many organisations have company-wide travel restrictions already in place.
In a statement, the department stated: “We hope that such restrictions will be lifted soon, but are aware that larger board meetings take months of planning and require that arrangements be made well in advance of the meeting date, and many board members have packed calendars of their own.”
Adding that it may not be possible to reschedule some meetings that were planned for this spring and summer.
It noted: “If circumstances dictate that you are unable to hold a board meeting in Vermont in 2020, just send a letter to DFR.CaptiveMail@vermont.gov to request a waiver.”
