Vermont has marked the 35th anniversary of its captive insurance legislation being signed into law.
The legislation was signed into law by the now late governor Richard Snelling in 1981.
The current Governor of Vermont Peter Shumlin said: “We have always tried to improve upon ourselves and have never rested on our laurels. We are very proud of Vermont being the top US domicile and look forward to our continued success over the next 35 years and beyond.”
To date, Vermont has 1,071 licensed captives with 589 currently active.
Dan Towle, Vermont’s director of financial services, added: “The captive industry infrastructure that’s developed in Vermont over the past 35 years—the regulators, managers, accountants, auditors, attorneys, investment professionals, and others, as well as the Vermont Captive Insurance Association—is what has helped make our state the ‘gold standard’ of domiciles.”
