David Provost, deputy commissioner of the captive insurance division at the Vermont Department of Financial Regulation (DFR), has announced his retirement at the end of summer 2022.
Provost has more than 30 years’ experience in captive insurance, in both the private and government sectors. He has held his current role since 2008 — the third person to serve in the role in Vermont’s 40-year history as a captive domicile.
During Provost’s time as deputy commissioner, Vermont regulatory staff increased to 30 staff members dedicated solely to captive insurance, demonstrating the department’s commitment to fostering the state’s prosperous captive industry and regulatory practices.
In addition, Provost licensed more than 400 captive insurance companies and was involved in the formation of many more throughout his career.
Provost has received several awards in recognition of his contribution to the captive industry, most recently the Distinguished Service Award by the Captive Insurance Companies Association (CICA) at this year’s conference.
Commenting on the announced retirement, Vermont Governor Phil Scott says: “We wish Dave all the best in his future and we thank him for his immeasurable contribution to Vermonters and businesses around the world.”
Former Governor James Douglas, who appointed Provost to the deputy commissioner position, adds: “At the time we charged Dave with maintaining Vermont’s status as a global leader in the industry. Not only did Dave maintain our gold standard, but he has kept Vermont on a constant upward trajectory as a visible leader and innovator. He is a true public servant; I am grateful for his hard work.”
Dan Towle, president of CICA and former Vermont director of financial services, says: “On a professional level, Dave has been an active champion of the captive industry, always advocating for doing the right thing and his influence is going to have a lasting impact. On a personal level, Dave has a great sense of humour, is always happy to share his expertise and he really cares about good outcomes for everyone.”
Provost adds: “I have learned something new or met someone new nearly every day. I have thoroughly enjoyed hearing the stories of how a captive has helped the insured organisations survive, thrive, save money, even save lives.
“There is never really a good time, but the time is right for me. I am confident that the bench in the captive division will support the next deputy’s success.”
The DFR is expected to make an announcement in the coming weeks regarding a new appointment to the deputy commissioner position to ensure a smooth leadership transition.
