Vermont Captive Insurance Association (VCIA) members have testified in support of the H.659 bill, which seeks to make various amendments to Vermont law relating to captive insurance.
The bill proposes changes including enabling a captive insurance company to be converted into an unincorporated cell, with all of its assets, rights, benefits, obligations and liabilities remaining unaffected by the process.
Introduced to the committee and enacted by the General Assembly of the State of Vermont, this act, if passed, is expected to take effect on 1 July 2024.
The members testifying were VCIA president Kevin Mead, Brittany Nevins, the state’s captive insurance economic development director, and Sandy Bigglestone, deputy commissioner of captive insurance.
