Vermont Captive Insurance Association (VCIA) members have moved the recently introduced proposed captive bill another step forward after testifying before the House Commerce and Senate Finance Committee.
The proposed new bill has a number of enhancements, including a change from the current $7,500 first-year premium tax credit to a $5,000 credit in each of the captive’s first two years.
It also proposes tightening up language in certain areas, including for risk retention groups, incorporated protected cells and allowable accounting principles.
As VCIA members gathered in Montpelier on 26 January for the association’s annual legislation day, the Vermont legislature issued a proclamation honouring captive regulators Len Crouse, David Provost and the late Ed Meehan.
Crouse, director of captive insurance for Vermont and subsequently deputy commissioner of captive insurance, said: “I was surprised and honoured to hear the proclamation. Most important, however, is the great working relationship Vermont legislators and the captive insurance community enjoy.”
Commenting on the proposed captive bill, he added: “I expect the legislature will make whatever tweaks are necessary, as they always have, to continue benefitting both the state and the industry.”
