Vermont Advances Captive Insurance Landscape with New Legislation
Montpelier, VT – May 19, 2025 – Vermont has made significant strides in its captive insurance regulation with the passage of H.137, a housekeeping bill signed into law by Governor Phil Scott. This legislation, a collaborative effort with industry stakeholders including the Vermont Captive Insurance Association (VCIA), marks a crucial step in maintaining Vermont’s status as a leading jurisdiction for captive insurers amidst a competitive market.
Governor Scott emphasized the importance of continually modernizing Vermont’s captive insurance laws. "It’s essential for Vermont to consistently update its framework in this highly competitive sector," he stated. By aligning captive licensing authority with broader insurance statutes, the new law shows Vermont’s commitment to fostering a regulatory environment that attracts and retains businesses.
Key updates in H.137 include clarifying signing authority within manager-managed limited liability companies, provisions pertaining to mutual insurers, and enhanced language governing captives involved in reinsurance activities. These changes aim to streamline operations and enhance clarity for insurers.
Kaj Samsom, Commissioner of the Vermont Department of Financial Regulation (DFR), attributed the state’s leadership in captive insurance to its strong regulatory foundations and effective collaboration with industry partners. "Vermont’s strength as a global leader is due to our regulatory framework," he noted.
Sandy Bigglestone, Deputy Commissioner of the Captive Insurance Division, echoed this sentiment, praising the DFR’s dedication to improving regulatory conditions. Kevin Mead, CEO of VCIA, praised the longstanding cooperative efforts with regulators and lawmakers that have shaped Vermont’s captive insurance scene.
As part of this milestone year, the VCIA is set to celebrate its 40th anniversary at its Annual Conference in August in Burlington, showcasing the achievements that have solidified Vermont’s position as a premier domicile for captive insurance.
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