Vermont

Updated: July 31, 2020   (Source: David Provost, Deputy Commissioner, Captive Insurance )
Year captive legislation was passed
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Total number of captives
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Number of captives (pure)
372
Number of captives (group/association)
35
Number of captives (RRG)
87
Number of individual cells/cell participants
267
Gross written premium for all captives
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Total number of active captives, as of the prior year
580
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Risk retention groups
  • Special purpose captives
Number of full-time employees in captive regulatory department
32
Initial licensing and incorporating fees required by the domicile

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Annual filing requirements
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Annual fees
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Premium tax rate
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Premiums to surplus
No specific rules, but start with 3:1 and explain why a different leverage is appropriate.
Minimum capital (broken out by type of captive)

Pure: $250,000. Industrial Insured, Agency, Association: $500,000. RRG $1m (must meet RBC requirements). SPFI $5m (must meet RBC requirements).

Applicable Acts/Enabling Legislation
Title 8, Vermont Statutes Annotated, Chapters 141, 142, and 142a
Captive Administrator’s name and longevity in position
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Time given for application process
30 days or less (45 days for SPFI) for a complete application.
Regulator
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Address and contact information of Regulatory Department
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Website Address
https://www.vermontcaptive.com
Are Exams done by own employees or by contract?
Own employees
What is the examination cycle by type of captive?
5 years or more frequently as needed
Average/Estimated Exam Cost for Single Parent Captive
$10,000
Average/Estimated Exam Cost for Risk Retention Group
$40,000