Vermont
Updated: July 31, 2020 (Source: David Provost, Deputy Commissioner, Captive Insurance )
- Year captive legislation was passed
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- Total number of active captives
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- Number of active captives (pure)
- 372
- Number of active captives (group/association)
- 35
- Number of active 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 12/31/2018
- 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 (****Certfication Fee?)
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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 and also within department
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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
- Cost of exam range by pure? Average price?
- $10,000
- Cost of exam range by RRG? Average price?
- $40,000