Vermont
- Year captive legislation was passed
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- Total number of captives as of year-end 2022
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- Number of pure / single parent captives as of 2022
- 410
- Number of group / association captives as of 2022
- 13
- Number of risk retention groups (RRGs) as of 2022
- 88
- Number of sponsored / cell company captives as of 2022
- 59
- Number of individual cells / series as of 2022
- 500
- Number of other types of captives (industrial insured, special purpose, SPFI, pooling, branch) as of 2022
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- Total gross premium written and assets under management (AuM) as of year-end 2021
- Gross premium: USD $29,976,641,132; AuM: USD $194,005,738,985
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Risk retention groups
- Special purpose captives
- Number of full-time employees in captive regulatory department
- 32
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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)
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Pure: $250,000
Sponsored: $100,000
Association/Industrial Insured: $500,000
RRG: $1,000,000
SPFI: $5,000,000
- 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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- Speed of licensing
- 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