Vermont looks to expand insurance industry successTHE ASSOCIATED PRESS | February 24,2014MONTPELIER — Vermont is hoping to replicate its success in promoting the captive insurance industry by inviting a new type of insurance company to locate and grow in the state.
Gov. Peter Shumlin on Wednesday signed a bill called the Vermont Legacy Insurance Management Act. It allows specialized insurance companies that take certain commercial policies off the hands of other insurance companies that don’t want them to operate in the state.
Shumlin predicted the new law will “bring new revenues to the state through transaction tax revenues and fees and will create a wide variety of high-value, skilled, well-paying financial-sector job opportunities.”
Captive insurance companies are wholly owned subsidies of large corporations that want to insure themselves against property loss, casualty and liability.
Financial Regulation Commissioner Susan Donegan said Vermont was the first state in the country to pass legislation designed to attract legacy insurance companies. She said the new law “allows Vermont to respond to a unique insurance market objective” and called it a “golden opportunity for the state to expand its innovative financial services regulatory niche.”
All policy transfers would be reviewed by state regulators, Donegan said.
She added that the law covers only commercial insurance. No personal insurance, such as life, health, auto, homeowners’ or workers’ compensation, is included.MORE IN National / World BusinessWASHINGTON — The Obama administration is promising to change the way travelers can ask to be... Full StoryNEW YORK — A summer swoon for the stock market appears to be over for now. Full Story
- Most Popular
- Most Emailed
- TOMORROW'S HEADLINES TODAY: Jim Jeffords' legacy, Brandon takes a few questions about proposed budget, beleaguered city playground likely to move, woman awakes to find strange man with knives standing at her bedside.
- TOMORROW'S HEADLINES TODAY: Former U.S. Senator James Jeffords dies Monday in Washington D.C., a local man is beaten and robbed while walking on West Street, Clarendon sets a tax rate and Brandon convenes an informational public meeting about its budget.
- RICHARD'S POOR ALMANACK: On this day in 1915, the New York World publishes scoop: Thom. Edison diverts chemical from war production to help German pharmaceutical company make aspirin; on this day in 1935, Will Rogers, Wiley Post die in Alaska plane crash.
- TOMORROW'S HEADLINES TODAY: State panel briefed on smuggling drugs into prisons; new French-German documentary about Vermont's heroin addiction; solar project at Vets Home falls apart; update dispute between Open Door Mission and treatment center.
- TODAY'S WEATHER MINUTE: Climatologists might not know as much about El Nino as they thought they knew. New studies show 10,000 years ago, El Nino was active, and polar ice sheets were rapidly melting — just like today.
- TOMORROW'S HEADLINES TODAY: State colleges get a budget cut break, vandals spray paint Wallingford basketball court, state's attorney will replace lost deputies, cop lawsuit proceeds, Mendon mini-golf proposal makes headway.