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 BusinessSAN FRANCISCO — Facebook is trying to mold its Messenger app into a more versatile communications... Full StoryNEW YORK — Some of the most familiar names in ketchup, pickles, cheese and hot dogs are set to... Full StoryNEW YORK — Comcast is adding more social media representatives as it tries to work on its... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown
- RICHARD'S POOR ALMANACK: On this day in 1249 AD, ANDRE of LONGJUMEAU is dispatched by LOUIS IX of France to meet the KHAGAN, ruler of the Mongol Empire; in 1804, during 1st Barbary War, STEPHEN DECATUR scuttles the pirate-held USS Philadelphia in Tripoli.