A major amendment to Vermont’s captive insurance law went into effect on July 1, which promises to keep the state at the forefront of captive domiciles.

The amendment establishes requirements and guidelines for the formation and operation of a special-purpose financial captive insurance company, or “SPFC.” These provisions are included in a new Subchapter 4 to Chapter 141, Title 8 of the Vermont Statutes Annotated.

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