Showing a strong first half for new formations in 2010 despite a soft commercial insurance market and struggling economy, Vermont is preparing to defend its position as the top U.S. captive domicile by adding additional staff to keep turnaround times to a minimum, as well as updating regulations.
Indeed, the state's captive administrator noted that he is set to license the state's 900th facility before the year is out.
In 2009, Vermont licensed a total of 39 new captives–the sixth-best year in the state's 29-year history as a captive haven. So far this year, Vermont has licensed 17 new captive insurance companies, surpassing 2009's first-half numbers, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
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