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An article in The New York Times comparing captive insurance to “the shadow banking system” has Vermont’s captive regulator puzzled and frustrated—because while some of the observations are spot on, they don’t add up to a fair representation of the captive industry, he says.

David Provost, deputy commissioner, captive insurance, with the Banking, Insurance Securities and Health Care Administration in Vermont, who is quoted in the May 9 article, says he plans to respond with a letter to the editor of The New York Times. “Captives are not the sort of thing we can explain in two lines,” he notes, adding that he hesitates to “keep a story going that isn’t a story.”

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