InsurTech Center

Vermont to collaborate on captive insurance blockchain pilot

A MOU has been signed to explore blockchain technology and its use in the digital recordkeeping practices.

By Steven A. Meyerowitz | January 28, 2019 at 12:00 AM

Blockchain technology

Vermont’s secretary of state, Jim Condos, and the commissioner of Vermont’s Department of Financial Regulation (DFS), Michael Pieciak, have signed a memorandum of understanding outlining their collaborative efforts to explore emerging blockchain technology and its use in the digital recordkeeping practices of the captive insurance industry.

In a statement, the agencies said that the secretary of state’s office and DFS jointly issued a request for information (RFI) on January 10, 2019, to identify vendors that may work with the state to launch a pilot program allowing new captive insurance companies to register with the secretary of state using blockchain technology.

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