New Vt. Commish Seen Captive-Friendly
By Caroline McDonald
NU Online News Service, Dec. 17, 10:11 a. m. EST?The appointment of John Crowley as Vermont's new insurance commissioner should not unsettle the state's captive insurance industry, the state's captive director said.
"Nothing will change, everything will go on smoothly, status quo as far as we're concerned," said Leonard D. Crouse, director of captive insurance for the Vermont Department of Banking, Insurance and Securities. "It will be a change but it will be a good change."
Mr. Crowley, 66, an attorney and certified public accountant from Rutland, Vt., is giving up his seat as a Republican state senator to take the job. He was named to the post Dec. 12 by Gov.-elect James Douglas.
The new commissioner will replace Betsy Costle, a Democrat, who was commissioner for 11 years and, according to Mr. Crouse, has announced her retirement.
The state legislative body, which is known for working closely with the captive industry, will continue to do so, Mr. Crouse said. "After this year I don't think they will give up on us," he said, "because it's going to be a banner year."
Last year the state licensed 38 captives. Mr. Crouse said by Jan. 1 he expects to have a total of 70 new captives for 2002.
Mr. Crouse said the captive department is looking to add additional staff, "and I think we'll get that in four or five months." The captive section plans to fill two new positions by July, he said.
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