Vermont Creates Deputy Captive Position
By Caroline McDonald
NU Online News Service, June 6, 3:42 p.m. EDT?Vermont has named Leonard P. Crouse to the newly-created post of deputy captive commissioner, in what officials said was an effort to streamline operations.
Vermont is the first captive domicile to create a deputy commissioner position for captives. The measure creating the position was signed by Republican Gov. James R. Douglas on Wednesday.
"This recognizes the importance of our industry here," Mr. Crouse told National Underwriter. "This is something we hoped would happen sooner or later."
Derek White, formerly assistant director of captive insurance, will now take Mr. Crouse' former title as director of captives.
Mr. Crouse explained that the domicile always had a captive section. The insurance department, he said, is broken down into divisions for banking, insurance, securities and health care. Captives were a section of the insurance division.
Each division also has a deputy commissioner. "By making it a division, I report directly to the insurance commissioner rather than having to go through a deputy commissioner of insurance," he said.
"I think it's good news for the industry," Mr. Crouse said. "This is the first domicile to take this step. In fact, it's only been a couple of years since any other domicile has had a person heading up a captive section. This is really something. This shows how well they recognize the importance and the uniqueness of the captive insurance industry."
Mr. Crouse was quick to note that, "nothing is going to change, this was all to make it easier for reporting purposes and getting our job done."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.