Vermont Creates Deputy Comm. Captive Position
By Caroline McDonald
In an effort to streamline operations and support its captive insurance industry, the state of Vermont has become the first domicile to create a deputy commissioner position for captives. Leonard P. Crouse has been named the state's first deputy captive commissioner.
The measure was signed by Gov. James R. Douglas on June 4.
"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 has always had a captive section in the state. 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 was all to make it easier for reporting purposes and [for] getting our job done," he said, referring to the creation of the new position.
Reproduced from National Underwriter Edition, June 16, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved. Copyright in this article as an independent work may be held by the author.
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