Provost Named Vermont Captive Regulator

The Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA) announced yesterday that David F. Provost will succeed Leonard Crouse as deputy commissioner of the state's Captive Insurance Division.

Mr. Crouse, the Vermont captive regulator for 18 years, recently announced his retirement, effective June 1.

Mr. Provost is an assistant chief examiner in the division, who has risen in the ranks under Mr. Crouse's leadership since 2001, the department said.

It listed his background as 18 years in the captive insurance field in both the private and regulatory arenas with experience handling client advisory services, accounting, systems management, program development, marketing, captive formation, licensing and regulation.

Mr. Provost previously served as assistant regional director for American International Group Insurance Management Services and managed accounts and systems at Sedgewick Management Services (US) Ltd. and Johnson and Higgins Services Inc.

He has served as treasurer of the Vermont Captive Insurance Association and has been “an energetically involved and well-spoken figure in the captive industry,” the department said.

Under Mr. Crouse's leadership, Vermont grew to become the premier domicile for captive insurance companies. The Captive Insurance Division is housed within BISHCA.

The deputy position oversees the Captive Insurance Division and is responsible for the administration and regulation of captive insurance companies and risk retention groups.

BISHCA Commissioner Paulette Thabault said that Mr. Provost will offer “both continuity and perspective for maintaining responsive regulatory paths and bring vision for shaping our future.”

A captive insurer is owned or controlled by its policyholders, giving the parent company the ability to control and manage its own insurance costs and risks. The captive form provides businesses with access to broader, less expensive insurance markets.