An act relating to captive insurance

This bill updates Vermont's regulations for captive insurance companies, which are insurance entities owned by the businesses they insure. It requires branch captive companies to submit annual reports from their home jurisdictions to the state Commissioner and allows waivers if those reports are deemed sufficient. The legislation also mandates that incorporated protected cells include specific naming conventions like "Incorporated Cell" or "IC" in their titles. Additionally, the bill requires captive insurers to keep original records and documents in Vermont unless the Commissioner approves keeping them elsewhere, and it strengthens pre-licensing requirements by asking applicants to provide detailed information about their assets, management expertise, and operational plans. A portion of premium tax revenues will be transferred to the Department of Financial Regulation to fund captive insurance oversight, with this funding change taking effect on July 1, 2023.