Vermont Enacts Annual Captive Housekeeping Bill

27 March 2018

  • New law gives captives an additional two weeks to pay premium taxes
  • Minor changes made to branch captive and RRG language

Vermont Governor Phil Scott signed H.694 into law last week, tweaking the domicile’s captive insurance statutes in what has become an annual “housekeeping” exercise for the state.

“Vermont always proactively fine-tunes its captive insurance legislation,” says JLT Insurance Management (USA) LLC CEO Guy Ragosta. “Adding two weeks to the due date both for paying premium taxes and filing the Vermont Captive Annual Report is probably the one revision affecting the most captives.”

Other changes include adjustments to the risk retention governance standards, regulatory enhancements to branch captives and minor technical updates that streamline processes, such as eliminating language that refers to repealed laws. 

-ENDS-



INQUIRIES:


Anne Marie Towle
Tel: +1 317 922 4390
Email: annemarie_towle@jltimusa.com

Tricia Bessette
Tel: +1 802 391 3081
Email: tricia_bessette@jltimusa.com 


NOTES TO EDITORS:

About JLT Insurance Management (USA) LLC

JLTIM USA is an independent, full-service captive insurance management and captive consulting company with a multi-domicile reach. JLTIM USA is a part of Jardine Lloyd Thompson Group.
 
http://www.im.jlt.com/     

About Jardine Lloyd Thompson

Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.

JLT is quoted on the London Stock Exchange and owns offices in 40 territories with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.

For further information about JLT, please visit our website www.jlt.com.  

Disclaimer: This press release by JLT Insurance Management (USA) LLC is intended to provide only general information based on sources we believe are reliable.  JLT Insurance Management (USA) LLC makes no representations or warranties, express or implied, as to the accuracy of any of the information herein, which is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such. 

Any statements concerning tax, accounting, legal or regulatory matters should be understood to be general observations based solely on our experience as captive insurance management and captive consultants.  We are not tax, accounting, legal or regulatory professionals and any such information provided is not professional advice. These matters should be reviewed with your own qualified advisors in these areas.