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Vermont lawmakers pass bill allowing certain captive insurance companies to enter dormant status

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Vermont lawmakers pass bill allowing certain captive insurance companies to enter dormant status

Lawmakers in Vermont adopted H. 538, a bill that wouldenable certain captive insurance companies that are not writing business toenter a dormant status, BusinessInsurance reported April 4.

Under the legislation, certain captives, such as sponsoredand industrial insured captives, would be exempt from the state's minimumannual premium tax, according to the report.

The bill would also allow cells to be transferred or sold,provide for the conversion of a protected cell to an incorporated cell, andallow the changing of cells to any type of stand-alone captives, the newspublication said.

The measure now heads to Gov. Peter Shumlin for signature,the news outlet noted.