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Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond, Director of Financial Examinations Leonard Crouse, Deputy Commissioner of Captive Insurance

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Page 1: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont’s Regulators Plant the Seeds of Captive Growth

Dan Towle, Director of Financial Services

Derick White, Director of Captive Insurance

Peter Raymond, Director of Financial Examinations

Leonard Crouse, Deputy Commissioner of Captive Insurance

Page 2: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Today’s Format

Interactive Format

Ask questions if you have them

Page 3: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont Captive VideoThe First Decade

Governor Snelling 1991

QuickTime™ and aYUV420 codec decompressor

are needed to see this picture.

Page 4: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

History of Vermont – The 80’s

Vermont enacts Captive Statute – Licenses its First Captive Company LRRA

adopted

VT Celebrates 100th Captive

Page 5: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

History of Vermont – The 90’sFAS 106 Employee Benefits

Controlled Unaffiliated Business

Reduced premium taxes

Enabling legislation for reciprocals

Sponsored Captives

Branch Captives

Annuity ContractsVT Celebrates 300th Captive

VT Celebrates 400th CaptiveVT Celebrates

200th Captive

Page 6: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

2000 2001 2002 2003 2004 2005 2006 2007

History of Vermont – New Century

VT Celebrates 500th Captive

VT Celebrates 600th Captive

VT Celebrates 700th Captive

General rewriteReduced Premium TaxesAllowed LLC's

Allowed

Not-For-Profit’s

VT Celebrates 800th Captive

SPFC’s

Page 7: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Examinations

Number of examinations by year

How examinations have changed over the years

Pure captive vs. risk retention group

Page 8: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Examinations by Year

3542

62 6369 64

52

68 67

83 84 89

105

125

19941995199619971998199920002001200220032004200520062007

Page 9: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Examination Staff

Number of examiners by year

How qualifications of staff have changed over the years

NAIC staff requirements

Page 10: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

3 35 5 5

79

810 10

11 1113

1518

1921

2325

1989199019911992199319941995199619971998199920002001200220032004200520062007

Examination Staff by Year

Page 11: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

National Association of Insurance Commissioners

Changes in NAIC requirements over the years

Corporate Governance Standards

Adoption of NAIC Model Laws – Accreditation Standards

Page 12: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Surveillance

How the surveillance of captives has changed

Pure captives vs. risk retention groups

Review of parent company financials

Page 13: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 14: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 15: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 16: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 17: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 18: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 19: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 20: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 21: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,
Page 22: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont: The Early Years

Just Ed, me, and the filing cabinet

Vermont Captive Insurance Association

Humble beginnings

Page 23: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont: How Things Have Changed

Vermont’s infrastructure: the banks, lawyers, etc.

Changing competition among domiciles

Page 24: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont’s Growth of Captives

1 4 14 23 3369

120 153 174209 234 257 279

311 328 358385425

460 489527

597

674717754

791

0

100200

300400

500600

700800

900

1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

Page 25: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

$0

$2,000,000,000

$4,000,000,000

$6,000,000,000

$8,000,000,000

$10,000,000,000

$12,000,000,000

$14,000,000,000

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

Years

Gross Written Premium

Vermont’s Growth ofPremium Volume

Page 26: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

VT Captive Managers

What a long strange trip its been

More consolidation or more independents?

Page 27: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont: Lending a Helping Hand

Department of Labor – Employee Benefits

AM Best

Assisting other domiciles

Page 28: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont: Lending a Helping Hand on Mortgage Insurance

Washington D.C. Boston branch of the Federal Reserve

Office of Thrift Supervision (OTS)

Freddie Mac

Page 29: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont: Lending a Helping Hand

Housing & Urban Development – Title Insurance

Environment Protection Agency – Closure - Post Closure of landfills

Federal Home Loan Bank – Captives 101

House Committee of Small Business – Health Insurance

Page 30: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Looking Forward:Employee Benefits

Employee Benefits

The Vermont Approach

Page 31: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Looking Forward: Securitization

Securitization and where it is heading

Triple X is just the beginning

The Vermont Approach

Page 32: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

Vermont Captive VideoThe First Decade

Governor Snelling 1991

QuickTime™ and aYUV420 codec decompressor

are needed to see this picture.

Page 33: Vermont’s Regulators Plant the Seeds of Captive Growth Dan Towle, Director of Financial Services Derick White, Director of Captive Insurance Peter Raymond,

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