Tag: 上海喝茶资源

Vermont strengthens captive insurance law, allows incorporated protected cells

Vermont strengthens captive insurance law, allows incorporated protected cells

first_imgLegislation passed by the 2011 session of the Vermont Legislature and signed into law by Governor Peter Shumlin expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells.  The bill was signed into law before a group of industry supporters on May 11. ‘This bill is testimony to our commitment to keep pace with the changing needs of this industry,’ said Governor Peter Shumlin.  ‘I commend the Legislature for their hard work and commitment to keeping Vermont ‘the gold standard’ for captive domiciles.’Another change in the new captive insurance law creates greater flexibility within cell structures on business written by a sponsored captive and who can own a sponsored captive. ‘These updates will allow more companies to domicile in Vermont and utilize the option of having incorporated cells.  This is accomplished without limiting any rights or protections afforded by cells created by contract,’ said David Provost, Deputy Commissioner of Vermont’s Captive Insurance Division.‘Cell owners will now have more options,’ said Dan Towle, Director of Financial Services.  ‘Vermont will continue to license quality companies that may be sponsors of cell structures as long as they meet our regulatory requirements.  The new law offers greater flexibility in their structures and ownership.’  Vermont currently has 18 sponsored cell captives with over 100 individual cells.The bill also makes permanent the elimination of the first year minimum tax of $7,500 for newly licensed captives. ‘It was a way for the Legislature and Governor to say thank you to an industry that has been so beneficial to Vermont,’ said Richard Smith, President of the Vermont Captive Insurance Association (VCIA).  The VCIA was a strong supporter of this legislation and was a partner with the State in its passage.After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont enacted these changes to the Captive Insurance law in the Legislature as part of its annual enhancements to its captive statute, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).Vermont is off to its strongest start in years with nine captives licensed thus far with five applications in progress.  Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with $25 billion in gross written premium in 2010.  Vermont is also home to captives formed by 42 of the companies that make up the Fortune 100, and 18 of the companies that make up the Dow 30 have Vermont captives.Get to Know Captive InsuranceCaptive insurance is a regulated form of self insurance that has been around since the 1960’s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act.  Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include securitization, professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.A sponsored captive is a structure created by a sponsor (typically an insurance company or other financial institution) to house individual insurance arrangements called ‘cells.’ Each cell is created by the insured party, who is usually a customer of the sponsor, to insure its own risk.  Such programs are ideal for insured who want to explore the use of a captive without starting their own or to address a short-term insurance issue (captives are considered long-term solutions to long-term issues).  In many cases, they serve as incubator space for new captive insurance companies, as the cell owner discovers the benefits of creating their own captive.An incorporated protected cell is a cell of a sponsored captive that is created under Vermont’s corporation laws as a true corporation, as opposed to a cell that is created by contract. Montpelier, VT–May 19, 2011. Photo of Governor Shumlin signing the legislation courtesy of State of Vermontlast_img read more

Have to give a little bit more without Lionel Messi: Andres Iniesta

Have to give a little bit more without Lionel Messi: Andres Iniesta

first_imgThe rest of Barcelona’s squad will have to do “a little bit more” to make up for the absence of five-times World Player of the Year Lionel Messi for the next three weeks, according to captain Andres Iniesta.The Argentina forward faces a spell on the sidelines after sustaining a groin injury in Wednesday’s 1-1 La Liga draw with Atletico Madrid.”There’s no question we are stronger with Messi,” Iniesta told Cadena Cope radio ahead of Saturday’s match at Sporting Gijon. “When these things happen we all have to give a little bit more.”We lost two points against Atletico and we have to make sure we don’t throw away any more.”Third-placed Barca, who won eight of their 10 games when a knee injury kept Messi out for two months last season, are three points behind La Liga leaders Real Madrid. (Also read: Lionel Messi goes off injured as Barcelona held by Atletico Madrid)Zinedine Zidane’s Real, who missed out on a La Liga record 17th straight victory when they drew 1-1 with Villarreal on Wednesday, visit Las Palmas on Saturday. Real talisman Cristiano Ronaldo failed to find the net against Villarreal but Zidane was unconcerned.”I’m not worried if he doesn’t score,” said the French coach. “I’m worried when he isn’t out on the pitch.”What matters is for him to regain his form because he’ll always get goals.”Las Palmas striker Kevin-Prince Boateng was sent off in a 4-1 defeat at Real Sociedad on Wednesday and is suspended. advertisementAtletico host Deportivo La Coruna on Sunday and will be in positive mood following Angel Correa’s second-half equaliser against Barca. (Also read: Barcelona star Lionel Messi ruled out for three weeks)Second-placed Sevilla travel on Saturday to Athletic Bilbao who are riding a three-game winning streak in La Liga.Unbeaten Sevilla, 1-0 winners over city rivals Real Betis on Tuesday, are two points behind Real Madrid after five matches.last_img read more