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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

Evan Molloy helps Syracuse stave off Hobart in 13-6 win

Evan Molloy helps Syracuse stave off Hobart in 13-6 win

first_imgGENEVA, N.Y. — Evan Molloy bobbed his head up and down while strutting out from the goal crease to the 30-yard line. He turned to his teammates on the sideline to his right and waved his arms up and down, a gesture meant for him as much as it was for his teammates.By Molloy’s estimation he had let in six goals in a row. It was only four, but Hobart had cut Syracuse’s lead down to one goal and had a prime scoring opportunity in front of the net.Molloy slid to his knees and stonewalled Hobart’s Sean Donnelly.“We really needed that save,” Molloy said. “… (The defense) kind of broke down there and they needed me.”In his first career start, Molloy rallied from a mid-game slump to come up big for the Orange. He made three difficult saves in a row to halt the Statesmen’s scoring run and maintain SU’s lead. The redshirt junior got the nod over Warren Hill, who had started the first eight games of the season, and made seven saves while conceding six goals en route to a 13-6 Syracuse (6-3, 1-2 Atlantic Coast) win over Hobart (5-5, 1-1 Northeast) at Boswell Field on Wednesday night.AdvertisementThis is placeholder textMolloy’s complete game totaled more minutes than he had previously compiled through two and a half years.“Those were saves that they needed at a very good time and that did provide them a little bit of momentum,” Hobart head coach Greg Raymond said. “… Those saves definitely helped the outcome of this game.”Prior to the game, Syracuse head coach John Desko watched Molloy warming up and thought he looked “fairly relaxed” considering it was his first start. The goalie assumed he’d be nervous, but the nerves never kicked in.Molloy was thrust into the spotlight during the Orange’s loss to Notre Dame on Saturday. He replaced Hill in goal during SU’s third straight loss and had five saves and allowed three goals in 11-plus minutes. Hill let in 14 goals and had four saves in 48-plus minutes.After the game, Desko said Hill wasn’t to blame for the loss, but gave Molloy the start on Wednesday.Molloy made two stops in a goalless first quarter before the Statesmen scored twice in the second quarter and snuck in a third goal with 16 seconds left in the first half.Hobart picked up where they left of when the third started. Three goals in a row without a save by Molloy had the score cut to 7-6. The third of four goals squeezed through Molloy’s legs and barely rolled across the goal line before he could rake it back.He threw his hands up at the referees and punched the air with his right hand in frustration.A team that had blown leads late in two of its last three games looked like it could do it again.“You get kind of deflated there when a team goes on a run like that,” Molloy said.But then he made the sliding stop on the one-on-one. When Syracuse went man-down on Hobart’s next possession, Molloy stepped forward in the crease to send away an open angled shot from midfielder Mark Darden.The stops piled up and so too did the goals for Syracuse on offense. Molloy was able to dig the Orange out of its most vulnerable position in the game and kick start the resurgence on the other end.“He did well other than that in that run that they had,” Desko said. “And shortly afterward he made a couple big saves — and they would have been goals — and really kind of help us fight through it.” Comments Facebook Twitter Google+ Published on April 6, 2016 at 10:39 pm Contact Jon: jrmettus@syr.edu | @jmettuslast_img read more

Chelsea to take on Man City in top two clash

Chelsea to take on Man City in top two clash

first_imgVictory over City would give them a substantial lead in the title race, though they will be without striker Diego Costa. That game will kick-off at half five.Hull will welcome Newcastle in the early game at quarter to one with a draw enough to get them out of the bottom three, for a few hours at least.The two sides just above the relegation zone meet when Sunderland welcome Burnley. While in the three o’clock kick-offs, Manchester United will be out for a measure of revenge when they meet Leicester in the Premier League this afternoon.They suffered a surprise 5-3 defeat at the home of the top flight’s bottom team when they met earlier this season.Manager Louis van Gaal says his side will have to be at their very best if they’re to avoid another upset at Old Trafford.The rest of the three o’clock kick-offs sees sixth place Tottenham visit West Bromwich Albion and Liverpool are at home to West Ham.QPR, without an away point, are at Stoke.Crystal Palace take on Everton at Selhurst Park.last_img read more

Crystal Palace sack manager Frank de Boer

Crystal Palace sack manager Frank de Boer

first_imgLondon, United Kingdom | AFP |  Crystal Palace on Monday sacked manager Frank de Boer after a dismal start to the Premier League season in which they have lost all four of their matches without scoring a single goal.“Crystal Palace Football Club have this morning parted company with Frank de Boer,” said a statement on the club’s website.“We would like to thank Frank for his dedication and hard work during his time at the club.“A new manager will be appointed in due course and we wish Frank the very best of luck for the future.”The south London club have been strongly linked with a move to appoint former England boss Roy Hodgson to replace the departing Dutch manager.Palace chairman Steve Parish on Sunday took to Twitter to rally fans around the team, without giving unequivocal backing to the former Ajax and Inter Milan boss.In an exchange with supporters on social media following Sunday’s 1-0 defeat at Burnley, Parish wrote: “People are frustrated, I’m frustrated, so are the management and players. We know we are better than this…”Parish also wrote: “We are 4 games in, it’s a terrible start but we have to stick together.” Share on: WhatsApp Palace have so far conceded seven goals with defeats to Huddersfield, Liverpool, Swansea and Burnley.De Boer said after the match at Turf Moor: “I am just focusing on what I can control and so are my staff and my players. (The future) is for other people to decide but while I’m the manager of Crystal Palace I will give 100 percent.”last_img read more

South Florida dads participate in ‘take your child to school day’

South Florida dads participate in ‘take your child to school day’

first_imgFathers across South Florida took their kids to school on Wednesday.It has become a tradition in Florida, with local law enforcement officials who are also dads joining the party!Dads, deputies, firefighters, and safety patrol guards at Pinewood Elementary School in Martin County reportedly danced to music with their kids in the school’s car line.Police officers in Riviera Beach also joined their students at school.The department shared a series of heartwarming photos to Facebook.last_img