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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

MBB : MATCH POINT: Syracuse fights off Providence behind hot shooting in 2nd half to remain perfect

MBB : MATCH POINT: Syracuse fights off Providence behind hot shooting in 2nd half to remain perfect

first_img Published on January 4, 2012 at 12:00 pm Contact Michael: mjcohe02@syr.edu | @Michael_Cohen13 PROVIDENCE, R.I. Blow for blow, Providence hung with the No. 1 team in the country. Shot for shot, the underdog Friars matched Syracuse unlike any other opponent so far this season.They shot 48.9 percent from the field and 46.2 percent from 3-point range. It was a bedeviling performance that the likes of Florida, Virginia Tech and certainly Seton Hall didn’t come close to matching.‘We’ve stopped everybody pretty much this year, and we couldn’t stop them,’ Syracuse head coach Jim Boeheim said. ‘We just outscored them.’The Orange (16-0, 3-0 Big East) shot an unfathomable 73.1 percent in the second half to pull away from the Friars for an 87-73 win in front of 12,252 in the Dunkin’ Donuts Center. Arguably SU’s worst defensive performance of the season was left in the dust by a freakishly efficient offense that produced another double-digit victory. Eventually, Providence (11-5, 0-3) simply couldn’t keep up with the torridity of Syracuse and fell short in its upset bid.The first half of Wednesday’s game was a see-saw battle that ended with the Orange taking a two-point lead into the break. Seven ties and nine lead changes energized the near-sellout crowd as both Providence and Syracuse lit up the scoreboard early.AdvertisementThis is placeholder textBack and forth the two teams went, trading momentum-stealing baskets with big-time answers.Gerard Coleman sliced to the basket off an inbounds pass to give the Friars a 16-11 lead with the shot clock winding down. But 14 seconds later, C.J. Fair responded with a bucket off a feed from Dion Waiters.A minute later, Waiters was fouled shooting a 3 from the left wing. He drilled it, hit the free throw and gave SU a 17-16 lead.Match that.With less than two minutes left in the half, Friars guard Vincent Council was fouled on a 3 from the wing. He drilled it, hit the free throw and gave PC a 34-33 lead.No problem.‘We knew they were going to throw a punch, so we just had to be ready to throw punches back,’ Waiters said. ‘And that’s what they did and that’s what we did. They came down and made a shot, we came down and made a shot. It was like whoever missed first…’…Would lose the game. And that was Providence.While Syracuse began the second half 5-of-6 from the field, Providence went 1-of-4. A 36-34 SU lead at the break bulged to 11 by the 16:25 mark of the second half.And by the 15:02 mark, the lead was suddenly 14 thanks to Brandon Triche. The Syracuse guard hit three consecutive 3s for a personal 9-0 run that gave his team the necessary cushion to pull out a victory.‘Best shooting night we’ve had all year,’ Boeheim said. ‘If it hadn’t happened that way, the game could have very easily gone the other way.’SU finished the game 10-of-17 from 3-point range to verify its head coach’s statement.Still, though, the Friars refused to quit. Ed Cooley’s squad trimmed the lead to seven after a 3 by forward LaDontae Henton with 9:36 remaining. It brought the Providence head coach up off the bench pumping his fist and imploring the crowd to rise to its feet.But there was the white-hot Syracuse offense ready to bail out its subpar defense. Triche took an outlet pass from James Southerland and went right to the rim for a layup off a missed free throw by Henton. Then Southerland dialed up a dagger from 3-point range with the shot clock winding down on the very next possession.From a seven-point lead to a 12-point cushion just like that.‘When our defense isn’t going, someone is going to spark on offense,’ Triche said. ‘That’s going to enable us to get a lead, and even if the other team is scoring and we can’t really stop them like Providence was scoring, and we couldn’t stop them. We just outscored them this game.’So following Coleman’s aggressive layup through the chest of Fab Melo that brought the Friars within six with 5:42 to play, it’s fitting another offensive burst sealed the win for the Orange.Waiters scored five straight points two on a brilliant layup high off the glass in traffic and three more on a triple from the right corner allowing him to trot back down court with his tongue hanging out and a grin stretched across his face.With offense like this, Syracuse simply couldn’t lose.‘Their whole team, I thought, played great,’ Boeheim said of the Friars. ‘They did everything right, everything they need to do to win the game. We just made shots.’mjcohe02@syr.edu Commentscenter_img Facebook Twitter Google+last_img read more