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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

How local businesses are supporting one another on Black Friday

How local businesses are supporting one another on Black Friday

first_imgSocial distancing and other health measures and restrictions were enforced. Stores had each guest use hand sanitizer upon entering and wear a mask inside. The Chalk Market in Johnson City hosted a holiday event, “The Shoppes at the Chalk Market” for Black Friday in conjunction with other local businesses and as a preview to Small Business Saturday. JOHNSON CITY (WBNG) — As Small Business Saturday takes place tomorrow across the nation, stores in the Southern Tier are gearing up for the day. Stores also put a limit on the amount of people coming in at one time. The owners of the studio said they wanted to help support local businesses, especially after the hardships of this year, and to bring holiday cheer. The studio says they will be open tomorrow as well. The event kicked off with lines of people waiting to get into stores early in the morning.last_img read more

Logitech MX Keys Wireless Keyboard With 10-Day Battery Life, Multi-Platform Connectivity Launched in India

Logitech MX Keys Wireless Keyboard With 10-Day Battery Life, Multi-Platform Connectivity Launched in India

first_img– Advertisement – Logitech MX Keys, according to the company, has been “designed for creatives and engineered for coders.” It comes with Logitech’s Perfect Stroke keys that have a spherical dish design to match the shape of the fingertips. The keys have a matte coating for a smooth typing experience. The key stability has been increased to reduce noise and optimise responsiveness.Logitech MX Keys is held together by a single metal plate that gives it a solid build. The keyboard is backlit with white lighting that turns on when you reach for the keys, thanks to an inbuilt proximity sensor. The lighting fades away when the keyboard does not detect any activity.Like the MX Master 3 mouse, the MX Keys is also Flow-enabled that allows you to type on multiple devices seamlessly. In terms of battery life, Logitech says it can last for up to 10 days on a single charge with the backlight turned on. If you use the keyboard with the backlight turned off, it can last up to five months.- Advertisement – – Advertisement – The MX Keys uses a USB Type-C cable to charge. It is compatible with Windows 7 or later, macOS 10.11 or later, Linux, and Android 6 or later when using with the USB receiver. In Bluetooth mode, it is compatible with Windows 8 or later, macOS 10.12 or later, Linux, iOS 9 or later, Android 6 or later. You get an Easy Switch button that allows you to switch from one system to another with ease.Is OnePlus 8T the best ‘value flagship’ of 2020? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below. Logitech MX Keys has made its way to the Indian market. The wireless keyboard is part of Logitech’s Master series and was originally launched last year. Logitech MX Keys can connect over Bluetooth or through the included USB receiver. It is compatible with a variety of operating systems. The MX Keys is a low-profile keyboard with concave keycaps for a better typing experience. You get a number pad, full sized arrow keys, and media shortcuts as well with Logitech MX Keys.Logitech MX Keys price in IndiaLogitech MX Keys is priced at Rs. 12,995 and will be available for purchase through Amazon. As of now, it is not listed on the e-commerce platform or on the official website and there is no fixed date on when it will be available for purchase in India.Logitech MX Keys specifications, features- Advertisement –last_img read more