Vermont is celebrating 1,200th captive insurance company
MONTPELIER, Vt. (AP) - The state of Vermont is celebrating the 1,200th captive insurance company.
Gov. Phil Scott says that on Jan. 1 the Department of Financial Regulation granted a license to Sustainable Assurance Company, which was formed by the Lancaster County Solid Waste Management Authority of Pennsylvania.
Captive insurance companies are wholly owned subsidies of large corporations that want to insure themselves against property loss, casualty and liability.
Since Vermont began hosting captive insurance companies in 1981, the industry has generated hundreds of millions of dollars in direct taxes and fees to the state and employs hundreds of people, primarily in management, accounting, law, banking and investments.
(Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)